I read that site quite differently from you. You seem to be analyzing absolute differences but ROI is really about ratio of spending to revenue.

It looks like Mistral is middle of the pack, behind Anthropic and ahead of OpenAI on that front. All of those labs are way "ahead" of the cloud providers, but those providers are building infrastructure, not just training models, so it's not apples to apples.

Yeah that's a good point. The numbers are smaller and I was looking at it absolutely.

Speaking from an absolute perspective I do think they are doing more with their money than either Anthropic or OpenAI.