Hangzhou DeepSeek, a Chinese artificial intelligence firm based in Hangzhou, focuses on developing open-source large language models. Founded in 2023 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 leading models like GPT-4 at a fraction of the cost and computing power. This achievement is particularly noteworthy given the challenges faced for advanced AI chips, demonstrating DeepSeek's innovative approach in the global AI race.