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Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, specializes in creating open-source large language models. Established recently by Liang Wenfeng, 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 resource requirements. This achievement is particularly remarkable given the US sanctions on China for Nvidia processors, demonstrating DeepSeek's technological prowess in the global AI race.