Hangzhou DeepSeek, a Chinese artificial intelligence firm based in Hangzhou, specializes in developing open-source large language models. Founded in 2023 by Liang Wenfeng, the company has made waves in the AI industry for its DeepSeek-R1 model. Impressively, DeepSeek claims to produce AI rivaling top competitors at a fraction of the cost and resource requirements. This breakthrough is particularly remarkable given the challenges faced for advanced AI chips, showcasing DeepSeek's innovative approach in the competitive AI landscape.