They make the machines that make the chips that power the AI revolution; which is generating a lot of demand for chips and their machines. So there's some synergy there. And Mistral based in the EU, they might be interested in sourcing their chips locally, which would require investments in new Chip factories that presumably would need machines from ASML.

There is quite a bit of semi conductor business here in Europe. Nothing glamorous like Nvidia. But there is quite a bit of know how that is one of the reasons why ASML is based in the Netherlands instead of somewhere in the US. ARM is a British company (well Japanese owned but based in the UK).

So, I can see the connection here. And it might not be a bad investment although maybe a bit of a risky one. This investment fits the broader EU strategy to be investing in chip manufacturing and AI hardware. Which benefits ASML. So, it makes sense to invest in some of the companies creating that demand. Like Mistral.