[SMM Computing Power News] H800 signed a 2-year long-term agreement at 78,000 yuan per month, tight spot supply.

Today, computing power rental prices were flat, with 4 H100 units in the Yangtze River Delta completing testing at 78,000 yuan/month, flat with the previous lowest price. The trend of long-term agreement fixed-price locking strengthened: platforms bulk-purchased H100 (five-year fixed price of 75,000), H800 transacted with two-year long-term agreements at 78,000, and H100 three-year fixed-price demand at 80,000, while high-end spot cargo remained tight. Domestic 910B2 stabilized and entered a plateau period, and the Pro 6000-series formed differentiated cost performance. The mismatch between short-term rental and long-term agreements accelerated the shift of pricing power toward long-term contracts and resource owners.

SMM learns that an end-user client currently has a demand for leasing 96 units of H100 with a closed three-year contract, specifying the NVLink version, with a budget of 80,000 yuan per unit per month. The client requires a direct contract with clear property rights, and data centers in Xinjiang are also acceptable. Channel feedback indicates that large cluster resources for H100 are tight recently, and some clusters have already been locked by other clients. From the demand side, the purchase willingness for large quantities of three-year NVLink has significantly increased, while on the supply side, it is difficult to match resources of the same scale in the short term.

SMM learned that a data center in east China has built 128 units of 5090 cluster, with 40 units currently delivered and 32 units already reserved. An end-user has a one-year closed-end lease demand for 128 units, with a budget of12,500 yuan per unit per month. However, as the supplier prefers long-term contract delivery and the client's lease term is at most one year, the two sides currently do not match. The supplier reported that subsequent investors will still deploy several batches of 5090 to this data center, but new batches will also prioritize long-term contracts. Currently, spot supply of5090 is tight, and there is a clear mismatch between short-term lease demand and long-term contract supply.