[SMM Computing Power Daily Review] A100 in the Yangtze River Delta drops 5.17%, 5090 disassembled new complete units start at 700,000 yuan including tax

[A100: Yangtze River Delta benchmark price cut 5.17% in a single day; Jiangsu full-server quoted at 34,000 yuan/unit/month]

SMM benchmark price (full-server 8-card, monthly average basis): A100-80G Yangtze River Delta dropped from 6.77 yuan/card-hour on October 12 to 6.42 yuan/card-hour on October 13, a single-day decrease of 0.35 yuan, or 5.17%, equivalent to full-server monthly rent falling from 39,000 yuan/unit to 37,000 yuan/unit; the other 18 benchmark prices on the same day all remained flat compared with previous values. Same-family comparison: A100-80G Chengdu-Chongqing at 6.43 yuan/card-hour (equivalent to 37,000 yuan/unit/month), Beijing-Tianjin-Hebei at 5.64 yuan (32,500 yuan), Pearl River Delta at 5.47 yuan (31,500 yuan). After the adjustment, the Yangtze River Delta equivalent monthly rent was basically flat with Chengdu-Chongqing (a difference of 0.16%), still higher than Beijing-Tianjin-Hebei and the Pearl River Delta. One-on-one communication side, same direction: On that day, a channel source quoted a Jiangsu data center A100 80G full-server monthly rental at 34,000 yuan/unit/month, deliverable in the near term, with only 1 unit currently available, and said that similar full-server quotes they had learned of during the same period were mostly in the range of 35,000-36,000 yuan/unit; this quote was confirmed through a question-and-answer exchange regarding the data center and delivery terms. The data center is located in Jiangsu, within the Yangtze River Delta, consistent with the direction of the benchmark price cut. On the demand side, two channels on the same day made configuration inquiries for A100 80G eight-card full servers (SXM4, 2×AMD 7742, 1TB DDR4, 960GB system disk, dual-port 10G + IB 200G). One of them asked about data disk specifications, and the supplier replied that local data disks could be added at 200 yuan/T; no transaction prices were seen in either case.

[5090: 100 units of disassembled new full servers starting at 700,000 yuan/unit including tax; 50 fan cards quoted at 54,000 yuan/card]

On the one-on-one communication side, on October 13, two channels quoted the same batch of 5090 disassembled new full servers: 100 units, three-year full-server warranty, configured with 2×Intel Xeon Gold 6530, 64GB×16 DDR5 4800, 8×RTX 5090 blower, 1.92TB SATA SSD×2, 3.84TB NVMe, 25G dual-port network card; tax-inclusive prices in two tiers - white-label 64G 4800 memory (Micron chips) at 700,000 yuan/unit, Samsung 64G 4800 memory at 760,000 yuan/unit. On the same day, another channel quoted 50 units of 5090 fan cards at 54,000 yuan/card, seeking a buyer; this entry was a single quote without indicating whether it was a supply offer or a purchase bid, and the text only records the price level without making a directional judgment. Caliber note: This batch of 100 units is a one-time outright purchase (tax-inclusive full-server price), different in nature from channel monthly rental samples, and no price spread conversion is made; the two-tier price difference stems from memory chips (white-label Micron vs. Samsung), which is a configuration difference, not a price spread for the same configuration.

[Demand side: Two A100 eight-card full-server configuration inquiries, with focus on delivery specifications]

On October 13, demand-side activity centered on configuration confirmation for A100 80G full servers: two channels successively requested the complete configuration of the same A100 80G eight-card full server (GPU, CPU, memory, system disk, network), and after receiving the configuration, continued to ask about data disk specifications and whether they could be expanded. The supplier replied that local data disks could be added at 200 yuan/T. Both inquiries stopped at the configuration comparison stage, did not enter price negotiation, and no transactions were seen. Another demand-side lead came from configuration-based inquiries for high-end computing power and domestic cards (on the same day, mainly full-server configurations without attached budgets), reflecting that buyers in the early inquiry stage place more emphasis on certainty of configuration and delivery terms rather than providing a price anchor first.

[SMM View]

First, the composite index closed at 18.266 yuan/card-hour, a single-day pullback of 0.87%, the first decline after three consecutive trading days of gains following the holiday; during the same period, the A100-80G Yangtze River Delta benchmark price was cut 5.17% in a single day, the first downward adjustment among the 19 benchmark prices after the holiday. Combined with the channel quote of 34,000 yuan/unit/month for Jiangsu full servers on that day (same direction), after the adjustment, the Yangtze River Delta equivalent monthly rent was basically flat with Chengdu-Chongqing. The previous premium of the Yangtze River Delta over Chengdu-Chongqing was erased, and signs of loosening appeared in the monthly rental price level for the previous generation of training cards.

Second, on the 5090 side, the 100 units of disassembled new full servers were quoted at 700,000 yuan/unit including tax (white-label Micron) and 760,000 yuan/unit (Samsung), with the price difference entirely determined by memory chips, indicating that pricing divergence for full servers in this price segment has shifted from the cards themselves to the specifications and brands of supporting memory.

Third, on the demand side, two A100 80G full-server inquiries on the same day both stopped at configuration comparison and did not enter price negotiation. Buyers in the early inquiry stage placed more emphasis on certainty of delivery specifications; this forms a mismatch signal between supply and demand sides with the A100 benchmark price cut.

Fourth, trackable proposition: whether the single-day pullback in the composite index and A100-80G Yangtze River Delta is an isolated adjustment or the starting point of a correction after the post-holiday rally, to be verified by whether the composite index continues to decline on October 14 and whether other regions in the A100 family follow with adjustments; whether the outright purchase price level of 700,000 yuan/unit for 5090 disassembled new full servers can be sustained in subsequent batches. Summary: Today, the composite index closed at 18.266 yuan/card-hour, a single-day pullback of 0.87%, the first decline after three consecutive trading days of gains following the holiday. Among the 19 benchmark prices on that day, only A100-80G Yangtze River Delta was adjusted, dropping from 6.77 yuan to 6.42 yuan/card-hour, a decrease of 5.17% (equivalent to 37,000 yuan/unit/month), in the same direction as the channel-quoted Jiangsu full-server price of 34,000 yuan/unit/month. After the adjustment, the Yangtze River Delta equivalent monthly rent was basically flat with Chengdu-Chongqing. For the 5090, a channel quoted 100 units of disassembled new full servers at 700,000 yuan/unit including tax (white-label Micron) and 760,000 yuan/unit (Samsung), with a three-year warranty, and another quote of 50 fan cards at 54,000 yuan/card. On the demand side, two channels on the same day made configuration inquiries for A100 80G eight-card full servers, which stopped at configuration comparison.