Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, specializes in developing open-source large language models. Established recently by High-Flyer's co-founder, the company has made waves in the AI industry for its DeepSeek-R1 model. Impressively, DeepSeek claims to produce AI comparable to 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, showcasing DeepSeek's technological prowess in the global AI race.