The Information: Alibaba and Tencent are reportedly considering a DeepSeek investment that could price the Chinese AI startup at $20B, up sharply from talk of $10B+ just weeks earlier.

That jump says investors still think foundation models can become major platforms even after DeepSeek’s user share fell from 10% to 3.3% in under a year.

A valuation like this is not a verdict on today’s usage alone because buyers are paying for three things at once: model talent, access to future AI products, and a shot at owning core infrastructure before the market settles.

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