Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, specializes in developing open-source large language models. Established recently by Liang Wenfeng, the company has made waves in the tech sector for its latest AI developments. Notably, DeepSeek claims to produce AI rivaling top competitors at significantly lower prices and computing power. This achievement is particularly noteworthy given the US sanctions on China for advanced AI chips, demonstrating DeepSeek's technological prowess in the competitive AI landscape.