The Information&#x27;s Asia Bureau Chief Jing Yang breaks down the unique five-year lockup and partnership structure behind DeepSeek’s massive $7.4 billion capital raise. AI Finance Reporter Dakin Campbell explains the financial underpinnings and balance sheet risks of Broadcom’s $35 billion hardware financing backstop for Anthropic. Then, Nvidia Reporter Phoebe Liu shares exclusive data showing how the chip giant grew its AI inference market share to 74% over the past year. Finally, MNTN CEO Mark Douglas analyzes the consolidation wave driving Fox’s $22 billion acquisition of Roku. Articles discussed on this episode: https://www.theinformation.com/articles/polymarket-kalshi-take-steps-block-fraud-rings https://www.theinformation.com/newsletters/the-briefing/rokus-timely-exit-salesforces-dealmaking-revving https://www.theinformation.com/newsletters/ai-infrastructure/nvidias-share-ai-inference-chip-market-appears-rising https://www.theinformation.com/articles/deepseek-closes-record-7-billion-plus-funding-unusual-deal-structure Subscribe: YouTube: https://www.youtube.com/@theinformation The Information: https://www.theinformation.com/subscribe_h Sign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agenda TITV airs weekdays on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts. Follow us: X: https://x.com/theinformation IG: https://www.instagram.com/theinformation/ TikTok: https://www.tiktok.com/@titv.theinformation LinkedIn: https://www.linkedin.com/company/theinformation/ Chapters: 00:00 - Introduction 01:13 - Inside DeepSeek&#x27;s Uncommon $7.4B Funding Round 13:52 - Polymarket and Kalshi Tech Steps to Curb Fraud Rings 22:28 - Broadcom&#x27;s Risky $35B Move to Finance Anthropic Chips 30:53 - Nvidia Gathers Speed with Rising AI Inference Market Share 38:43 - Fox to Acquire Roku for $22B in Streaming Consolidation

Inside DeepSeek’s $7.4B Funding, Broadcom’s $35B Backstop, Nvidia’s Inference Rise

The Information's TITV

# Full Transcript

**Podcast:** The Information's TITV

## Transcript

Welcome everyone to The Information's TITV. My name is Akash Pasricha. It is Tuesday, June 16th. New this morning, SpaceX has finalized its $60 billion deal to acquire Cursor. It is expected to close next quarter. SpaceX shares, of course, continue to surge. They are up more than 60% from their original IPO price. The company is now valued at more than $2.5 trillion as of this morning.

First up on today's show, The Information's Asia Bureau published exclusive reporting that DeepSeek has closed its first funding round. We'll bring on our Asia Bureau chief to share with us how big the funding round was, how much the company was valued at, and why it was an uncommon deal structure.

We also have an exclusive story that Polymarket and Calci are taking steps to battle fraud on their platforms. We'll then dive into new reporting on Broadcom's bold move to boost demand for its AI chips and NVIDIA's rising share of the AI inference chip market. And we'll wrap the show with some analysis on Fox's $22 billion acquisition of Roku. It's going to be a fun show, so let's get right on into it.

DeepSafe has closed a big funding round, although the deal structure is slightly uncommon. Joining me now to discuss that is Jing Yang, our Asia Bureau chief. Jing, welcome to the show. It's great to have you here. Thank you for having me back, Akash. Although I would have to say that it's more than slightly unusual. In my seven years... In my seven years covering VC deals, I've never seen a structure like this. Okay, well, so let's get the brass tacks here. So how much did they raise? What are they valued at? And let's get to the deal structure.

Yeah, so they raised more than $7.4 billion equivalent. So the funding round was mostly denominated in yuan, RMB. So in that term, they raised 50 billion yuan. And I would categorize the investors' lineup into three types. Well, four types. First is the DPC CEO, Liang himself, who wrote the biggest check, 20 billion RMB.

And then we have the second lineup, which is basically the who's who of China's tech giants. You have Tencent, JD.com, NetEase, and also EV battery giant, CATL, all writing checks of different sizes. Then we have the third, usual suspects of some of China's top VC firms. And then the fourth type is China's National AI Fund.

Okay, and let's, well, let's go to the deal structure. Now you've piqued my curiosity. Why is the deal structure so crazy? Yeah, and I want to set this up by, you know, the different categories of the investors. Because basically, you know, we can, you know, put Liang himself as the CEO and the controlling shareholder in one pocket. We don't care, you know, how he wants to use his money, right?

And for the remaining three categories, with the exception of China's National AI Fund, which is Step Act Money, the two others have to actually wire their capital into a limited partnership structure managed by DPC CEO Liang ...

Inside DeepSeek’s $7.4B Funding, Broadcom’s $35B Backstop, Nvidia’s Inference Rise

Transcript

Built for investment professionals

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Inside DeepSeek’s $7.4B Funding, Broadcom’s $35B Backstop, Nvidia’s Inference Rise

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.