Hangzhou DeepSeek, a Chinese artificial intelligence firm from China, focuses on creating open-source large language models. Founded in 2023 by Liang Wenfeng, the company has made waves in the AI industry for its latest AI developments. Impressively, DeepSeek claims to produce AI rivaling top competitors at a fraction of the cost and computing power. This breakthrough is particularly noteworthy given the challenges faced for advanced AI chips, demonstrating DeepSeek's innovative approach in the competitive AI landscape.