Hangzhou DeepSeek, a Chinese artificial intelligence firm 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 latest AI developments. Notably, DeepSeek claims to produce AI rivaling leading models like GPT-4 at significantly lower prices and resource requirements. This achievement is particularly remarkable given the US sanctions on China for advanced AI chips, showcasing DeepSeek's innovative approach in the global AI race.