[SMM Computing Power Midday Review] A100 low prices pull back, Yangtze River Delta dips to 34,000

[Market Overview] Of the 19 indices collected this morning, 18 remained unchanged, with the only movement being a downward shift in the low-end price of the Yangtze River Delta A100-80G full server. This item had just completed a round of catch-up gains last Friday, but pulled back today and broke below its previous low, with low-priced resources showing a clear divergence from the mid-to-high price range.

[A100-80G Yangtze River Delta: Low-End Price Tests Downward Again] The lowest monthly rental dropped from 38,000 yuan to 34,000 yuan, a decline of 10.5%; the lowest per-card hourly rate fell from 6.6 yuan to 5.9 yuan, a decline of 10.6%. The average monthly rental decreased from 39,000 yuan to 37,000 yuan, a decline of 5.1%; the average per-card hourly rate fell from 6.77 yuan to 6.42 yuan, a decline of 5.2%. The highest price of 40,000 yuan remained unchanged. The decline at the low end was roughly twice that of the average, indicating that the downward pressure was concentrated in a few low-priced supply sources, while mid-to-high prices did not follow.

[Supply Side: Single-Unit Listing, End-Users Only] A Jiangsu data center quoted A100 80G full-server monthly rental at 34,000 yuan per unit, with near-term delivery available. Currently, only one unit is available, and it is explicitly limited to end-users. Channel feedback indicates that quotes for the same model full-server monthly rental during the same period are mostly in the range of 35,000 to 36,000 yuan per unit, making this listing about 3% to 6% lower. The single-unit scattered resource is being offered at a volume discount, which corroborates the downward shift in the low-end price of the index.

[SMM View] First, the A100 low-end price tested downward again and broke below its previous low, indicating that the previous round of catch-up gains was not supported by actual transactions and represented a pullback after a quote-testing attempt.

Second, the decline was highly concentrated in the lowest price tier (10.5% versus 5.1% for the average), with supply dominated by single-unit scattered resources, which does not yet constitute systemic downward pressure.

Third, the quote at this tier is explicitly limited to end-users, showing that the seller is actively avoiding intermediary markups, and the space for middlemen continues to narrow.

Fourth, the A100, as the previous-generation mainstream training card, has relatively stable demand in inference and small-to-medium-scale training scenarios, and low-priced resources are attractive to end-user buyers; attention should be paid to whether the release of scattered low-priced supply will spread to the average price tier.