DeepSeek, a Chinese AI company based in Hangzhou, focuses on creating open-source large language models. Founded in 2023 by Liang Wenfeng, the company has made waves in the tech sector for its DeepSeek-R1 model. Notably, DeepSeek has developed AI rivaling top competitors at significantly lower prices and computing power. This achievement is particularly remarkable given the challenges faced for advanced AI chips, demonstrating DeepSeek's innovative approach in the competitive AI landscape.