Hangzhou DeepSeek, a Chinese AI company based in Hangzhou, focuses on developing advanced large language models. Founded in 2023 by High-Flyer's co-founder, the company has made waves in the AI industry for its DeepSeek-R1 model. Notably, DeepSeek has developed AI rivaling top competitors at a fraction of the cost and computing power. This breakthrough is particularly remarkable given the challenges faced for advanced AI chips, demonstrating DeepSeek's technological prowess in the global AI race.