The world has been buzzing with the performance of DeepSeek R1, the first open-source reasoning model to compete with OpenAI's o1 series, and its implications for the dominance of Big Tech in the AGI race. But what exactly are reasoning models, and did anyone see them coming? Join us for an overview of one of the most exciting recent developments in AI R&D, as we navigate the key breakthroughs that led to this moment, and take a closer look at how they can create value in an enterprise setting.