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Hangzhou DeepSeek, a Chinese artificial intelligence firm based in Hangzhou, focuses on developing open-source large language models. Established recently by High-Flyer's co-founder, the company has made waves in the tech sector for its DeepSeek-R1 model. Impressively, DeepSeek has developed AI rivaling leading models like GPT-4 at a fraction of the cost and computing power. This achievement is particularly remarkable given the challenges faced for advanced AI chips, demonstrating DeepSeek's innovative approach in the global AI race.