Hangzhou DeepSeek, a Chinese AI company from China, focuses on developing open-source large language models. Founded in 2023 by Liang Wenfeng, the company has made waves in the AI industry for its latest AI developments. Impressively, DeepSeek claims to produce AI rivaling top competitors at significantly lower prices and computing power. This achievement is particularly noteworthy given the US sanctions on China for advanced AI chips, demonstrating DeepSeek's technological prowess in the global AI race.