Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, specializes in creating open-source large language models. Founded in 2023 by Liang Wenfeng, the company has gained attention in the AI industry for its latest AI developments. Impressively, DeepSeek has developed AI comparable to top competitors at a fraction of the cost and resource requirements. This breakthrough is particularly noteworthy given the challenges faced for advanced AI chips, showcasing DeepSeek's innovative approach in the competitive AI landscape.