[SMM Computing Power Daily] H200 outright purchase prices rise for three consecutive sessions; monthly rental demand exceeds 140,000

SMM, September 9:

H200: SXM full-system buyout price rises for three consecutive tiers in a single month; monthly rental demand side breaks 140,000 yuan

SMM has learned that the H200 SXM full-system buyout price has edged up continuously over the past month—on August 24, a channel quoted 256 H200 spot units at 5.35 million yuan/unit (including 13% tax, Shenzhen warehouse); on September 1, multi-channel quotes pushed the upper end to 5.4 million yuan; on September 4, a Shenzhen first-hand 2T full-system brand-new pick-up price was quoted at 5.45 million yuan/unit, with a cumulative tax-inclusive increase of about 100,000 yuan over the month. SMM has learned that the monthly rental side strengthened in tandem this month: in early August, an operator quoted 120,000 yuan for 128 HGX-version units; in mid-August, 32 HGX eight-card modules in east China were quoted at 128,000 yuan on a three-year closed contract; on September 4, a Jiangsu data center quoted 130,000 to 140,000 yuan/unit·month for 30 newly listed units on the demand side, with the buyer quotation band shifting up overall to the 128,000–140,000 yuan range. Notably, at end-August, industry feedback indicated that H200 full systems had consolidated in the 5.35 million–5.4 million yuan range for about 10 days, with buyers mostly adopting a wait-and-see stance; after this round of increases, the wait-and-see sentiment has further solidified.

H100 monthly rental: east China batch sell-off sees final batch at 85,000 yuan, a new high for the model; Beijing-surrounding area approaches the 90,000 yuan mark

SMM has learned that 10 H100 full systems in east China were cleared in three batches over a month and a half, with transaction prices rising from 78,000 yuan/unit·month for the first batch of 2 units to 80,000 yuan for the second batch of 4 units and 85,000 yuan for the final batch of 4 units—a cumulative increase of 9% and a weighted average price of 81,600 yuan, breaking above the previous mainstream quotation range of 75,000–82,000 yuan/unit·month. SMM has learned that, driven by both large-model training and inference demand, H100 rental quotes in the Beijing-surrounding area of north China have approached 90,000 yuan/unit·month, about 5,000 yuan higher than the final batch in east China. The same batch of resources was released in stages with prices raised batch by batch, and the pace of shipments itself is becoming the primary mechanism for price discovery.

Domestic computing power: an operator's first order delivery delayed to Q4; Atlas 300V full-system monthly rental at 2,500 yuan highlights tiering

SMM has learned that the first nationwide order between an operator's south China province and city branches and a new domestic computing power cluster was originally planned for delivery and launch in September, but some province and city branches reported that actual delivery will most likely fall in Q4, with September delivery constrained by capacity; SMM had previously also collected signals from the operator side that related periods were scheduled for phased launch in Q4, and the two corroborate each other. SMM has learned that a data center in south China has launched Atlas 300V full-system rentals, configured with 8 24G accelerator cards and 1TB of memory, at a monthly rental of 2,500 yuan/unit—equivalent to about 313 yuan/card·month, less than 40% of the 7,000 yuan/unit·month for a 4090 full system over the same period. The domestic computing power price spectrum extends from 2,500 yuan to 19,000 yuan for the 910B series, a span of more than 7 times.

4090: south China annual contract high-spec quote at 7,200 yuan; channel casual rental at 8,000 yuan coexists

SMM has learned that 10 RTX 4090 full systems in south China are offered for annual contract at a monthly rental of 7,200 yuan/unit·month, with the data center providing 200M shared bandwidth and testing available from September 10; this batch is configured with 1,024GB of memory, 8 24G turbo-edition graphics cards, and 200G InfiniBand network cards—specifications higher than the common 4090 full systems on the market, but with no price concession. SMM has learned that a channel's 4090 24G full-system monthly rental quote moved up from 7,800 yuan at end-August to 8,000 yuan, a cumulative increase of 200 yuan over 9 days. The annual contract and casual rental measures form a price spread of about 800 yuan, reflecting strong price rigidity for the 4090 model and the fact that configuration differences have not yet been fully reflected in pricing.

Online market: H100 module inquiries + small and medium batch demand + 5090 monetization shipments

SMM directly collected three independent market signals from online channels this afternoon: at around 1:40 p.m., a channel explicitly stated "buying H100 modules, quote if you have spot," using "modules" rather than full systems as the purchasing unit, pointing to downstream restocking demand following the new high of 85,000 yuan for H100 monthly rental; from 4:20 to 4:40 p.m., a demand side proposed a small-batch rental configuration of 4 H100 + 4 H200 units, echoing the trend of H200 monthly rental breaking 140,000 yuan and H100 monthly rental approaching 90,000 yuan—the market is no longer limited to single-batch hundred-unit large orders, as immediate demand at the 4-unit level is also emerging; at 1:44 p.m., a channel shipped 200 5090 turbo cards in a concentrated manner with a "monetization" tone, and the word "monetization" reflects increased willingness among some players to realize profits after the model's price rose to around 43,000 yuan tax-inclusive within the month.

SMM analysis: Today's main market theme is the collective breakout in the high-end computing power rental segment. The H200 buyout price rose by about 100,000 yuan tax-inclusive over a month, and the monthly rental demand-side quotation band shifted up in tandem to the 128,000–140,000 yuan range, with price increases and buyer wait-and-see sentiment appearing simultaneously—the tug-of-war between stronger seller pricing power and pressured buyer acceptance continues. Over the same period, H100 prices were raised batch by batch under east China's staged shipment pace to a new high of 85,000 yuan, while the Beijing-surrounding area of north China saw quotes approach the 90,000 yuan mark, driven by both training and inference demand. On the domestic front, the operator's first order delivery period was postponed from September to Q4, and the Atlas 300V full-system monthly rental of 2,500 yuan pushed the domestic computing power price spectrum down to below 3,000 yuan, with capacity bottlenecks and scenario tiering emerging in parallel on the domestic substitution path. The afternoon online signals echoed the morning's main theme in three ways: H100 module restocking points to the new monthly rental high being transmitted downstream to hardware; the appearance of a 4-unit small-batch demand side confirms demand tiering in the H100/H200 rental segment; and the concentrated shipment of 200 5090 turbo cards under the banner of "monetization" reflects the practical path of profit-taking after mid-end model prices rose within the month.