[SMM Computing Power Flash] A Computing Power Service Provider Faces H100 Short Supply, A100 Contract Lock-In, and Robust Short-Term Rental Demand from Universities

According to Vital Materials, on July 30, the first Star600-EOSS 12-inch high-end precision optical magnetron sputtering mass production equipment independently developed by Jiangsu Vital Microelectronics was assembled and commissioned at the production site in the Xuzhou High-tech Zone, Jiangsu Province. It successfully passed automation and process verification and was officially delivered to a leading wafer foundry in China. This marks a major breakthrough for the company in high-end wafer-level optical coating equipment, spanning from R&D and manufacturing to industrialised delivery.

The highest monthly rent for H800 in the Beijing-Tianjin-Hebei region rose to 75,500 yuan (up 3.42%), and the highest per-card-hour rate rose to 13.11 yuan (up 3.39%), reflecting tight spot supply of Nvidia. Scattered resources are bulk-rented by platforms/operators and then subleased for profit, driving up listing prices; domestic computing power still needs to build market confidence as it enters the market, and is unlikely to replace Nvidia's high-end in the short term.

SMM has learned that, affected by the persistently tight supply of Nvidia GPUs, the "sublease model" in the computing power leasing market has heated up significantly recently. Multiple operators and large platforms have turned to acquiring small- and medium-sized data centers and scattered GPU resources in the market, integrating them for external sublease. Compared with direct GPU procurement, this approach has lower upfront investment, lighter capital occupation, and offers greater cost flexibility during the tight spot supply phase. SMM believes that although sublease integration alleviates short-term computing power gaps, the dispersion of resource sources also imposes higher requirements on operational consistency and delivery stability.