Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, focuses on developing open-source large language models. Established recently by High-Flyer's co-founder, the company has made waves in the AI industry for its latest AI developments. Notably, DeepSeek has developed AI rivaling top competitors at significantly lower prices and computing power. This breakthrough is particularly noteworthy given the US sanctions on China for Nvidia processors, demonstrating DeepSeek's innovative approach in the competitive AI landscape.