DeepSeek, a Chinese AI company based in Hangzhou, specializes in developing open-source large language models. Founded in 2023 by Liang Wenfeng, the company has gained attention in the AI industry for its latest AI developments. Notably, DeepSeek claims to produce AI rivaling top competitors at significantly lower prices and resource requirements. This breakthrough is particularly noteworthy given the US sanctions on China for advanced AI chips, demonstrating DeepSeek's technological prowess in the competitive AI landscape.