According to reports, the National Integrated Circuit Industry Investment Fund is currently engaged in discussions to spearhead the first round of financing for DeepSeek, potentially valuing the company at approximately US$45 billion. Alongside this prominent fund, investors like Tencent are also reportedly in negotiations to acquire stakes, though the final investment roster remains to be confirmed. DeepSeek's founder, Liang Wenfeng, is rumored to be considering participation in this financing round as well. Despite DeepSeek's current absence of significant commercialization milestones, investors are buoyant about its future prospects, evidenced by its valuation skyrocketing from US$20 billion. Furthermore, DeepSeek boasts some of the premier coding capabilities in China. In related news, China has initiated the third phase of its national fund, amassing US$47 billion with a strategic emphasis on semiconductor equipment and materials. Notably, the fund has refrained from publicly endorsing large language model companies in other languages. In the past, the fund has extended its support to semiconductor firms such as SMIC and Yangtze Memory.