Hangzhou DeepSeek, a Chinese artificial intelligence firm based in Hangzhou, focuses on creating open-source large language models. Established recently 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 top competitors at a fraction of the cost and computing power. This achievement is particularly remarkable given the US sanctions on China for advanced AI chips, demonstrating DeepSeek's innovative approach in the competitive AI landscape.