[SMM Computing Power Flash] 3 Atlas 800I A2 Units for Rent in North China, Monthly Rent 26,000, Six-Month Minimum Lease

SMM learned that a compute cluster in east China released 32 spot H200 servers at a monthly rent of 128,000 yuan per unit under a three-year fixed-price contract. Each unit is a Supermicro H200 with an HGX 8-card module, an Intel 8558 processor, 32 × 64GB 5600 memory modules, a 960GB NVMe system drive, 2 × 3.84TB data drives, and 8 single-port 400G network interface cards. SMM believes that the entry of eight-card H200 spot servers into the market under three-year fixed-price contracts reflects growing demand for price lock-in among high-end models.

SMM learned that a high-power data center in North China rated T3 or above was newly launched in August, offering high-power cabinet colocation services: 42U 7 kW high-power cabinets at 6,300 yuan/month, and 10 kW high-power cabinets at 9,000 yuan/month. These resources are high-power-density cabinets, suitable for GPU servers and other high-power computing equipment. SMM believes that the expansion in high-power cabinet supply reflects relatively favorable market expectations in the North China IDC colocation segment.

SMM learned from intermediary feedback that a Ningbo data center had 45 units of spot 4090 8-card server resources, offered for rent only as an entire batch without splitting, already networked and delivered, with a one-year fixed-price contract, current-month fees due in the current month, no deposit required, and an external quotation of 8,500 yuan/unit/month. After verification, the source of this batch of resources was a computing power service provider. During the same period, the actual transaction price of 4090 8-card servers in the Shanghai market was 7,200 yuan/unit/month; some resources with expiring lease terms were once quoted at 6,900 yuan for a quick sale, but were ultimately still traded at 7,200 yuan. There was a clear price spread between intermediary asking prices and first-hand market transaction prices, and the first-hand transaction anchor of the 4090 market remained around 7,200 yuan.