SITUATION EXPLAINED: DeepSeek is betting its next model on Huawei chips. The last attempt failed. • Liang Wenfeng told investors Huawei should start delivering training chips as early as Q4, and that the effort has to work • An earlier training run on Huawei's Ascend 910C failed, and DeepSeek has trained on Nvidia since • Investors had to hand over their phones. The last meeting leaked, including Liang saying DeepSeek could buy "noncompliant cards" • It's finalizing a $7.5 billion round at a…