[SMM Computing Power Midday Review] The lowest price of the 4090 in the Yangtze River Delta rises, and bargaining power for inference computing power in east China shifts to the supply side.

[Market Overview] This morning, the lowest price for the 4090 in the Yangtze River Delta region saw a rise. The SMM-4090-24G-System-Yangtze River Delta-Monthly Subscription lowest monthly rent rose from 6,900 yuan to 7,200 yuan, equivalent to a lowest per-card-hour price of 1.25 yuan. The rise in the lowest price indicates that the scarcity of low-cost resources in the region is increasing, and the bargaining space is shrinking towards the supply side.

[4090 Yangtze River Delta: Low-Price Resources Shrink, Lower-Bound Price Pushed Up] The SMM-4090-24G-System-Yangtze River Delta-Monthly Subscription lowest monthly rent rose from 6,900 yuan to 7,200 yuan, up 300 yuan, a monthly rent increase of 4.35%; the lowest per-card hour rose from 1.2 yuan to 1.25 yuan, up 0.05 yuan, a per-card-hour increase of 4.17%. The 4090, as the primary model for consumer-grade GPUs repurposed for AI inference, has long-handled small and medium-scale inference and lightweight fine-tuning demands with its cost-performance advantage, making it the top choice for small and medium teams and individual developers. This synchronized rise in the lowest price reflects that after the continuous absorption of low-priced 4090 resources in the Yangtze River Delta region, the supply side's bargaining power has strengthened, the lower-bound price has been pushed up, and the quotation range is showing a narrowing trend.

[SMM View] The narrowing of the quotation range for the 4090 series in east China is driven by three factors: First, AI inference demand in the Yangtze River Delta continues to surge, and the 4090 has become the preferred resource within the cost-effective range; second, the 4090 is restricted by consumer-grade compliance constraints, limiting large-scale entry, and the consumption of existing resources in the region is faster than replenishment; third, low-priced resources mostly come from occasional releases by individual users or expired short-term rental contracts, making it difficult to form a stable supply pool. SMM believes that the rise in the lowest price is not due to overheated end-use demand, but rather a supply-side phenomenon of a decrease in occasional low-priced resources; in the medium and long term, with the large-scale deployment of domestic alternative models, the scarcity premium of the 4090 is expected to gradually narrow.