[SMM Computing Power Daily] 4090 Market Differentiation Evident; Xingyun Technology’s 5.5 Billion Computing Power Mega-Order Draws Attention

Published: Jul 2, 2026 21:00

Save

According to SMM, the 4090 market shows significant divergence: a toC platform acquired a long-term contract at 5,800/month last October and is now renting at 6,800/month; the platform expects to purchase at 6,000 or even lower, but a certain XX company clearly states that it is currently a seller's market, with the 4090 market price around 7,000/month, and it is impossible to find resources below 6,000. Large clusters of 4090 are out of stock. Last October, the 4090 was basically above 6,000. A distinction must be made between idle resources (leftover stock from data centers) and market rates.

SMM July 2 – According to SMM, a consensus on 5090 monthly rental prices has formed : multiple channels confirmed that 5090 monthly rentals range from 11,500 to 12,000 yuan, with a certain company quoting 11,500 yuan/month, and a certain company and another certain company all recognizing 12,000 yuan/month as the market reference price. A certain company is purchasing a batch of 5090s, with delivery expected in mid-to-late July, and the specific purchase price has not been disclosed. Based on a three-year payback period, the procurement cost per card is approximately 400,000 yuan.
The 4090 market shows clear divergence : a certain B2C platform entered a long-term contract last October at 5,800 yuan/month, and now rents at 6,800 yuan/month; the platform hopes to purchase at 6,000 yuan or even lower, but a certain company clearly states that it is currently a seller's market, with the 4090 market price around 7,000 yuan/month, and it is impossible to find resources below 6,000. 4090 large clusters are in short supply. Last October, 4090 were basically above 6,000 yuan. It is necessary to distinguish between idle resources (tail-end data center inventory) and market prices—the situation where 32 units are rented out, 30 are taken, and 2 are left represents idle low-price offerings and does not represent the market.
An A100 40G 8-card server is quoted at 8,500 yuan/month : configuration is 2 x Xeon Gold 6248R + A100-40G x8 + 3264GB DDR4 + IB 200Gbps x4. A certain company has 2 units of spot A100/A800 40G, but a certain company reports that 40G demand is low, with the 80G version being the mainstream in the market; this company follows a technical route and does little short-term rental arbitrage. The contract type is fixed-price, and major clients can sign framework agreements.
Xingyun Technology's 5.5 billion computing power mega-order draws attention : Xingyun Technology's holding subsidiary, Hainan Xingyun Intelligent Computing, signed a 5-year computing power leasing contract with a certain VC client, with a total tax-inclusive amount of about 5.508 billion yuan, adopting a phased delivery and phased lease commencement model, with a performance lock-up period and high liquidated damages. A certain company judges that suppliers of this scale are at least at the UCloud level and would not turn to small companies. The flow of the 5.5 billion indicates that there has already been a large amount of purchasing activity in recent weeks, further intensifying the seller's market tightness.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 hours ago

[SMM Computing Power Midday Report] NVIDIA's Full Lineup Price Surge, H100 Reaches New High, 4090 Coordination Between Yangtze River Delta and Pearl River Delta

H100's minimum monthly rental in the Yangtze River Delta rose to 78,000 yuan (up 2.63%), approaching 80,000 yuan; RTX 4090's minimum monthly rental in the Pearl River Delta surged to 7,500 yuan (up 10.29%), with the transmission effect from GDDR memory price hikes being significant; A100's average price in the Pearl River Delta rose to 5.47 yuan. NVIDIA notified price adjustments across its entire GPU lineup, with HBM capacity squeezing GDDR supply, coupled with commercial demand from DeepSeek and others, making tight computing resources the dominant theme.

17 hours ago

Jul 23, 2026 18:00

[SMM Computing Power Daily] H100 Spot Rental Quotes Hit a New High of 85,000, H20 and A800 Long-Term Agreement Resources Enter Simultaneously

July 23: Yangtze River Delta, 6 units of H100 80G SXM, spot rental quoted at 85,000/month, 80,000/month for a minimum one-year lease; east China, 2 units of H20 96G, 35,000/month for a one-year term, 34,000/month for a three-year term; central China, 16 units of A800 80G, 36,000/month for a one-year term, 34,000/month for a three-year term; A100 40G transacted at 12,000/month; high-end computing power supply remains tight, spot rental premiums widen, and the price uptrend persists.

Jul 23, 2026 18:00

Jul 23, 2026 13:15

[SMM Computing Power Flash] A cloud service provider confirms it can accept H100 three-month short-term rentals, with priority to switch to long-term leases upon expiration.

SMM has learned that a cloud service provider stated it can handle short-term rental needs for H100 eight-card servers for three months, with priority given to finding long-term clients for renewal after the lease expires, and short-term rental prices will be raised accordingly. Previously, a university had proposed a short-term rental demand for 10 H100 units. As a currently sought-after card model in the market, suppliers mostly offer fixed-term contracts of over one year for H100s. The three-month short-term rental model provides a flexible option for temporary demand, but the premium for short-term rental and the uncertainty of renewal upon expiration also drive up leasing costs.

Jul 23, 2026 13:15