[SMM Computing Power Midday Review] Computing Power Leasing Moving Sideways, Scarce Existing Nvidia Supply Awaits Ascend 950 to Resolve the Situation

[Market Overview] The computing power leasing market remained range-bound today, with no directional changes in pricing. Sporadic single-unit H100 rental resources were released, while the highest available quote for 5090 in the western region held at 16,000 yuan/month, confirming no price increase this week. The market maintained a weak balance between scarce existing resources and the anticipation of new supply.

[H100 and 5090: Scattered Release of Existing Resources, Quotes Consolidating at Highs] For H100, the market saw the release of stray single-unit rental resources, representing rotational supply from maturing existing resources. The volume was limited, with minimal impact on the overall supply-demand pattern. For 5090 in the western region, the highest available quote obtained last week was 16,000 yuan/month, configured with a CPU 6530, DDR5 64×16 memory, eight turbo 5090 cards, a 960GB system disk, and a 3.84TB data disk. This week has confirmed no price increase. The quote remained at a high, reflecting firm offers and reluctance to cut prices among holders amid scarce existing Nvidia computing power. [

SMM View] The consolidation at present is essentially a standoff between “scarcity and waiting”: resources are tight and existing Nvidia computing power is scarce, with quotes high and firm yet lacking incremental buying to push them further up. Two points warrant attention: First, the stray resource releases represent only rotational supply of existing capacity, unable to alleviate structural gaps, and the high-end supply shortage is unlikely to reverse soon. Second, the market is awaiting the Q4 launch of Huawei Kunlun 950 cluster rental resources by operators. If these come online as scheduled, they could materially ease the high-end supply tightness; however, domestic computing power still needs time to ramp up, and building confidence among developers and users is key for subsequent growth in adoption.