[SMM Computing Power Daily] H100 complete machine 3.4 million, 5090 hundred units 455,000

SMM, September 15:

[H100: New spot server quote at 3.4 million yuan/unit; single-point quotes still need accumulation]

SMM learned that a new quote for H100 spot servers has emerged in the market, with a whole-unit purchase price of 3.4 million yuan/unit. During the same period, the highest rental quote for this model in the Yangtze River Delta rose to 85,000 yuan/unit·month. SMM understands that a single transaction quote is not enough to reflect the overall market level, and the sample of H100 whole-unit selling prices still needs to accumulate. SMM will continue to track new quotes.

[5090: 100 eight-GPU servers quoted at 455,000 yuan; memory-excluded basis facilitates itemized accounting]

SMM learned that a Shenzhen channel quoted 100 units of 5090 eight-GPU servers at 455,000 yuan/unit (455,000 yuan including tax), configured with Intel Xeon 6530×2, RTX 5090 32G blower cards×8, 960GB system drive plus 3.84TB NVMe data drive, dual-port 100G NIC, 3200W×4 redundant power supply, on the Nettrix platform, with the quote excluding memory. Compared with the September 11 quote of 650,000 yuan/unit (including tax) for 100 units on the same platform in Shenzhen with 512GB DDR5 memory, the price spread between the two bases is approximately 195,000 yuan, which is in the same direction as the memory cost of 16 sticks of 32G DDR5 5600 at approximately 9,000 yuan/stick including tax (approximately 144,000 yuan), with the remaining difference coming from NIC and system drive specification differences. SMM understands that the memory-excluded quote makes it easier for buyers to itemize and account based on their own memory budgets, and whole-unit price comparisons must first standardize the memory basis.

[4090: Cloud platform card-hour quote at 1.92 yuan; university internal price as low as 1.2 yuan]

SMM learned that a GPU rental cloud platform quoted 4090 computing power at 1.92 yuan/card-hour, a continuation of the price level for the same model previously collected by SMM from a south-west China platform. During the same period, the computing power price for faculty and students at a university in north-west China using the same model server was 1.2 yuan/card-hour, approximately 38% lower than the market quote. SMM understands that the stability of third-party market-based pricing can serve as a price reference, while university internal prices reflect differences in cost-side and subsidy mechanisms, and the two bases should not be directly compared.

[Computing power and electricity: Trinasolar advances integrated computing-power and electricity layout; plans to build its own data center to verify PV+ESS power supply]

SMM learned that Trinasolar signed the "AI Computing Power + Digital Energy Convention" during the Bund Conference in Shanghai, introducing its integrated computing-power and electricity layout for AI data centers, integrating green electricity development, grid-forming ESS, power supply and distribution equipment, and coordinated dispatch, using AI to match green electricity output curves with computing tasks. The company plans to build and independently operate data center demonstration projects that carry real computing loads, first verifying equipment and systems before promoting them to clients. Its Qinghai Sanjiangyuan green electricity intelligent computing integration demonstration project, in cooperation with China Unicom, was fully connected to the grid in April 2025, with disclosed operating metrics of 100% green electricity consumption, approximately 50% reduction in electricity costs, and PUE below 1.18. These metrics are project operating conditions disclosed by the enterprise.

[Other market developments · H200: Single card quoted at 420,000 yuan; whole unit at 5.78 million yuan/unit; four demand transactions]

SMM learned that H200 single-card quotes were concentrated at 420,000 yuan/card including tax for one-on-one transactions in Shenzhen and $53,500/card in Hong Kong, China. In addition, 22 pieces of H200 NVL 141G small futures were quoted at $53,x0,000/piece for Hong Kong delivery. On the whole-unit side, Lenovo H200 whole units at 5.78 million yuan/unit were listed in the same batch for two consecutive days and available for on-site inspection. There were also multiple batch resources including 16 and 32 xFusion PCIe whole units and 256 units in Hong Kong, China. On the purchasing side, a channel sought original cards at 410,000 yuan/card. On the demand side, there were four transactions on the day: 8 units for one-year rental, 5-10 units for three-year rental specifying non-Xinjiang, 128 SXM units sought with the seller bearing intermediary fees, and 1 unit for urgent purchase, all with spot availability and delivery speed as preconditions. In private chat negotiations, a buyer explicitly required only the SXM version, excluding PCIe and futures, with a budget below 134,000 yuan/month, and the supplier confirmed it could accept. SMM understands that H200 quotes remained stable between single card and whole unit, and between domestic and overseas markets, while demand-side constraints on spot availability and delivery speed were significantly stronger than on price.

[Other market developments · PRO6000 and 5090: Server version buy-sell spread narrows; blower cards at 46,800-47,800 yuan including tax]

