Philadelphia Semiconductor Index fell 5.9%, poised to record its worst session since July 1.

China A-share market closed marginally lower with small-cap ChiNext underperforming. Shanghai Composite -0.07%, Shenzhen Composite -0.64%, ChiNext -1.1% at the close. Turnover on Shanghai and Shenzhen totaled 1.63 trillion yuan, down 342.7 billion yuan from the prior session. More than 3,100 stocks advanced. Sector moves: lab-grown diamond names rallied — Inno Laser rose over 15%, Huanghe Xuanfeng hit the daily limit; CROs active with Nearshore Protein and Wanbang Medical hitting 20% limit up; MLCC concept stocks including Shuangxing New Materials hit limits; data security plays Bohui Technology and Yongxin Zhicheng hit 20% limit up. Other outperformers included PCB, minor metals, consumer electronics and auto OEMs. Underperformers included grain, tourism, coal, animal husbandry and defense/military sectors.

B200最近再次緩慢上行，目前回到了5.7美元附近波動，仍明顯高於5—6月水平。這說明高端、最新一代GPU的租賃需求依然很強，市場願意爲B200支付較高溢價。而H100和A100的價格則陷入緩慢下行或停滯，舊一代GPU沒有跟着B200一起上漲。說明當前需求正在從舊一代向最新一代遷移，AI算力定價正在從“全面緊缺”轉向“新一代高端GPU結構性緊缺”。 -------- 1、A100、H100、B200是英偉達從老到新三代芯片產品（GPU），版本越新的GPU性能越好、越能適應大規模複雜大模型，租賃價格也越高。 2、由於GPU價格太高、更新太快等原因，不少企業選擇向雲服務商、數據中心等租賃芯片，以節省資金投入。因此跟蹤GPU的租賃價格，就可以間接觀察市場需求情況、衡量AI算力景氣度。 3、GPU租賃價格指數主要統計每天雲服務商、數據中心和私人租賃市場中英偉達H100、B200、A100等GPU的實際租賃報價，再剔除地區等差異和異常數據，統一換算成“每塊GPU每小時多少美元”。 4、相關指數上漲通常意味着GPU更緊缺、需求更旺；下降則說明供應增加或需求降溫。通過觀察價格趨勢，以及比較新舊GPU之間的價格差，投資者可瞭解當前AI算力的景氣度。