DeepSeek AI was founded in 2023 as a spin-off from Hangzhou‑based High-Flyer Capital Management, following a March 2023 announcement that the fund would devote resources to AGI research. High-Flyer built two private AI clusters before export restrictions—1,100 NVIDIA A100 GPUs in 2020 and about 10,000 A100 GPUs in 2021, at a cost of ¥1 billion,…
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