It's wayyyy to early in the game to say who is out-executing whom.

I mean why do you think those guys left Meta? It reminds me of a time ten years ago I was sitting on a flight with a guy who works for the natural gas industry. I was (cough still am) a pretty naive environmentalist, so I asked him what he thought of solar, wind, etc. and why should we be investing in natural gas when there are all these other options. His response was simple. Natural gas can serve as a bridge from hydrocarbons to true green energy sources. Leverage that dense energy to springboard the other sources in the mix and you build a path forward to carbon free energy.

I see Mistral's use of US VCs the same way. Those VCs are hedging their bets and maybe hoping to make a few bucks. A few of them are probably involved because they're buddies with the former Meta guys "back in the day." If Mistral executes on their plan of being a transparent b2b option with solid data protections then they used those VCs the way they deserve to be used and the VCs make a few bucks. If Europe ever catches up to the US in terms of data centers, would Mistral move off of Azure? I'd bet $5 that they would.