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Behind the Money

The story behind DeepSeek’s breakthrough

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4350 Ratings

🗓️ 19 February 2025

⏱️ 21 minutes

🧾️ Download transcript

Summary

This January, DeepSeek made an announcement that changed the artificial intelligence landscape. The Chinese start-up said that it had trained the latest in a series of competitive AI models, which appeared to be built much more cheaply than those of Silicon Valley competitors. The FT’s China technology correspondent, Eleanor Olcott, first wrote a story about the company last summer. She’s on today to discuss how DeepSeek’s founder Liang Wenfeng was able to finance and grow his company at a time when start-up funding is scarce in China, and often comes with too many strings attached. 


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For further reading:

Liang Wenfeng, the DeepSeek founder panicking the tech world

The global AI race: is China catching up to the US? 

Xi Jinping seizes DeepSeek moment to restore China tech chiefs to spotlight

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Follow Eleanor Olcott on X (@EleanorOlcott). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. 


Read a transcript of this episode on FT.com



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Transcript

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0:00.0

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0:09.8

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0:14.8

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0:20.7

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0:22.7

with no interest on balances over 75K. Terms apply. Visit tide.co slash savings. Rate correct

0:28.7

as of February 6.25. Recently, my colleague Eleanor Olcott took a trip to China's southern Guangdong province.

0:39.2

She traveled to a tiny farming village to visit the childhood home of Liang Wen Feng,

0:45.4

the founder of the artificial intelligence startup Deepseek.

0:49.2

We've just arrived in Liang Wen Feng's village of Mili Ling,

0:53.9

and there are lots of signs welcoming him home,

0:56.6

lots of red banners saying that we celebrate your success.

1:01.0

That success Eleanor's talking about has to do with something very big that happened last month.

1:07.3

You probably recall this startup Deepseek shocked the world by proving that China could be

1:13.6

competitive on AI. They showed they could potentially compete with the likes of American companies,

1:18.4

such as Open AI or Meta.

1:20.4

We've just walked past Liangman Feng's house. You can hear firecrackers going off in the

1:26.4

background because it's Chinese New Year and people singing karaoke as well.

1:31.2

Liang and his parents left yesterday, apparently escorted by a bunch of security guards because they are being inundated by visitors from all over Guangdong coming to pay their respects.

1:42.9

Liang Wen Feng became a celebrity practically overnight.

1:47.0

So much so that on Eleanor's visit to Liang's hometown,

1:50.8

she found people who had traveled there just to see where this new hero of China had been raised.

1:56.5

Then you, when you heard Liang Wen Feng, this name?

...

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