Liang made the remarks during a May 20 closed-door investor meeting on why DeepSeek was receiving fewer Huawei processors than China’s major internet companies. DeepSeek was seeking a valuation of about 500 billion yuan ($74 billion) after raising approximately $7.4 billion in its first outside financing round. The committee’s findings did not establish that the processors Liang called “noncompliant” were Nvidia products or identify how DeepSeek obtained them. Huawei could not provide enough processors to satisfy demand from both DeepSeek and China’s major internet companies, according to Liang. DeepSeek was also developing software intended to make its models easier to move among Nvidia, Huawei, and other processors.