SMM learned that PRO6000 server version shipment quotes were 162,000-165,500 yuan/piece (including 30 pieces of domestic spot including tax, one box of 8 cards at a floor price of 162,000 yuan/piece, etc.), while the purchasing side quoted 163,000 yuan/piece for Shenzhen spot, with another late-session purchase quote at 161,000 yuan/piece, narrowing the buy-sell spread to within 3,000 yuan. Demand-side batch volumes were concentrated in the 100-312 piece range (100 server-version pieces in Hong Kong, 300 pieces in Hong Kong, 480 server-version pieces for whole-unit assembly, and 30 pieces for actual orders), while the supply side was mainly workstation versions (13x,000 yuan/piece including tax, 200-500 pieces sold in bulk). For the 5090, blower card shipment quotes including tax were mainly in the 46,800-47,800 yuan/card range (multiple transactions from 15 to 300 cards), with tax-exclusive quotes at 42,600 yuan/card and Hong Kong, China quotes at $6,180-6,200/card. Blower card quotes were 43,000-44,200 yuan/card. On the whole-unit side, 26 new units were added for full-package rental, with a minimum of 1 unit, 1T memory, one-year closed contract, at a monthly rent of 1x,000 yuan/unit·month. SMM understands that PRO6000 demand batch volumes continued to exceed available supply, and the version mismatch between server and workstation versions remained unresolved, while the narrowing buy-sell spread reflects increasingly sufficient price discovery. For the 5090, the upper end of single-card quotes including tax rose to 47,800 yuan from 47,100-47,300 yuan on September 14, with a tax-exclusive to tax-inclusive spread of approximately 12%, and Hong Kong, China quotes were significantly lower than domestic tax-inclusive prices.

[Other market developments · H20 and existing cards: 150 units of 96G whole units quoted at 17x million yuan; full payment and strong counterparty required]

SMM learned that a batch of 150 H20 96G whole units appeared for shipment, quoted at 17x million yuan/unit (the seller stated market spot at 2.1 million yuan), with conditions of full payment, strong counterparty, reciprocal penalty of 50 million yuan in the contract, and removal within two months. H20 141G 2T whole units in Shanghai spot were quoted at 30x million yuan/unit, while another channel quoted 2.86 million yuan for one 141G unit and 1.91 million yuan/unit for 10 units of 96G (Shenzhen spot, payment after inspection). For the H100, a channel in the market was buying 80G whole units or modules at high prices, and 3 units of H100 96G spot and 9 units of 94G spot were listed. For the A100, 27 units of A100 80G whole units, 26 units of A100 SXM module whole units, and 10 units of ASRock MI300X 8-GPU whole units were available for on-site inspection. On the rental side, 4090-48G whole-unit monthly rental resources appeared at 10,000 yuan, limited to same-day instant signing. SMM understands that H20 was shipped in 150-unit batches at low prices but with capital and counterparty thresholds, representing a discount in exchange for capital thresholds. Existing cards generally were not publicly quoted, with delivery and inspection conditions becoming the main bargaining dimensions.

[Other market developments · DDR5 memory: 64G 5600 tax-exclusive purchase upper end rises to 16,600 yuan; SK batch shipment at 17,700 yuan]

SMM learned that DDR5 64G 5600 tax-exclusive purchase quotes were mainly in the 16,500-16,600 yuan/stick range (with 16,600 yuan being the highest new purchase quote of the day), while tax-inclusive purchase quotes were 18,100-18,250 yuan/stick. On the shipment side, tax-inclusive quotes were 18,200-18,400 yuan/stick, and 600 sticks of SK hynix 64G 5600 DC25+ were explicitly offered at a reduced price of 17,700 yuan/stick including tax, representing the lower end of the day's shipment quotes. For adjacent specifications, 96G 6400 tax-exclusive quotes were 21,500-22,500 yuan/stick and tax-inclusive quotes were 25,700 yuan/stick. 128G 6400 new units were quoted at 33,500 yuan/stick (minimum order of 500 sticks), and 128G 5600 was quoted at 41x0U. 32G 5600 CXMT purchase quotes were 8,800-8,900 yuan and shipment quotes were 9,000 yuan, with a spread of only 100-200 yuan. 64G 3200 tax-exclusive quotes were 4,850-4,950 yuan/stick. SMM understands that the 64G 5600 purchase price upper end rose by approximately 500 yuan from 16,450-16,550 yuan on September 14, and the tax-inclusive spread between shipment and purchase remained within 200 yuan. The batch price reduction at 17,700 yuan was a volume-moving quote rather than a mainstream price, and should be recorded separately from the mainstream shipment range.

SMM analysis: Today's market showed four main themes. First, whole-unit quote bases became more granular—the 5090 eight-GPU whole unit at 455,000 yuan/unit explicitly excluded memory, forming a 195,000 yuan spread with the September 11 quote of 650,000 yuan/unit on the same platform with 512G memory. With memory costs separately stripped out, the premise for whole-unit price comparison shifted to first standardizing the memory basis. The new H100 whole-unit spot quote of 3.4 million yuan/unit also represented the first addition to the sample of whole-unit selling prices for this model, and the sample still needs to accumulate. Second, H200 demand-side constraints shifted from price to delivery conditions—the day's four rental and purchase requests all had spot availability, non-Xinjiang, and seller-borne intermediary fees as preconditions, and in private chat negotiations, buyers explicitly excluded PCIe and futures, while quotes remained stable between single card and whole unit, and between domestic and overseas markets. Third, H20 traded discounts for capital and counterparty thresholds—the 96G was quoted at 17x million yuan/unit in 150-unit batches, with full payment, strong counterparty, and a 50 million yuan reciprocal penalty attached, where the discount corresponded to capital and credit thresholds rather than the hardware itself. Fourth, buy-sell spreads in general-purpose computing power and memory continued to compress—the PRO6000 server version purchase quote of 163,000 yuan/piece and shipment quote of 162,000-165,500 yuan/piece narrowed the spread to within 3,000 yuan, and the DDR5 64G 5600 tax-inclusive spread between shipment and purchase remained within 200 yuan while the tax-exclusive purchase upper end rose to 16,600 yuan. Channel spread space for both categories approached its limit, with the distribution segment shifting from spread-based profit to volume-based movement.