SMM News, July 3: According to SMM,
5090 Monthly Rental Quotes and Cost Disclosure
Multiple channels confirmed that the 5090 monthly rental is in the range of 11,500–13,000 yuan per unit per month. A certain operator said that the 5090 selling price is 12,000–13,000 yuan, with a market floor price of about 11,000+ yuan. A channel reported 11,500 yuan per month.
Cost side, the operator disclosed that equipment depreciation is about 8,000–9,000 yuan, cabinet electricity 2,000–3,000 yuan. Based on a three-year payback calculation, the procurement cost per card is about 400,000 yuan, and a monthly rental of 11,000 yuan basically leaves no profit margin. The operator has already ordered the 5090 but has not yet received the goods. SMM previously learned that downstream end-users currently have limited interest in the 4090/5090, with sought-after card models concentrated on high-end computing power such as the H100.
A100-40G 8-GPU Server Cloud Instance Quoted at 8,800 Yuan/Month
Configuration: 2×Xeon Gold 6248R + A100-40G×8 + 32×64GB DDR4 + IB 200Gbps×4. A certain intermediary received a demand for 4 units from a client, quoting the cloud instance at 8,800 yuan. Another channel merchant confirmed that spot cargo is available at this price level. For bare metal, multiple sources reported that demand for the A100-40G is relatively low, with the mainstream version being the 80G.
H100 Mid-Small Cluster Demand Active
A certain operator plans to order H100s, with an initial batch of about 32 units, seeking closed demand for 3–5 years. SMM learned that competitor quotes for the H100 can stretch to 80,000 yuan per unit per month, while buyers' psychological price is 74,000–75,000 yuan, and they only wait and see above this price.
910B2 Clearance Dilemma:
A certain operator's 910B2 server (4×Kunpeng920 + 8×Ascend 910B2-64G + 1TB DDR4 + RoCE v2 networking) is quoted at 13,500 yuan per month. The 910B2 is reportedly severely slow-selling, with only enterprises that have high vacancy rates and require server deployment showing interest, and actual orders are very few. The clearance faces structural obstacles: interested parties need to integrate the newly leased equipment into their own IDC unified cluster, but operator resources cannot support equipment leaving the data room due to resource attributes, and remote management (equipment roaming) cannot be implemented; they are currently discussing the possibility of building dedicated lines with technical teams. The 910C had already been absorbed previously.
SMM Analysis: In the current market, the structural mismatch in computing power supply and demand remains prominent. High-end computing power demand is strong, and once supply is released, it is quickly absorbed, presenting a tight situation of "instant clearance upon release"; in the low-end computing power sector, price trends are tending toward stability, reflecting relatively limited downstream demand support. Overall, the market is undergoing significant stratification and divergence, and the supply and demand sides have not yet formed an effective match in the structural dimension. It is expected that before the capacity structure undergoes substantial adjustment, such a mismatch pattern will be difficult to fundamentally reverse in the short term.
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