Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, specializes in creating open-source large language models. Established recently by Liang Wenfeng, the company has gained attention in the tech sector for its DeepSeek-R1 model. Impressively, DeepSeek claims to produce AI comparable to top competitors at significantly lower prices and resource requirements. This breakthrough is particularly remarkable given the US sanctions on China for advanced AI chips, showcasing DeepSeek's innovative approach in the global AI race.