[SMM Computing Power Daily] High-End Complete Units 128 Units Liquid Cooling Spot Quoted at 13.5 Million

SMM August 25 News:

High-End Complete Machines: 128 liquid-cooled spot units quoted at 13.5 million, futures 3T configuration at 11.78 million

SMM learned that the market saw 128 DELL high-end complete machines with 2T memory liquid-cooling spot, quoted at 13.5 million yuan/unit, with the seller paying commission; for prices above 13.6 million yuan, the buyer shall bear the commission. The transaction process includes providing business license, dual verification contract on site, and on-site transaction. Separately, there are 128 Supermicro high-end complete machines with 3T configuration futures, quoted at 11.78 million yuan/unit, delivery in 5-7 weeks, delivery in Shenzhen, penalty for breach of contract 5%, penalty for resale 30%, transaction method as L/C plus prepayment. Spot prices have a premium of about 15% over futures, and the single-unit quotation range for high-end complete machines has dropped to 11.78 million-13.5 million yuan. Additionally, sporadic spot quotations for ASUS high-end computing nodes were reported.

H200: 32 units in central China at 123,000 yuan for five-year closed-end lease; 64 units in Xinjiang for three-year closed-end awaiting delivery

SMM learned that 32 H200 spot units in central China are available for lease at a monthly rent of 123,000 yuan/unit under a five-year closed-end contract. Each unit is HGX H200 8-GPU (141G), dual Intel Xeon 8558, 2TB DDR5 5600, 8×400G high-speed network cards. Separately, a batch of 64 H200 leasing resources is in Xinjiang data center, three-year closed-end, non-splittable, delivery in mid-September, signed by strong entities, seller pays commission, available for inspection and testing. On the spot side, H200 SXM complete machines from multiple channels in Shenzhen were quoted (7 units, 8 units, 2 units, etc., sporadic sources), and 80 pieces of H200 PCIE original card 141G are also available for spot supply.

Pro6000D: 73,700 yuan low, supply-side batch release continues

SMM learned that multi-channel information shows that the supply side of Pro6000D continues to release in a concentrated manner. Today, spot batches of 300 pieces, 224 pieces, and 200 pieces were quoted in Shenzhen, Beijing, etc., with Shenzhen spot available for same-day pickup. The Pro6000 server version 200 pieces were quoted at around 150,000 yuan (tax included). Previous information showed that the unit price of Pro6000D has dropped to 73,700 yuan/piece (tax included). On the demand side, it is mainly cash-holding buyers (global procurement of any version of Pro6000, spot with immediate payment), while leasing demand is limited.

H100: 10 spot units in south-west China for lease quoted at 102,000 yuan

SMM learned that 10 H100 spot units in south-west China were quoted for lease at 102,000 yuan/unit per month. Additionally, 4 Supermicro H100 spot units are for sale, with original two-year warranty and two additional hard drives; one used H100 unit (tested but no warranty) from Hefei is for sale. H100 spot mainly circulates in small sporadic batches, with no new cluster-level supply.

H20/A100: Spot and Demand Intertwined

SMM learned that sporadic quotations for single H20 141G spot units emerged; 96G complete machines are available from multiple channels; two H3C H20 96G original complete machines in Hefei with one-year warranty. On the demand side, a real order for leasing one 141G H20 unit appeared, with direct client signing and seller rebate commission. In east China, 20 A100 40G cloud machines are available for lease at a monthly rent of 7,000 yuan/unit, ready to use immediately. A certain recycling group's spot complete machines include 76 A100 units, 12 A800 units, two H20 96G units, and five 4090D units; futures include another 20 H20 141G units.

5090: Supply at Thousand-Unit Level, Purchase Demand Also Active

SMM learned that supply of 5090 continues to release in volume. In Shenzhen, 500 pieces of 5090 blower cards and 200 pieces of fan cards (tax included at the 4,000 yuan level) were quoted; 128 5090 blower complete machines are in spot warehouse; another channel claims that 2,000 complete machines are ready for immediate pickup. On the procurement side, it is also active, with a channel purchasing 1,000 5090 fan/blower cards (Hong Kong/mainland China both acceptable), global procurement of any brand 5090 fan cards with instant cash settlement. The 5090 market is active on both buying and selling sides, with supply volume significantly larger than single order demand.

910B2/Memory: Domestic Cards Sporadic Disposal, Memory Purchase Price Firm

SMM learned that eight 910B2 spot units are being processed, available for single-unit lease on an annual basis, ready to start anytime. For 4090 48G, there is urgent demand for 1-2 units monthly lease (no intermediaries, no IP restrictions), with 16 pieces in Shenzhen spot. In memory, the purchase price for Samsung/SK 64G 5600 server memory modules is 17,050 yuan (tax included, additional premium for bulk), while Hynix same specification purchase price is 16,900 yuan; sellers' selling price is 17xxx yuan; the price spread between purchase and selling is narrowing, and circulating supply is tight.

Enterprise Updates: Sieyuan Information Signs 6.45 Billion Yuan Computing Power Service Contract

SMM learned that Sieyuan Information announced signing two "Computing Power Service Contracts" with Company W, with a service term of 60 months. The company will provide high-performance computing power services to Company W, with a total contract amount (tax included) of 6.45 billion yuan, accounting for 311.11% of the company's audited operating revenue for fiscal year 2025. The company stated that the related computing power operation services are expected to complete all deployment, debugging, and go-live delivery within three months, generating sustained stable operating revenue on a monthly basis.

SMM Analysis: Today's market theme was the coexistence of high-end complete machine batch supply and long-term lease large orders. The 128 high-end complete machine spot units at 13.5 million yuan and 128 futures units at 11.78 million yuan appeared on the same day, along with ASUS high-end computing node spot, indicating that the supply side of high-end complete machines has shifted from sporadic flows to batch shipments, with spot forming a premium of about 15% over futures. The H200 lease pricing system is gradually taking shape, with the central China 123,000 yuan/month five-year closed-end and Xinjiang 64 units three-year closed-end forming north-south long-term lease anchors, consistent with last week's Shanghai 122,000 yuan/month (IB networking five-year closed-end) caliber. Pro6000D continues to release in volume at the low of 73,700 yuan, with the supply-demand imbalance continuing. The Sieyuan Information 6.45 billion yuan five-year computing power service contract was signed, corroborating the current market's contract structure dominated by five-year closed-end long-term leases, with a clear path for downstream to lock in computing power costs through long-term contracts.