Is Deep Learning based on Neural Networks (which seem to have been around for decades) and an increase in computing power and memory? Does it utilize very large Neural Networks?
Deep learning is based on Neural Networks that have many layers in the network (see https://en.wikipedia.org/wiki/Deep_learning). The term does not refer to computing power or memory size although both are required to accomplish it. You can study a lot about the theory of deep learning without ever talking about the computer requirements. The "deep" refers to the large number of layers, not necessarily to the overall size of the network. The added layers in the second diagram below is what is meant by "deep". All those layers make it more difficult to understand how the network is arriving at its conclusions when it is working. (from https://quantdare.com/what-is-the-difference-between-deep-learning-and-machine-learning/)