I wanted to post this which explains the wording but I thought the transcript was more interesting. Sorry. Maybe mods can help me to put what follows as auxiliary link. I don't know how.
https://www.bloomberg.com/news/articles/2026-07-25/deepseek-...
Update:
Less-paywalled word-for-word copy it seems at
https://fortune.com/2026/07/25/deepseek-liang-wenfeng-backer...
Most of that is paywalled, but this one paragraph in the Bloomberg article suggests it might be more to do with investors leaking information:
"The suspension stemmed in part from Liang’s frustration over online reports about his comments to investors during his first financing deal"
The part of the transcript I'd seen floating around online was this part from around 1 hour 26 min:
"With the largest models available today, we simply cannot afford to train them. Even if we spent all five hundred billion yuan, we still wouldn't be able to do so. Even if we could accumulate the resources, we wouldn't have the means to utilize them. The current largest model requires approximately 800 billion activations; domestically, we are still at a scale of several dozen billion activations, and even the largest domestic model may only require several dozen billion activations—a difference of an order of magnitude. To train a model of the same size as an AI system, we would need around 50,000 GB300 GPUs or Huawei 950 GPUs, totaling two hundred thousand cards. This is merely training; research has not yet been considered. Therefore, the biggest gap between us and the United States lies in resources."