the greatest threat to Mistral is that there isn't a deep and large enough capital market in the EU to absorb the valuation step ups needed by the handful of EU sovereign growth investors to justify their existence.

you could say, that's perpetually a tomorrow problem, so long as they never go public, but that should illuminate for you: if everyone "knows this," it's inevitable that this so-called EU company, that didn't invent any of the AI, the hardware nor the training data, where their product is essentially more like a VPN provider than a frontier technology company, just lists and capitalizes in the US anyway.