DeepSeek, a Chinese AI chatbot app, has rapidly gained popularity, topping both the Apple App Store and Google Play charts. Backed by High-Flyer Capital Management, DeepSeek emerged from a hedge fund focused on AI trading. The company's innovative models, particularly the DeepSeek-V2 and V3, have outperformed major competitors and disrupted pricing in the AI market. Despite facing scrutiny regarding its state control and regulatory challenges, DeepSeek continues to attract developers, leading to significant downloads of its models. Its future remains uncertain amid growing U.S. government concerns about foreign influence.