[SMM Computing Power Daily] H100 upper-end and 4090 lower-end diverge, existing models accelerate shift from rental to sales

[Market Overview] Today, the SMM computing power leasing price index saw partial adjustments and showed mixed performance: the highest price for H100 in the Yangtze River Delta rose, the lowest price for 4090 in the Yangtze River Delta declined, and the remaining 17 indices were all basically flat. Structural signals at the market level were concentrated on monetization of existing models—selling offers for A100 complete units and high-end consumer-grade cards appeared intensively.

[H100 Yangtze River Delta: Highest Price Up 1.22%] The highest monthly rental for SMM-H100-80G-complete unit-Yangtze River Delta-monthly package rose from 82,000 yuan to 83,000 yuan, up 1,000 yuan, a monthly rental increase of 1.22%; the highest per-card-hour rate rose from 14.24 yuan to 14.41 yuan, up 1.19%. Four new resources from Jiangsu data centers entered the market with quotes above the previous upper end of listings, pushing the price ceiling higher, and pricing power for high-end computing power in the region remained with resource holders.

[4090 Yangtze River Delta: Fixed Monthly Release, Lowest Price Down 2.78%] The lowest monthly rental for SMM-4090-24G-complete unit-Yangtze River Delta-monthly package fell from 7,200 yuan to 7,000 yuan, down 200 yuan, a decrease of 2.78%; the lowest per-card-hour rate fell from 1.25 yuan to 1.22 yuan. In east China, a cluster released more than 40 units of 4090 on a fixed basis at the beginning of the month, at a monthly rental of 7,000 yuan per unit, below the previous transparent band of 7,100–7,300 yuan. Supply has formed a predictable monthly pace, and turnover of existing machine sources has normalized.

[Monetization of Existing Stock: A100 Shifts from Leasing to Sales, 5090 Spot Hits a New High] SMM learned that in south China, one set of an 8-card A100 80G SXM module was quoted at 870,000 yuan per set, test passed and without warranty. This was the first time transaction quotes for this model’s hardware were collected; previously, A100 80G appeared only under leasing quotes of 34,000–35,000 yuan per month. In south China, 30 units of 5090 spot cargo were offered at 41,800 yuan per unit, up another 800 yuan versus the August sample, setting a new collection high. Along with 11 units of A100 40G bare metal in east China at 10,000 yuan tax-included (basically flat versus the 8,800 yuan tax-excluded quote) and an additional cross-market quote of $17,220 per unit for 50 units of Pro 6000 workstations in Hong Kong, sale-type signals increased notably.

[SMM Viewpoint] Today’s core contradictions were at both ends: first, the coexistence of high-priced entry of new H100 resources and the monthly release of 4090 pushing down the lower bound, with high-end scarcity and consumer-grade existing-stock turnover developing in the same direction, expanding both ends of the price range simultaneously; second, A100 complete units shifting from leasing to sales and 5090 acquisition prices catching up with selling prices, aligning with the recent 4090 trend of “shifting from leasing to purchasing,” as holders of existing models accelerated monetization. SMM believed that the increase in sale-quote samples would enrich the hardware price series and provide cross-validation for dual-track pricing for leasing and procurement.