MiniMax M3 428B — H200 vs MI325X Performance per Dollar
Cost per million tokens of H200 (NVIDIA Hopper) versus MI325X (AMD CDNA 3) on MiniMax M3 428B. Owning-hyperscaler TCO normalized by output tokens — performance per dollar across LLM workloads. Pick the more cost-efficient SKU at every target interactivity level. Use the chart controls below to switch sequences, precisions, and metrics — same interactions as the main inference chart.
AgentX replays real coding-agent sessions rather than fixed-length prompts, so context grows turn over turn and most of each request is served from cache instead of being recomputed. That turns the comparison into a systems question: KV transfer between nodes, prefix-aware routing, and cache capacity all move the curve alongside raw chip throughput. Fixed-sequence workloads stay the clean baseline for kernel and silicon performance, so the two scenarios answer different questions about the same hardware. Learn more about AgentX →
On MiniMax M3 428B at 27 tok/s/user, the per-million math comes out to $0.09 for H200 and $0.31 for MI325X; H200 delivers 256% more output per dollar.
At 29 tok/s/user on MiniMax M3 428B, H200 costs $0.10 per million tokens; MI325X costs $0.32. H200 is 231% more cost-efficient at this operating point.
H200 edges MI325X at 30 tok/s/user on MiniMax M3 428B — $0.12 per million tokens versus $0.33, a 174% cost-per-token gap. (Numbers reflect the default agentic-traces · fp8 selection for this URL — table and chart below update if you change sequence, precision, or model in the controls.)
Chip pricing (owning hyperscaler): H200 $1.22/chip/hr · MI325X $1.10/chip/hr. Source: SemiAnalysis Market July 2026 Pricing Surveys & AI Cloud TCO Model.
| Metric | Interactivity (tok/s/user) | Interactivity (tok/s/user) | Interactivity (tok/s/user) |
|---|---|---|---|
| Dollar per Million Tokens | H200:$0.086MI325X:$0.306 | H200:$0.097MI325X:$0.321 | H200:$0.121MI325X:$0.332 |
| Concurrency | H200:~10MI325X:~3 | H200:~8MI325X:~2 | H200:~7MI325X:~2 |
Inference Performance
Agentic inference metrics from the AgentX scenario and fixed-sequence inference metrics across models, hardware configurations, and serving parameters.
Cost per Million Total Tokens (Owning - Hyperscaler) vs. Interactivity
MiniMax M3 428B • FP4 • 8K / 1K • Source: SemiAnalysis InferenceX™
TCO $/chip/hr: H100: 1.17H200: 1.22B200: 1.73B300: 2.26GB200: 1.86GB300: 2.31MI300X: 0.95MI325X: 1.1MI355X: 1.5RTX6000PRO: 0.68
Source: SemiAnalysis Market July 2026 Pricing Surveys & AI Cloud TCO Model
Note: Disaggregated inference configurations (e.g., MoRI SGLang, Dynamo TRTLLM) calculate cost per million tokens per decode chip or per prefill chip, rather than per total chip count. This makes direct token cost comparison with aggregated configs not an apples-to-apples comparison.
Note: Disaggregated inference configurations (e.g., MoRI SGLang, Dynamo TRTLLM) calculate input throughput per decode chip or per prefill chip, rather than per total chip count. This makes direct input throughput comparison with aggregated configs not an apples-to-apples comparison.
Note: Disaggregated inference configurations (e.g., MoRI SGLang, Dynamo TRTLLM) calculate output throughput per decode chip or per prefill chip, rather than per total chip count. This makes direct output throughput comparison with aggregated configs not an apples-to-apples comparison.
Note: Disaggregated inference configurations (e.g., MoRI SGLang, Dynamo TRTLLM) calculate power per decode chip or per prefill chip, rather than per total chip count. This makes direct power comparison with aggregated configs not an apples-to-apples comparison.
Note: Disaggregated inference configurations (e.g., MoRI SGLang, Dynamo TRTLLM) calculate Joules per decode chip or per prefill chip, rather than per total chip count. This makes direct Joules per token comparison with aggregated configs not an apples-to-apples comparison.
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