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Nice, also note that ASML is a big investor in Mistral AI, which made the industrial AI ambitions already more credible. https://www.asml.com/en/news/press-releases/2025/asml-mistra...
ASML is the flashy, public-facing partner. Mistral is also working with the French government and defense industry for applications that are unlikely to be publicly announced, but are bound to bring in much more money.
Mistral AI and the Luxembourgish government also have a strategic partnership: https://gouvernement.lu/en/gouvernement/stephanie-obertin/ac...
The European-sovereignty angle is what makes Mistral's strategy harder to read from the outside. If a meaningful share of revenue comes from EU government and defense contracts, the public benchmarks against OpenAI/Anthropic stop being the right scoreboard — they're optimizing for different procurement rules and a different definition of "trustworthy." Curious if anyone has visibility into how those contracts are structured: per-seat, on-prem, or something closer to hosted with sovereign keys?
can you explain how it makes it more credible? is the assertion that asml is using mistral as part of its research/manufacturing?
ASML knows like no other the importance of doing research in secrecy.
From the link:

"...a long-term collaboration agreement to explore the use of AI models across ASML’s product portfolio as well as research, development and operations..."

ASML is one of the clients Mistral keeps referencing, for example here: https://mistral.ai/news/forge But it isn't clear exactly what they've been doing together. The Forge page only mentions they "train models on the proprietary data that powers their most complex systems and future-defining technologies."

ASML is one of the bigger investor of Mistral

https://mistral.ai/news/mistral-ai-raises-1-7-b-to-accelerat...

the assertion is that the people at asml are likely in a good position to assess ai use in complex industry
It doesn’t

ASML’s EUV money printer has nothing to do with their ability to deploy that money in illiquid investments instead of to their own shareholders

ASML buying equity in one company in tangentially related industry (just because they’re in Europe and the pickings are slim in both offerings and growth capital) has nothing to do with any synergy or integration with ASML’s utility (and bottleneck) to the chip supply chain

remember when you were studying for standardized tests as a teenager? this is what the high scoring answer would be

Abbreviated title leaves out key detail: "Mistral AI Acquires Emmi AI to Create the Leading AI Stack for Industrial Engineering"
That’s more realistic, I was going to say…
I was skeptical when I saw the headline. And I still am. But AI for manufacturing and industry seems like a good way to differentiate and focus on a vertical that others are ignoring.

What I am curious about is what has Emmi actually built? Who uses it? I was hoping to see something like a demo on the website but couldn’t find anything concrete.

They built a transformer-based mold flow simulator. Mold flow analysis is used in injection molding to predict whether and how the plastic will fill a cavity. It's helpful to make sure the mold will actually be able to fill, and to try to engineer lighter weight or different geometry.

Mold flow simulators already exist, but they're slow. So if you're a mold engineer, and you want to try different material properties, each run takes time.

By making this into a transformer (no idea what that model looks like) it can run pretty fast, because it's not mathematically solving it, it's running a learned function approximator. So for the mold engineer, suddenly they can just change values around and get pretty fast analysis.

They appear to not be selling it as a product per se, but partnered with a German company called Simcon to sell it, whose website lists it as a preview, so it's unclear how good it is compared to conventional simulations.

They seem to be doing let's say case studies on how AI based simulations can help industry.

They did injection molding for example, and I'm sure they're testing similar approach to everything which can be modeled by PDEs, which is well pretty much everything ever of engineering interest (I'm assuming this is somehow connected to a research project funded by Engel, one of the leading injection molding machine companies, located in the same Region): https://www.emmi.ai/models/neuralmould

"Early 2025: First enterprise contracts secured" "Today: Powering Fortune 500 engineering teams" - I guess that is all that is publicly available for now.
I assume it's more a talent acquisition as the company only exists for 18 months or so and you can't acquire enterprise customers that quickly, not even as an AI vendor.
Is Mistral still competitive? I completely forgot they existed because of how much press the Big 3 get (Google, Anthropic and OpenAI).
They’re not competing in the same domain - if you look at their business model it actually is much closer to ML consulting for companies (CMA CGM, ASML, Airbus…). The big three are trying to capture B2C mainly while Mistral is full focused B2B
What’s in Europe ( or maybe not to generalize in France/Germany) that creates this bias for consulting?
"The big three are trying to capture B2C mainly"

I think it's more complicated. Anthropic has been focused on enterprise for a long time, and OpenAI seems to be doubling down as well.

