[SMM Computing Power Midday Review] A100 in the Yangtze River Delta breaks 40,000, domestic cluster prices pull back

[Market Overview] The SMM computing power rental price index rose in some segments today. Among the 19 indices, only A100 Yangtze River Delta adjusted, with the highest price breaking through 40,000 yuan. On the price collection side, quotes for domestic computing power clusters pulled back slightly, with the two ends moving in opposite directions.

[A100 Yangtze River Delta: Highest Price Breaks 40,000, Up 5.26%] The highest monthly rent for SMM-A100-80G-full server-Yangtze River Delta-monthly rental rose from 38,000 yuan to 40,000 yuan, an increase of 2,000 yuan, up 5.26%; the highest per-card-hour rate rose from 6.6 yuan to 6.94 yuan, up 5.15%; the average monthly rent rose from 36,500 yuan to 37,500 yuan, up 2.74%; the average per-card-hour rate rose from 6.34 yuan to 6.51 yuan, up 2.68%. The lowest monthly rent remained unchanged at 35,000 yuan. With the upper bound opening up while the lower bound held firm, the average price moved up accordingly.

[Domestic Computing Power: Cluster Discounts, Delivery Premium Rigid] The online cluster price for 910C 752T with 158 units fell to 65,000 yuan/unit·month, a decline of 1.5%. On the same day, a small batch of 2 units was also quoted at 65,000 yuan, with no price spread formed by scale. Price rigidity on the relocatable side continued: 910B4 held steady at 20,000 yuan for three consecutive batches, a 33% premium over the online price of 15,000 yuan, marking the largest price spread across domestic computing power channels; 910B3 was also quoted at 20,000 yuan, with the two at the same price. A single 910B3 unit at 15,000 yuan (available September 29) did not receive an immediate delivery premium; the H800 annual rental was confirmed at 69,000 yuan for the second time, remaining the lowest in the H series. The first price collection for 18 relocatable Atlas 300I Duo units came in at 6,000 yuan, filling the gap in the 3,000-7,000 yuan range.

[SMM View] Today, the two lines moved in opposite directions but shared the same underlying logic. The A100 Yangtze River Delta breaking through 40,000 yuan with the average price moving up in tandem is consistent with the earlier price increase in A800 Yangtze River Delta, as the value revaluation of existing imported cards continues. On the domestic side, the 910C cluster saw a slight price concession, and immediate delivery did not command a premium, indicating that neither scale nor tenor has entered into pricing. Delivery flexibility remains the only stable premium dimension for domestic computing power. If the scissors gap persists, the price overlap between the two in the 65,000-80,000 yuan range will further expand, and the substitution relationship may shift from model selection to delivery solution comparison.