DeepSeek, a Chinese artificial intelligence firm 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 latest AI developments. Notably, DeepSeek claims to produce AI comparable to top competitors at a fraction of the cost and computing power. This achievement is particularly noteworthy given the US sanctions on China for advanced AI chips, showcasing DeepSeek's innovative approach in the global AI race.