[SMM Computing Power Midday Review] H100 highest price rises in the Yangtze River Delta, 4090 monthly release pressures the lower end

[Market Overview]

Today, the SMM computing power rental price index showed localized adjustments and mixed performance. The highest price for H100 in the Yangtze River Delta edged up, with four new resources from a Jiangsu data center transacted at higher quotes; the lowest price for 4090 in the Yangtze River Delta dipped, as 40 machines from a Zhejiang data center were released on a fixed monthly basis, continuously pushing down the lower bound. High-end and consumer-grade segments diverged, while the overall market remained stable.

[H100 Yangtze River Delta: Highest Price Up 1.22%]

The highest monthly rent for SMM-H100-80G-whole machine-Yangtze River Delta-monthly rental rose from 82,000 yuan to 83,000 yuan, an increase of 1,000 yuan, with a monthly rent increase of 1.22%; the highest per-card hourly rate rose from 14.24 yuan to 14.41 yuan, an increase of 1.19%.

This rise stemmed from the release of four new resources from a Jiangsu data center, with quotes above the previous listed upper bound, pushing the H100 price ceiling in the Yangtze River Delta further up, reflecting that pricing power for regional high-end computing power remains with the resource side.

[4090 Yangtze River Delta: Fixed Monthly Release, Lowest Price Down 2.78%]

The lowest monthly rent for SMM-4090-24G-whole machine-Yangtze River Delta-monthly rental dropped from 7,200 yuan to 7,000 yuan, a decrease of 200 yuan, with a monthly rent decline of 2.78%; the lowest per-card hourly rate dropped from 1.25 yuan to 1.22 yuan, a decline of 2.40%.

Forty 4090 units from a Zhejiang data center were released on a fixed cycle at the beginning of the month, each configured with 8×RTX 4090 24G, dual Intel 8352V, and 512GB memory, with a monthly rent of 7,000 yuan per unit, slightly below the previous transparent range of 7,100-7,300 yuan, indicating that inventory turnover is becoming normalized.

[SMM View]

Behind the divergence lies two relatively independent logics. First, new H100 resources entered the market at higher prices, with the upper bound of Yangtze River Delta prices continuing to rise, and scarcity supporting stable pricing power on the resource side;

second, the 4090 has formed a predictable monthly release pace, and normalized inventory turnover has brought prices to the lower bound of the range, expanding the bargain-hunting window for buyers. During the same period, the direct supply price of 910B2 was verified three times at 12,000 yuan, and the bare-metal tax-inclusive price of A100 40G remained stable at 10,000 yuan (about 40% higher than cloud machines), with the price centers of domestic and existing computing power consolidating in tandem.