European tech giant ASML commits vast funds towards future advancements in Artificial Intelligence within the continent
In a significant move for the European technology sector, Dutch chipmaker ASML has announced a β¬1.3 billion investment in French AI startup Mistral. This investment marks a strategic partnership between the two companies, with ASML acquiring an 11% stake in Mistral.
Mistral, founded by Arthur Mensch (CEO, formerly at Google DeepMind), Guillaume Lample (Chief Scientist, formerly at Meta AI), and TimothΓ©e Lacroix (CTO, formerly at Meta AI), was officially registered in France in May 2023. The trio met during their studies at Γcole Polytechnique.
Mistral AI specializes in open-source language models and has a strong focus on privacy, making it an attractive partner for ASML. Under the partnership, ASML can test AI models to enhance its own products, with the collaboration not being limited to just this purpose.
The investment did not alter Mistral's valuation to exactly β¬12 billion, but it was raised significantly. SAP remains the most valuable technology company in Europe, with ASML holding the second spot, boasting a market cap of around β¬266 billion.
It is important to note that this investment does not mean ASML holds a majority stake in Mistral. The ownership percentage of other stakeholders remains unchanged.
Mistral AI is not a subsidiary of ASML, but the two companies are forming a strategic partnership that could shape the future of AI and technology in Europe. This investment is a testament to the potential of European AI startups and the growing interest from established tech giants.
