[SMM Computing Power Midday Review] H100 Falls Below 90,000 for the First Time, 5090 Turbo Continues to Decline

[Market Overview]

Of the 19 indices today, 18 remained unchanged, with the only movement seen in the H100 Yangtze River Delta complete system, where the highest price was pushed to 92,000 yuan, crossing the 90,000-yuan threshold for the first time. On the same day, two units were quoted at 92,000 yuan in the spot market, matching the index ceiling; consumer-grade cards continued their downward trend.

[H100 Yangtze River Delta: Highest Price Breaks 90,000 for the First Time]

The highest monthly rental rose from 87,000 yuan to 92,000 yuan, an increase of 5.7%; the highest per-card-hour rate rose from 15.1 yuan to 15.97 yuan, an increase of 5.8%. The average monthly rental rose from 82,500 yuan to 85,000 yuan, an increase of 3.0%; the average per-card-hour rate rose from 14.32 yuan to 14.76 yuan, an increase of 3.1%. The lowest price remained unchanged at 78,000 yuan. Two H100 SXM module systems in east China were quoted at 92,000 yuan, more than 4,000 yuan above the September long-term contract price of 88,000 yuan in east China, and also 5,000 yuan, or 5.7%, higher than the 87,000 yuan for a one-year lease starting in October in northwest China.

[5090 Turbo: South China at 48,000 Continues Downward]

A batch of 38 RTX 5090 turbo cards in south China was quoted at 48,000 yuan per card, with the seller indicating that prices for this batch have continued to decline; tax status was not specified for this order. On a pre-tax basis, this is 500 yuan lower than the 48,500 yuan derived from the tax-inclusive price of 54,800 yuan for turbo cards in the same region on October 28; on a tax-inclusive basis, it is 6,800 yuan lower, a decline of 12.4%. During the same period, fan-cooled cards and ROG editions were both quoted at 53,000 yuan tax-inclusive, making the turbo version the lowest of the three.

[SMM View]

First, the spread between the highest and lowest H100 prices widened to 14,000 yuan, or about 18%, with the top moving up while the bottom remained unchanged. The higher prices were driven by a small number of deliverable resources rather than a broad-based rise across the entire range.

Second, the index ceiling of 92,000 yuan exactly matches the spot quotes, cross-validating the authenticity of this price level and thereby establishing the 90,000-yuan threshold.

Third, based on the September complete-system spot price of 3.4 million yuan and this order's monthly rental, the payback period is approximately 37 months, longer than the 30.5 months for the A100 annual contract signed in early November, indicating that holding cost pressure persists. Fourth, the 5090 turbo fell to 48,000 yuan pre-tax, continuing its downward trend, while fan-cooled and ROG editions held steady at 53,000 yuan tax-inclusive. The price spread by cooling form has shifted from a turbo premium to the turbo being the lowest.