[SMM Computing Power News] All 30 H200 futures in Jiangsu have been cleared, with a transaction price of 128,000 yuan per unit per month.

NewPhotonics and Tower Semiconductor announced high-volume shipments of laser-integrated optical engines for AI infrastructure. The 800G and 1.6T PICs use Tower’s PH18DA silicon-photonics platform with heterogeneously integrated InP components, enabling lasers, SOAs, modulators and photodetectors on one chip. Volume shipments of 6.4T NPO chipsets are planned for H1 2027. SMM believes this signals that AI optical-interconnect demand is translating into InP device demand, supporting high-purity indium consumption. However, shipment volumes and InP intensity were not disclosed, so the near-term indium uplift cannot yet be quantified.

In the week ending September 24, among the seven comparable samples of the SMM computing power leasing composite index, only the A100-80G and H100-80G in the Yangtze River Delta rose, with average prices reported at 37,500 yuan (+2.7%) and 82,500 yuan/unit/month (+1.2%), respectively, while the other five items remained flat. On the channel side, there are three main threads: the H200 form factor price spread has extended from the buyout end to the leasing end, with the PCIe five-year all-inclusive package at 98,000 yuan/unit/month versus the SXM closed-end at 120,000-143,000 yuan, and the maximum monthly rental difference for the same model reaching 45,000 yuan.

In the week ending September 24, all 12 SMM computing power price indices in the western region, Beijing-Tianjin-Hebei, and Chengdu-Chongqing remained unchanged. The H100 in the western region held steady at 81,000 yuan/month (14.06 yuan per card-hour), and the H20-96G in Beijing-Tianjin-Hebei held steady at 43,000 yuan/month (7.47 yuan per card-hour). The H200 PCIe five-year long-term agreement price fell below 100,000 yuan for the first time.