[SMM Computing Power Midday Review] A100 in Yangtze River Delta and H100 in Western Region see lowest prices loosen simultaneously, existing inventory rotation pushes low prices down

[Market Overview] Today, the SMM computing power leasing index showed that of the 19 monitored model-region combinations, only two changed: the lowest monthly rent and lowest per-card-hour rate for A100-80G-Yangtze River Delta and H100-80G-Western China declined simultaneously, while the remaining 17 maintained their previous values, presenting an overall "two weak, one active" pattern.

[A100-80G-Yangtze River Delta: Lowest Price Drop, Inventory Release] For the SMM-A100-80G-whole machine-Yangtze River Delta-monthly package, the lowest monthly rent dropped from 35,500 yuan to 34,000 yuan, a decrease of 1,500 yuan, with a monthly rent decline of 4.23%; the lowest per-card-hour rate fell from 6.16 yuan to 5.9 yuan, a drop of 0.26 yuan, with a per-card-hour decline of 4.22%. The highest price remained unchanged at 38,000 yuan, with the lower end of the price range loosening while the upper end held firm.

As an Nvidia product from two generations ago based on the Ampere architecture, the A100 entered the inventory release phase, and new low-price resource listings appeared in the Yangtze River Delta region, pulling down the lowest price center.

[H100-80G-Western China: Lowest Price Pullback, Long-Term Contract Probe Fails to Anchor New Low] For the SMM-H100-80G-whole machine-Western China-monthly package, the lowest monthly rent fell from 75,500 yuan to 74,000 yuan, a decrease of 1,500 yuan, with a monthly rent decline of 1.99%; the lowest per-card-hour rate dropped from 13.11 yuan to 12.85 yuan, a fall of 0.26 yuan, with a per-card-hour decline of 1.98%.

Yesterday, the lowest price in Western China was pushed up to 75,500 yuan by the entry of a closed-end long-term contract (75,000-76,000 yuan/month) for a newly built cluster in Inner Mongolia, but today it pulled back to 74,000 yuan. The high-level probe of the long-term agreement failed to establish a new lowest price anchor, and the spot market continued to find its lower bound at its existing pace.

[SMM View] The two lowest prices declined simultaneously but for different reasons. The drop in A100 in the Yangtze River Delta indicates the inventory rotation after the Ampere architecture enters the second half of its life cycle—regional reallocation and expiration releases are inevitable; the pullback in H100 in Western China confirms the "probing nature" of yesterday's long-term contract price trial—the high-level entry of closed-end long-term contracts did not truly become the lowest price anchor. SMM believes that the common signal conveyed by both is: the computing power market has entered a phase "dominated by inventory rotation and long-term contract high-level probing," with increasing regional price divergence, and the resource acquisition activities of resource providers and cloud service providers will continue to reshape the spot available pool.