[SMM Computing Power Flash] 5090 eight-card machine quoted at 16,000 yuan, premium market price 2,000–2,500 yuan

The Index Consolidated Today. Supply Side: In South China, the number of cabinets was expected to increase from 8,000 to 12,000 within seven months, supporting 20 kW liquid-cooling retrofits; operator data centers in east China were tight, and 100,000-card buildouts were required to be planned in advance. Delivery Premium: In North China, H20 141G bare metal was priced at 54,500 with free bandwidth and IP included; the 5090 eight-GPU server carried a premium quote of 16,000 with a premium range of 15–18; the three-year rental-seeking budget for 910B2 was 20,000 and required relocation to east China. Demand for domestic relocations was robust; classified private clouds and data isolation pushed up the certainty premium for deployments, and delivery capability became a standalone pricing item.

SMM has learned that H20 141G bare-metal resources in north China are being offered for external rental at a monthly rate of 54,500 yuan per unit, with the existing lease set to be released after its expiration on September 30. Bandwidth is provided by basic telecom operators, IP addresses incur no additional charge, and free shared bandwidth of 100M is included. Compared with the east China H20 96G cloud host pre-sale price of 46,000 yuan and the existing annual contract price of 39,000 yuan, this offer is more than 18% higher, but the two differ in memory specifications and should be recorded separately by specification. SMM believes that the model of partially free shared bandwidth is becoming a standard configuration, and bandwidth and IP may shift from chargeable items to basic services included in resource packages.

SMM has learned that data center resources of a certain operator in east China are becoming increasingly tight, with frontline feedback indicating that 100,000-card-level centralized construction should be planned in advance and commenced simultaneously, as current computing power demand has exceeded expectations. Previously, SMM also picked up signals that the delivery of the operator's computing power cluster in the region had been postponed to Q4, with supply-side constraints persisting. SMM believes that demand scale has jumped from the thousand-card level to the 100,000-card level, while the construction cycles for cabinets and power infrastructure cannot be compressed in sync, and the supply-demand mismatch will become the main supporting factor for computing power leasing prices in the next phase.