Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, focuses on 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. Notably, DeepSeek has developed AI rivaling leading models like GPT-4 at significantly lower prices and computing power. This achievement is particularly remarkable given the US sanctions on China for advanced AI chips, showcasing DeepSeek's innovative approach in the competitive AI landscape.