But Mistral has fall really far behind since 2025Q3. It seems they can't get good reasoning models working at even medium context sizes, which is necessary to be at the table right now.
Gemma4 and Qwen3.6 are currently best in the small size; Mistral's "small" model has ~4x the parameter count at 120B and isn't even competing with models a quarter its size.
Back one year ago with Mistral Small 3.1 they were keeping up, but they've fallen into irrelevancy right now.
If Mistral seriously wants to play the on-prem and small task-specific model game, a decent proxy would be to build models that get the r/localLlama crowd excited
Mistral leaning into on-prem and European-hosted models is very smart.
What’s stopping any country backed startup from fine-tuning small open source models?
I saw Tibo's tweet a while back and it was basically a legitimate complaint about the extreme taxation he faced back in EU (France I think) and its pretty obvious how much of a hinderance top down centralized regulation is to innovation.
While I welcome competition and independence, nobody can argue with American innovation and its ability to attract the best of the best. Once it takes seat of the AI reigns there is very little chance for other countries to compete, very much similar to semiconductor field and how only a few select countries have the talent and monopoly over its particular supply chain.
It's clear to anyone looking in that whatever EU is doing is not working (not just AI) and will not work as they do not seem flexible or humble enough to steer itself.
1. They give up on building competitive models. It’s time to drink wine not to struggle with competition
2. Because of #1 they will talk a bit about something around llms maybe coding agents , and after start talking about sovereignty.
I really like the direction and the transparency of Mistral, among those players.
Also interesting to note the number of partners they invited. Going from Microsoft, Accenture and EY to startups like alpic.ai or lingo.dev . Seems like they are ramping up their M&A game too
Maybe my perspective is skewed on what "huge scale" means, but 2 million users? That's like a few hundred megabytes of data? Or a couple GBs if there's a lot of per-user data?
The papyrus talk was awesome though.