[SMM Computing Power Flash] East China 4090D annual contract 6,800, 4090 supply tightening

SMM learned that a purchase demand for 20 H200 HGX full servers emerged in the South China market, with the seller quoting 5.66 million yuan per unit and claiming delivery by this weekend. Previously, the same specification was reported at 5.35 million yuan per unit in the mainland, making this order 310,000 yuan higher, an increase of 5.8%. During the same period, the tax-inclusive price for H200 NVL PCIe eight-GPU full servers in South China was quoted at 4.1–4.2 million yuan, with the HGX version about 30% higher. SMM believes that the significant premium of HGX full servers over the NVL version stems from the SXM motherboard and high-speed interconnect. As the seller is taking orders before delivery, buyers should carefully assess the risks of futures delivery.

SMM has learned that the quoted price for a 5090 eight-card complete server in South China is 620,000 yuan per unit. Last Saturday, the same specification was quoted at 580,000 yuan, marking an increase of 40,000 yuan, or 6.9%, within four days. Compared with 550,000 yuan in late August, the cumulative increase is 70,000 yuan, or 12.7%. This batch is configured with dual 32-core processors, 512G memory, and 100G dual optical-port network cards, equipped with eight 32G turbo edition graphics cards. Calculated at 43,500 yuan per card, the eight cards total approximately 348,000 yuan, while the supporting components account for about 272,000 yuan, or 44%. SMM believes that the hardware-side price increase still needs to be observed, while the rental side is consolidating between 13,500 and 16,000 yuan.

SMM has learned that recently, computing power hosting investment promotion information has appeared on WeChat channels, using "investment attraction" rhetoric to solicit external funds to purchase computing power equipment and hand it over to operators for centralized hosting. The publicly quoted prices are divided into three tiers: the intelligent computing all-in-one machine is priced at 30,000 yuan per unit, with an additional service fee of about 7,000 yuan per unit, a one-year hosting contract, and an estimated daily return of over 100 yuan; the 5090 four-card complete machine is priced at 36,000 yuan per unit, with an additional onboarding fee of about 6,000 yuan per unit and a daily return of about 130 yuan; the GPU5090 complete machine is aimed at large clients, with a minimum investment of 460,000 yuan, a three-year hosting agreement, a promised annualized return of over 20%, and a monthly return of 11,500 yuan. After one year, investors may apply for repurchase at a price of around 410,000 yuan, while the principal difference is nominally returned in 12 installments of about 45,000 yuan per month. The fixed-return and repurchase guarantee design shifts the risks of asset depreciation and operations onto the investors.