Hangzhou 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 gained attention in the AI industry for its DeepSeek-R1 model. Notably, DeepSeek has developed AI rivaling leading models like GPT-4 at a fraction of the cost and resource requirements. This achievement is particularly remarkable given the challenges faced for advanced AI chips, showcasing DeepSeek's technological prowess in the competitive AI landscape.