I check almost every mistral model. But to be honest after agentic coding has become a thing, I only test their models in a chat app. I tried their coding TUI a few months back and found that it was way behind. It didn't even support skills back then. I wish they go strong just because they are a big AI player in Europe and I have personal connection to France.
Mistral’s Vibe CLI does support SKILL.md files.
mistral was never competitive and is getting less so, but that doesn't matter they cant be allowed to fail and have a long time to find their lane. They're smart and have an audience of like 600m people and the largest governments by spending who would use them if they were good enough.
I wonder if they could’ve caught up to Qwen & Gemma by now by now distilling them?

If their best cloud-run offering is far more intelligent than the laptop Gemma / Qwen than nevermind

> Big 3

This is why Elon’s appealing. I thought they surely had the talent to be considered a fourth at this point. (Oh someone mentioned they’re politically unpopular at work.)

Mistral is super welcome competition, good luck!

No they really don't because Grok is not a competitor. The big 3 are the big 3 because they have historically traded the top place for model intelligence. Grok has never crested that high. People like to think Grok isnt as popular because of elon and politics, but if Grok was the best coding model, nobody would give a fuck. Google has also not led since gemini 2.5 pro. It's really the big 2 at this point.
I'm using Vibe on a regular basis, it's great. Not missing Claude code much. It's also getting better week after week.
Not really. They have usable models, but it probably Anthropic, OpenAI, Google -> Chinese labs -> NVIDIA, AllenAI, Mistral.
Competitive in what sense? In training LLMs? Then they would be below Korea then UAE models.
The are in Europe and in France. The worst possible situation to be successful as a startup. I mean the extreme hiarchy, lack of salaries and taxation is not really gonna help.
Built what you want to use yourself. AI for engineering and physics sounds like the perfect product a company like ASML (Mistral investor) could use.
If I'm only thinking about non-programming business applications, anecdotally, Mistral is certainly a player in the European enterprise market. For most German companies I have interacted with, Mistral was the first point of contact regarding corporate AI rollout. For the "small potatoes" day to day minutia Copilot is probably the #1.
I'm glad Mistral is doing well, but...

I am so tired of M&A. Buy instead of competing or - heaven forfend - cooperating.

The reason we have so much M&A is that large companies can’t really innovate, especially when they’re publicly traded and have shareholders who hate risk-taking
Thta's amazing, Mistral is winning silently lol
How so?
Skynet slop is growing.
Europe won't be a leader in AI unless they get huge capital investment and datacenter build up. Sadly the regulatory environment of Europe combined with brain drain to America means it won't happen
Since 2024 the USA is draining brains into Europe in science in general but esp. in climate research, health research, and "tech" research. I can't find good numbers on IT specifically (except that the UK seems to be draining towards EU).

Commercialisation of research is still hard in comparison to the USA, though.

I see it the other way around. In a few years, algorithmic and hardware improvements will likely make these huge datacenters mostly obsolete.

Americans will get to enjoy their rusty infrastructure and polluted air, and Europe will have lean and clean infra to support just what's needed.

Europe is slowly moving to put part of pensions in the stock market (like USA does). Right now people put it in sp500 so that sweet pension money in eu markets might be interesting to see.
Yes, and this isn't possible in a sustainable without a hardware-software carousel, which means that we must get EU AI hardware firms, including training accelerators.

The present situation must be seen as a sort of "keep alive" state, where we do something unsustainable until we can achieve takeoff, but we can only actually start up for real once we start making the machines we need.

If NVIDIA's margins were 20% or something, this wouldn't be the case, but they aren't.

It’s interesting that a French company can compete at international level to some extent, given the regulations, labor laws and generally the business unfriendly environment. I suspect they capitalize on the preference of European governments to use EU products, but might be wrong.
This comment is ridiculous. France's economy is bigger than 90 % of "unregulated" countries.

European regulations help protect from USA's tech monopolies. French labor laws and social security and state-funded scientific schools helped build one of the most competent international AI scientist generation.

All of europe got crushed by the US on the domain of internet. "Regulated" or not.

I have yet to see someone recommending Mistral for anything tbh.
It’s predictable that a board full of 100K USD+[1] salary programmers and capitalists are negative against labor laws.

[1] Outdated by now (higher)?