About this Liang Wenfeng meeting transcript On May 20, 2026, DeepSeek founder Liang Wenfeng spoke at a meeting with investors. This site holds the complete transcript of that meeting recording: roughly 3 hours and 44 minutes of audio, organized into 19 chapters — the first 12 are his prepared remarks, the last 7 are the live investor Q&A.

This is not a press interview but an edited recording of a closed-door meeting, which makes it more direct than most public interviews. Liang Wenfeng explains why DeepSeek stays committed to open source, why pricing is set at "ten months to break even, about six times cost", how the technology ladder runs from CoT to agents to continual learning, whether the gap to the leading overseas labs really comes down to compute alone, how long the window stays open for domestic chips to work around the CUDA moat, and how a company with "no organization, only a vision" holds itself together. The transcript is split by topic, and every chapter is a page you can read and share on its own. The full chapter index is below; you can also read it in the guided reader with the argument map.