[SMM Computing Power Midday Review] Low-Priced 4090s in the Pearl River Delta Revised Downward; Workstation-Grade Substitutes Suppressed Prices of Existing Cards

[Market Overview] Today, the lowest price in the 4090 Pearl River Delta region was revised downward. The SMM-4090-24G-complete system-Pearl River Delta-monthly subscription minimum monthly rent was revised down to 7,300 yuan, and the lowest per-card-hour rate fell from 1.3 yuan to 1.27 yuan. This round of cuts resulted from restoring the true rental price after removing brokerage fees from a Shenzhen data center quotation; other prices remained stable.

[4090 Pearl River Delta: Brokerage Fee Removed, Low Price Restored and Revised Down] The SMM-4090-24G-complete system-Pearl River Delta-monthly subscription minimum per-card-hour rate fell from 1.3 yuan to 1.27 yuan, down 0.03 yuan, a decrease of 2.31%; the minimum monthly rent was revised down to 7,300 yuan. The driver was that a Shenzhen data center quotation had previously been listed at 7,600 yuan; after SMM verification, it was confirmed to include a 300-yuan brokerage fee. After removal, the true rental price was 7,300 yuan, and the lowest price was updated accordingly. Prices for other models and regions remained unchanged. It should be emphasized that this low-price revision was not caused by a supply-demand imbalance, but rather a price restoration following greater quotation transparency; the actual market transaction price center showed no obvious loosening.

[SMM Viewpoint] The low-price update for 4090 in the Pearl River Delta reflects that its demand was being diverted by new products positioned similarly. SMM believed three points warranted attention:

First, the core demand scenario for 4090 was enterprise on-premises deployment for large-model inference, and such demand was highly sensitive to cost performance;

Second, desktop-class AI workstation products such as NVIDIA DGX Spark were launched in succession, forming direct substitutes in personal development and edge inference scenarios and diverting part of the 4090 rental demand;

Third, workstation products entered the market in complete-system form, reducing users’ reliance on single-card rentals, and prices for the existing stock of 4090 cards were therefore under pressure. SMM believed that, as the most-traded consumer-grade model transitioning to AI, the 4090 rental price center would be constrained over the long term by workstation-class substitutes, and slightly lower prices might become the norm.