[SMM Computing Power Daily] Second-hand high-end computing power sold out in two to three days, and the price per unit of high-end computing power has risen to about 13 million.

A dealer in used GPUs disclosed that around 20 near-spot, high-end computing eight-card servers arrived last Wednesday and were all sold within two to three days. The dealer adopts a "near-spot" model: locking in the arrival time about two weeks in advance, matching buyers, and signing contracts, rather than instant delivery typical of traditional spot transactions. According to the dealer, some domestic data centers are dismantling H100s to upgrade to high-end computing models, with the removed used H100s undergoing unified pressure testing in Shenzhen before being redistributed for external sale. Transactions are concentrated in Shenzhen, and buyers must travel to Shenzhen to inspect the goods and test the machines.

Price of a single unit of high-end computing rose from approximately 9 million to around 13 million yuan

The dealer reported that the price for a single high-end computing eight-card server has risen from approximately 9 million yuan to around 13 million yuan, an increase of over 44%. Absorption is completed within a week of arrival, with three to four prospective buyers negotiating price and contract details; the first to complete the contract signing and have funds ready takes delivery. Transactions are dominated by trust relationships rather than the highest bidder winning; buyers must agree to a quoted price before being allowed to inspect the goods—disagreement means they are not even permitted entry. Layer-by-layer markup by intermediaries is common, and it is not unusual for goods purchased at 9 million yuan to be resold to end-users at 13 million yuan after passing through multiple hands.

According to SMM, in an Ascend 910B2 rental deal two weeks ago, a Shanghai buyer bid 18,000 yuan/month and the transaction was completed, while another similarly configured unit was offered at only 12,000 yuan/month but failed to close at that time, resulting in a 50% price spread. The dealer likened current high-end GPU trading to "stock speculation," noting that windows of opportunity are fleeting and buyers and sellers must reach agreement swiftly.

SMM analysis: Today’s survey confirms a concurrent trend of second-hand circulation and upgrade-driven replacement in the computing power market. The rapid sell-out of near-spot, high-end computing indicates that market activity in the existing stock remains high, and the trend of data centers dismantling H100s for high-end computing upgrades further boosts the supply available for secondary distribution. High-end computing prices have risen sharply, with extremely fast absorption, but transactions rely heavily on trust relationships rather than pure price competition. Intermediaries’ layer-by-layer markup drives up end-user prices, leaving market information transmission efficiency as a core bottleneck. The Ascend 910 rental price spread reflects the progress of domestic computing adaptation and divergent demand-side bids. According to SMM data for the week ending July 10, the rental quotation for H100s was 75,000-80,000 yuan/month/unit, up approximately 3,000 yuan WoW, and SMM understands that GPU delivery cycles are 12-15 months, with large manufacturers’ capacity fully booked, August-September.