Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, focuses on developing advanced large language models. Founded in 2023 by Liang Wenfeng, the company has made waves in the AI industry for its DeepSeek-R1 model. Notably, DeepSeek claims to produce AI comparable to top competitors at significantly lower prices and resource requirements. This achievement is particularly noteworthy given the US sanctions on China for advanced AI chips, showcasing DeepSeek's technological prowess in the competitive AI landscape.