[SMM Computing Power Daily] 910B4 64 units 15,500 South China 5090 up 12%

SMM, September 14:

[Domestic computing power: 64 units of 910B4 full servers at monthly rent of 15,500 yuan, same price for one-year and three-year terms]

SMM learned that a Beijing-Tianjin-Hebei channel distributor newly signed a batch of Huawei Ascend 910B4 eight-card full servers, 64 units in total, configured with 4× Kunpeng 920 48-core CPUs, 8× Ascend 910B4 (280T FP16 per card, 64G VRAM), 16× 64G memory, 2× 480G SSD system disks, and 2× 3.84T NVMe data disks, with a monthly rent quote of 15,500 yuan/unit, available for one-year or three-year terms. The channel side stated this batch is first-hand resources. SMM learned that the 64-unit full batch entering the 15,500 yuan monthly rent tier with the same price for one-year and three-year terms reflects a stronger willingness on the supply side to lock in shipments through long-term leases.

[H20: 16 full servers in south-west China at monthly rent of 53,000 yuan including cabinet power, higher than the same model in east China]

SMM learned that 16 H20 96G eight-card full servers at a data center in south-west China are being offered for lease, one-year closed term, one-month deposit and one-month rent, spot cargo splittable, monthly rent of 53,000 yuan/unit·month including 6% tax and cabinet power, equivalent to approximately 6,625 yuan per card. The configuration includes 2TB memory and four 400G IB network cards, at training cluster-grade specifications; bandwidth is billed separately at 20 yuan/M/month, IP at 50 yuan each, with 20M bandwidth and one IP included as a gift. SMM learned that compared with the 46,000 yuan quote for the same model in east China, this order is priced higher, with the performance advantage as a training cluster serving as the basis for its pricing.

[5090: 200 fan cards in south China quoted at 47,100 yuan, up 12% from early September]

SMM learned that 200 RTX 5090 fan cards in south China are available for sale as spot cargo, quoted at 47,100 yuan/card. Compared with the quote of 42,000 yuan/card for 200 fan cards in the same region in early September, this order is up 5,100 yuan, an increase of approximately 12%; during the same period, the single-card market price for this model in Hong Kong, China was $5,600. SMM learned that fan card quotes have been moving up continuously recently, with hardware-side stockpiling still ongoing, while on the leasing side, monthly rent for 5090 full servers remains at 13,500-16,000 yuan, further widening the price spread between hardware and leasing.

[L20: 48G enters the radar of investment builders, single-card quotes in north China at over 32,000 yuan, five-year long-term contract planned]

SMM learned that the L20 48G series has entered the radar of investment builders, who intend to move the machines to a carrier's own data center, primarily to lock in resources, with a five-year lease contract to be signed. Current spot quotes for this model in north China are over 32,000 yuan per card, while new-card teardown quotes are over 31,000 yuan, a difference of approximately 1,000 yuan, indicating limited depreciation. Compared with the same-period quote of over 42,000 yuan per card for the 5090 32G, the L20 has higher VRAM specifications but a unit price approximately one-quarter lower. SMM learned that investment builders shifting from leasing to holding and proactively locking in resources reflects rising willingness in the market to allocate long-term computing power assets.

[Public cloud: An AI cloud platform to shut down on September 21, existing GPU resources face reallocation]

SMM learned that a public AI cloud service provider issued an announcement that, due to business strategy adjustments, its public cloud platform will officially cease services at 23:59 on September 21, 2026, covering all public cloud businesses including GPU, CPU, shared storage, and model APIs. The platform requires users to complete data backup and migration before the shutdown; after the shutdown, resources will be uniformly released and data cleared, with no liability assumed for data loss, and unused vouchers will be voided simultaneously. SMM learned that the exit of small and medium-sized cloud platforms will bring about the reallocation of existing GPU resources, potentially creating regional windows for resource release and leasing in the short term.

[Other market trends · H200 and high-end computing power: SXM full servers at 5.78 million yuan/unit, 64-unit batch at monthly rent of 128,000 yuan]

SMM learned that a Shenzhen channel released 30 units of Lenovo H200 full servers, quoted at 5.78 million yuan/unit; in addition, two local SXM full servers in Shenzhen were listed at 6XX million yuan/unit including tax. On the PCIe version side, a batch of 240 brand-new H200 NVL PCIe single cards appeared in Shenzhen, with tax-inclusive one-to-one invoice pricing at 430,000 yuan/card, and 32 full servers of the same specification with Switch quoted at 4.35 million yuan/unit. On the leasing side, a channel released 64 H200 spot full server resources at a monthly rent of 128,000 yuan/unit·month, five-year closed term, requiring a major entity to sign; on the demand side, there were simultaneous requests for fewer than 10 H200 units on a three-year closed lease, specifying non-Xinjiang nodes, as well as a Beijing state-owned enterprise's one-to-three-year lease demand for 8-10 H100 or H200 units. For high-end computing power, on the futures side, an intermediary listed resources for Chilwee 3T specifications, using a structure of full letter of credit plus 3% counter-guarantee and 30% reciprocal penalty clauses, with the intermediary collecting a 5% channel fee upfront, and delivery divided into two tiers of 8-12 weeks and 12-16 weeks. SMM learned that H200 quotes on the day were simultaneously unfolding across SXM and PCIe, full servers and single cards, outright purchase and long-cycle leasing, with specifications and transaction structures becoming the main pricing dimensions; high-end computing power was characterized mainly by cross-border delivery and letter of credit structures, with delivery schedules and entity qualifications constraining transactions more strongly than price itself.

