DeepSeek Liang Wenfeng Investor Meeting
Hi all, a transcript of an investor call between DeepSeek’s founder and CEO, Liang WenFeng, and a group of investors has leaked. It is incredibly detailed, outlining his vision, mission, and view on the current challenges faced by Chinese labs. I highlighted the key points I think are crucial, but the full transcript translation is also attached below. I want to preface that, since it was AI-translated, please reference and be aware there might be slight discrepancies in the language. With that, I believe this is worth reading for anyone interested in the open source/ Chinese model space.
TLDR
On Mission
1. Started with no intention of going public or maximizing profit—purely believed AI would benefit humanity.
2. Company is vision-driven, not KPI-driven; no formal organizational structure.
3. Vision isn’t written down—it’s embedded in actions and attitudes toward the world.
4. Jack Welch’s key lesson still holds: a company’s most important asset is its mission.
Open Source Strategy
5. Open source is a core belief, not a forced move (unlike some competitors).
6. AI is big enough (potentially 10% of global GDP) that you cannot monopolize it—must share.
7. Open source doesn’t hurt commercialization—as long as you only take reasonable profit.
8. Open-sourced models are identical to those deployed internally—no weaker versions.
9. Not worried about others deploying their models to compete; market is big enough.
10. Open source is the “sweet spot” for a company of their size—startups too small, big companies too bureaucratic.
Pricing and Commercialization
11. Pricing is based on 10-month cost recovery—reasonable profit, not profit maximization.
12. Once cut a model’s price to 1/4 and the team celebrated—affordability is the goal.
13. Low cost is a result, not an afterthought; efficiency enables training larger models with limited compute.
14. They are already commercializing (C-side users, B-side revenue) but not *as the goal*.
15. Still far from a full pivot to commercialization; AGI remains the priority.
16. Selling APIs isn’t that attractive—just a few people maintain it, no sales or customer support needed.
Product and Technology
17. Products (C-side/B-side) are byproducts of the AGI journey—not the main focus.
18. Off-main-line areas: 3D, video generation, world models—not related to the intelligence ceiling.
19. Multimodality is a component, not the main line or intelligence itself.
20. Hallucinations are a product issue—solvable but not the top priority.
21. Coding Agent is the current priority; other vertical agents (finance, medical) come later.
22. If the AI era produces many trillion-dollar companies, being one of them is already good.
AGI Roadmap
23. AI lacks continuous learning—that’s the next major breakthrough needed.
24. Next-gen model must have continuous learning capability to be called “next-gen.”
25. First goal: models that help DeepSeek’s own development—”useful for us first.”
26. Roadmap: CoT → Agent → continuous learning → self-iterating singularity → embodied intelligence.
27. The singularity will be gradual, not sudden; AI will accelerate AI research.
28. Embodied intelligence is the ultimate endpoint—human needs are physical, not digital.
Competitive Landscape
29. Gap with the U.S. is primarily in compute resources, not talent (same talent pool).
30. Final differentiation among model competitors: cost (#1), time, and user experience.
Additional Key Points
- Restraint is a strategy: give up some things to gain more important ones.
- China has too many base-model companies; convergence is inevitable.
- Anthropic’s lead over OpenAI is episodic, not long-term.
- Team stability is the *only* non-negotiable core interest; funding has helped secure it.
- No desire to become the next ByteDance or Tencent—not chasing super-app status.
- Last year’s viral surge during Spring Festival was never in their plan.
- Two management lines: top-down (formal work, <50% of time) and bottom-up (free exploration).
- They generally don’t work overtime—research needs relaxed environments; they are highly focused.
- The company is a product of its era and circumstances, not imitation of others.
- A vision of “taking more” means you’ve already lost—the world rewards those who take less.
open source, commercialization, agents, mission, competition
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