[SMM Computing Power Midday Review] 4090 Top Rises, 910B Low Prices Collapse

[Market Overview]

Today, 17 of the 19 indices remained flat, while two broke out in opposite directions: the 4090 Yangtze River Delta highest price edged up, and the 910B Chengdu-Chongqing lowest price dipped. Consumer-grade cards and domestic cards moved in opposite directions, no longer following the one-sided pattern of rising and falling together.

[4090 Yangtze River Delta: Highest Price Pushed Up 13.3%] The highest monthly rental rose from 7,500 yuan to 8,500 yuan, an increase of 13.3%; the highest card-hour rate rose from 1.3 yuan to 1.48 yuan, an increase of 13.8%. The average monthly rental rose from 7,250 yuan to 7,750 yuan, an increase of 6.9%; the average card-hour rate rose from 1.26 yuan to 1.35 yuan, an increase of 7.1%. The lowest price remained unchanged at 7,000 yuan. The highest price rose while the lowest price stayed flat, with the top pushed open and the lower bound not following.

[910B Chengdu-Chongqing: Lowest Price Dipped 12.5%] The lowest monthly rental fell from 16,575 yuan to 14,500 yuan, a decrease of 12.5%; the lowest card-hour rate fell from 2.88 yuan to 2.52 yuan, a decrease of 12.5%. The average monthly rental fell from 18,787.5 yuan to 17,750 yuan, a decrease of 5.5%; the average card-hour rate fell from 3.26 yuan to 3.08 yuan. The highest price remained flat at 21,000 yuan. The lowest price decline was more than double the average decline, with the low-price end collapsing first.

[Spot Market: Short-Term Rental Surpasses Long-Term Rental for the First Time] Five 4090 units in east China were quoted at 8,500 yuan, higher than the existing range of 7,000 to 7,300 yuan; two 4090 units in northwest China were quoted at 8,800 yuan for short-term rental and 8,500 yuan for long-term rental, a price spread of 300 yuan, or 3.5%, marking the first time SMM has collected data showing short-term rental higher than long-term rental for this model. On the domestic side, 910B2 in southwest China was quoted at 12,500 yuan and 910B4 at 14,500 yuan, while a certain operator's 910C was quoted at 59,500 yuan, 8.5% lower than the 752T cluster.

[SMM View] First, the indices shifted from consolidation to two-way breakout, and the divergence between consumer-grade and domestic cards has shifted from widening price spreads to opposite directions.

Second, the highest price rose while the lowest price stayed flat, with the new high driven by a few high-priced supply sources, representing a quote spike rather than a broad rally, and it remains to be seen whether this will spread to average prices.

Third, the 910B low-price decline exceeded double the average decline, and price competition among domestic cards has intensified under the supply model of separable delivery.

Fourth, short-term rental quotes exceeded long-term rental for the first time, indicating that immediately deliverable resources are scarcer, and the inversion of the term structure will weaken buyers' motivation to lock in prices.