[SMM Computing Power Express] Computing Power Costs Stay High, Focus on 5090 Reference Card and Pro 6000D Construction

SMM has learned that a source from an operator's channel said the price of H200 eight-card servers has been continuously rising and "is no longer cost-effective," estimating the current actual transaction range to be between 115,000 and 125,000 yuan per unit, and reporting that a leading computing power supplier's quoted price has reached 130,000 yuan per unit. Meanwhile, a batch quotation of 256 units with a three-year closed contract at 135,000 yuan per unit emerged in the market. The channel source said it was quoted by someone from a publicly listed firm, but judged that there were many intermediary links or possible self-circulating transfers, casting doubt on the authenticity of the large-scale quotation. Another low-price quotation for 128 units under a closed long-term agreement (98,000 yuan per unit for three years, 96,000 yuan per unit for five years, plus brokerage fees) has been questioned as false information. The coexistence of sporadic H200 deals reaching 130,000 yuan per unit and widely circulating high-price large-volume quotes has intensified price divergence, reflecting channel holdbacks from selling and price spikes amid tight high-end computing power supply.

SK Hynix issued a statement saying that SK Hynix and SanDisk have introduced the industry's first set of standard specifications for High Bandwidth Flash (HBF), a next-generation memory technology. The two enterprises achieved this milestone about six months after forming an alliance. Google and Tenstorrent have also joined the HBF Alliance. HBF is a new-type memory tier between High Bandwidth Memory (HBM) and solid-state drives (SSDs); it combines data transfer capabilities close to those of HBM while leveraging NAND flash technology to significantly expand storage capacity.

The highest monthly rental price for H100 in the western region rose to 79,500 yuan (up 0.63%), and the highest per-card hourly rate rose to 13.15 yuan (up 0.31%), with the supply tightness continuing. The scarcity of computing power has worsened NVIDIA server leasing liquidity, and the pressure has already transmitted to servers loaded with GPUs such as the 5090. Procurement prices for the 5090 and Pro 6000 are expected to peak within 1–2 weeks.