[SMM Computing Power Daily] H100 Spot in Inner Mongolia Quoted at 80,000; Two 128-Unit Orders Questioned; 4090 Transactions Hit Low.

SMM July 8 News:

H100: Inner Mongolia spot 32 units quoted at 80,000 yuan, Xinjiang 64 units futures to go live in August.

A cloud service provider holds 32 units of H100 8-GPU servers as spot in Inner Mongolia, with monthly rental of 80,000 yuan per unit. Additionally, a cluster of 64 H100 units in Xinjiang is expected to go live in early August, renting as a whole without disassembly. The provider stated that spot quotations range from 75,000 to 80,000 yuan per unit per month. Previously, SMM learned that competitors' H100 quotes could reach 80,000 yuan, while buyers’ expected price is around 74,000-75,000 yuan, creating a price spread of about 5,000-6,000 yuan per month; in central China, a small batch of 8 units is rented for one year at 76,000 yuan/month and for three years at 73,000 yuan/month.

128-unit H100 large order: Two demand inquiries emerged, suppliers questioned authenticity.

Today, two inquiries for renting 128 H100 8-GPU servers appeared in the market. A buyer in Hangzhou also asked about H200 and B300 besides H100, with budget undisclosed; another buyer had a budget of around 74,000-76,000 yuan per unit per month but found that the Inner Mongolia quotation of 80,000 yuan did not match. SMM verified with an intelligent computing service provider, who explicitly responded, “There shouldn’t be any cluster in the market that can supply so many.” Industry insiders pointed out that 128 H100 units far exceed the 32 units required for the full version of the commonly used large model DeepSeek V4, casting doubt on the authenticity of such volume demand, likely a market probe.

4090 24G: Transaction tested at 7,000 yuan, close to the low end of quotation range.

An intelligent computing cloud service provider reported that one 4090 24G 8-GPU server was rented at 7,000 yuan per unit per month, with the party saying, “What can we do?” According to SMM tracking, the current market quotation range for 4090 is 6,800-8,800 yuan per unit per month, and this transaction price is close to the low end. Previously, channel feedback indicated that scattered rental platforms are willing to pay about 6,000-6,300 yuan for collecting 4090, with price spread between sellers and buyers still being contested. SMM previously learned that downstream end-users have limited interest in 4090/5090, with sought-after GPU models concentrated on high-end computing power such as H100, and downward pressure on 4090 persists.

Operators’ H100 bids at 65,000-68,000 yuan, over 10,000 yuan below market price.

A cloud service provider revealed that operators’ leasing bids for H100 are only 65,000-68,000 yuan per unit per month, while current spot market quotations are 75,000-80,000 yuan, a spread exceeding 10,000 yuan. The provider bluntly said, “Operators ask for too low prices,” and “Normal second-hand retired equipment is what goes to operators.” SMM earlier learned that operator-level leasing requires creditworthiness of the signing entity and stricter risk control, but the low-price strategy generally makes suppliers reluctant to take orders.

SMM Analysis: Today’s market showed an intensifying “hot and cold divergence” between supply and demand. On the H100 spot side, supply is gradually increasing (32 units in Inner Mongolia + 64 units futures in Xinjiang), but prices remain firm in the 75,000-80,000 yuan range, with seller confidence relatively strong. On the demand side, two inquiries for 128-unit large orders emerged, but the market widely questioned them, not ruling out the possibility of market probing or intermediary price inquiries. The 4090 transaction close to the low end confirms that consumer-grade GPUs are under price pressure from high-end demand. The price spread of over 10,000 yuan between operators’ bids and market price indicates a discrepancy between large-scale procurement pricing and market pricing. Overall, high-end computing power remains the core product of market competition, and the short-term supply-demand tight balance pattern remains unchanged.