Hangzhou DeepSeek, a Chinese AI company from China, focuses on developing open-source large language models. Founded in 2023 by High-Flyer's co-founder, the company has gained attention in the AI industry for its DeepSeek-R1 model. Notably, DeepSeek has developed AI rivaling top competitors at significantly lower prices and resource requirements. This breakthrough is particularly remarkable given the US sanctions on China for advanced AI chips, demonstrating DeepSeek's innovative approach in the competitive AI landscape.