DeepSeek, a Chinese artificial intelligence firm based in Hangzhou, focuses on creating open-source large language models. Established recently by Liang Wenfeng, the company has made waves in the AI industry for its latest AI developments. Impressively, DeepSeek has developed AI rivaling top competitors at significantly lower prices and resource requirements. This achievement is particularly noteworthy given the US sanctions on China for advanced AI chips, demonstrating DeepSeek's innovative approach in the competitive AI landscape.