[SMM Computing Power Midday Review] H100 West Low Price Edges Down, Domestic Clusters Enter to Disrupt Existing NVIDIA

[Market Overview] This morning, the lowest price in the H100 western region showed a slight easing.SMM H100-80G System West Monthly lowest monthly rent dropped from 73,000 yuan to 72,000 yuan, equivalent to a lowest card-hour rate of 12.5 yuan. However, this was due to the release of localized expiring inventory resources, with the highest price still anchored at 79,000 yuan unchanged, and the overall pattern of high-end computing power fluctuating at highs remained unchanged.

[H100 West: Inventory Release Edges Down, High-Level Pattern Unbroken] SMM H100-80G System West Monthly lowest monthly rent dropped from 73,000 yuan to 72,000 yuan, a decrease of 1,000 yuan, or a decline of only 1.37%; the lowest card-hour rate dropped from 12.67 yuan to 12.5 yuan, a decrease of 0.17 yuan, or a decline of 1.34%. The reason for this slight decline is: the domestically produced 100,000-card-level cluster "Shuguang 8000" was recently put into use, and some expired hosted NVIDIA inventory resources in western operator data centers were released, creating a short-term supply pulse that exerted a weak impact on the low-price end. However, the highest price of 79,000 yuan remained unchanged, indicating that the impact was limited to individual expiring resources, and the price center of high-end computing power showed no signs of wavering. For keen buyers, such sporadic low-price resources are precisely a rare window for bargain hunting.

[SMM View] The overall demand for high-end computing power is still climbing, and the low price of 72,000 yuan is only a local sporadic event, not a trend reversal. Two realities must be faced squarely: First, although the entry of domestically produced ultra-large-scale clusters can partially ease supply pressure, NVIDIA's high-end GPUs remain irreplaceable in terms of CUDA ecosystem compatibility and large model training efficiency; the expiring releases are merely inventory rotation rather than growth replacement, so the foundation for high prices remains solid.

Second, the internal communication mechanisms in the computing power rental market are relatively inefficient; information transfer relies heavily on personal networks, and there is a lack of an efficient unified platform for cross-regional and cross-operator resource matching—this means that "bargain hunting" itself is also a product of information asymmetry, and getting a low price is more a matter of luck than market efficiency. The industry calls for a transparent and efficient third-party information and matchmaking platform to make the price discovery mechanism smoother.