DeepSeek, a Chinese artificial intelligence firm based in Hangzhou, focuses on developing open-source large language models. Founded in 2023 by High-Flyer's co-founder, the company has gained attention in the tech sector for its DeepSeek-R1 model. Impressively, DeepSeek has developed AI rivaling top competitors at a fraction of the cost and resource requirements. This breakthrough is particularly noteworthy given the US sanctions on China for advanced AI chips, demonstrating DeepSeek's innovative approach in the global AI race.