To be honest, the financing operation by Fantom before the release of DeepSeek V4, in my personal opinion, is a market pricing move. After all, the investors' valuation of 10 billion was not disclosed, and I think it was more of a psychological quote for employees holding equity and the market.

Currently, Alibaba and Tencent are both competing for DeepSeek's funding round, and the valuation has reportedly increased by 2 to 3 times, but I actually think this valuation is still low:
1. Overseas competitors: companies like OpenAI and Anthropic (Claude) are already valued at around 800 billion to 1 trillion USD.
2. Domestic comparison:
(a) The already listed MiniMax is also valued at around 30 to 40 billion USD.
(b) The Dark Side of the Moon (Kimi's company) is also valued at about 18 billion.
DeepSeek is a company with a relatively high cost-performance ratio in the capital market.
To be frank, although the updated V4 version is indeed not as good as the recently upgraded OpenAI 5.5, the characteristic of V4 is that it runs entirely on domestically developed chips, without using Nvidia's CUDA at all, making it a true industry dark horse.
This is a major breakthrough for AI development in mainland China, and DeepSeek is really cost-effective...