[Other market trends · PRO6000 and 5090 full servers: concentrated demand release, bare metal monthly rent starting at 12,000 yuan]

SMM learned that PRO6000 demand was released in concentrated fashion on the day: a channel posted a purchase demand for 10,000 PRO6000 chips; an IDC client raised a leasing demand for 6-13 PRO6000 units with no networking requirements; another client proposed a one-year lease of 10 PRO6000 units with one-month deposit and one-month rent; on the procurement side, multiple demands also emerged, including 200 server-version units, several hundred server-version units in Hong Kong, and Hong Kong spot purchases. On the purchase quote side, a channel offered 160,000 yuan/unit for 300 server-version units and 68,300 yuan/unit for 150 PRO6000D units, with Hong Kong purchase quotes at $21,300/unit. The supply side was dominated by small batches and workstation versions: Shenzhen office spot workstation version quoted at 134,000 yuan/unit, 24 workstation-version units available as Hong Kong spot, and another 10+ units of already-networked resources available for lease starting from 2 units, with annual closed contracts or 3-month to 6-month closed leases. On the 5090 full server side, a channel released 1,000 5090 turbo full servers, available for both lease and sale, with bare metal monthly rent starting at 12,000 yuan/unit and cabinet power at an additional 4,000 yuan; Shenzhen fan card shipment quotes were concentrated at 47,100-47,300 yuan/card including tax, turbo cards quoted at 48,500-48,800 yuan/card, and on the purchase side, a channel sought to buy 500 units at 46,900 yuan/card; another channel quoted 455,000 yuan/unit including tax for 120 5090 full servers, with the quote excluding memory. SMM learned that PRO6000 demand on the day was significantly larger than tradable supply in terms of batch size, and the version mismatch between server version and workstation version was the main obstacle to matching; the 5090 showed parallel development of large-scale full-server supply and scattered single-card shipments, with bare metal long-term leasing and single-card spot following two separate pricing paths.

[Other market trends · Existing cards and memory: H100 Guangzhou three-year closed at 90,000 yuan, DDR5 purchase-sale price spread compressed]

SMM learned that a channel released Guangzhou node resources for 8 H100 units, three-year closed term, monthly rent of 90,000 yuan/unit·month; on the demand side, a buyer posted a request to purchase 64 H100 SXM units and stated the budget had been approved, while another channel offered 18 brand-new H100 four-card full servers. On the H800 side, a channel offered a combination of one unit on an annual closed lease plus one unit on a monthly lease (new machine). On the A100 side, a channel quoted 1.45 million yuan/unit for 64 second-hand A100 80G full servers, with one unit on an annual closed lease and one unit on a six-month closed short-term lease appearing on the rental side, and on the demand side, a client sought 10 A100 80G full servers on a one-year closed lease requiring relocation delivery. On the memory side, DDR5 64G 5600 purchase quotes were densely concentrated in the pre-tax range of 16,450-16,550 yuan/stick, with tax-inclusive purchase quotes at 18,200-18,250 yuan/stick, and Shenzhen spot tax-inclusive shipment quotes at 18,200-18,400 yuan/stick; 96G 6400 pre-tax shipment quotes were at 21,500-22,500 yuan/stick, and 128G 6400 Shenzhen spot tax-inclusive quotes were at 31,000-34,800 yuan/stick, with batches reaching 1,000 sticks. SMM learned that mid-end existing card types on the day were mainly transacted through closed long-term agreements and full-server bundling, with relocation delivery and minimum lease volume thresholds still serving as matching constraints; the 64G 5600 purchase price was basically flat compared with last week's collected levels, and the tax-inclusive price spread between shipment and purchase had compressed to within 200 yuan, significantly narrowing the spread space in the channel circulation segment.

SMM analysis: Today's market showed four main threads. First, the domestic computing power long-term leasing side locked in shipments through full-batch volumes—64 units of 910B4 full servers quoted at 15,500 yuan/unit·month with the same price for one-year and three-year terms, and the 64-unit full batch entering a unified price tier, making clear the supply side's pricing strategy of trading long cycles for certainty. Second, general computing power hardware quotes moved up continuously while the leasing side did not follow in tandem—south China 5090 fan cards quoted at 47,100 yuan/card, up 12% from early September, while full-server monthly rent during the same period remained in the 12,000-16,000 yuan range, showing a divergence in price transmission between hardware and leasing; 16 H20 96G units in south-west China quoted at 53,000 yuan/unit·month including cabinet power, higher than the 46,000 yuan in east China, with training cluster specifications and region remaining the main sources of price spread. Third, resource-holding entities underwent adjustments—a public AI cloud platform shutting down on September 21 will centrally release its GPU and storage resources, while L20 48G was moved by investment builders into a carrier's own data center under a five-year long-term contract, with holding intent shifting from leasing to ownership, and the circulation paths of existing resources are being rearranged. Fourth, other market segments continued along two threads of structure and mismatch—H200 formed stratification by specifications and transaction structures across SXM and PCIe, full servers and single cards, outright purchase and five-year closed terms, while PRO6000 saw concentrated release of demand at the ten-thousand-unit level on the demand side while the supply side was dominated by small batches of workstation versions, with the version mismatch making it difficult to directly align quotes; the tax-inclusive price spread between DDR5 64G 5600 shipment and purchase compressed to within 200 yuan, with channels shifting from spread-based profits to volume-based turnover.