ASML chief executive Christophe Fouquet said the move showed “long-term trust” and that AI is a “strategic technology.” In the short term, Mistral’s software is supposed to help ASML design and tune its famously complex chipmaking gear, which can cost hundreds of millions of euros and contain up to 100,000 parts.

Mistral boss Arthur Mensch claimed the tie-up would reduce dependence on US Big Tech. He said: “It’s important for European companies not to have too much dependency on US technology.”

Fouquet downplayed the sovereignty angle, calling it a nice “additional benefit” but insisting ASML did not just “pick Mistral because they were European.”

Mistral, best known for its Le Chat chatbot, now has more than 350 staff and is pulling in cash from Andreessen Horowitz, Bpifrance, General Catalyst, Index Ventures, Lightspeed and Nvidia. Its contracts are said to be worth €300 million a year, with €1.4 billion signed since launch in 2023. Customers include Stellantis, CMA CGM and several French ministries.

The Paris firm’s valuation has doubled since mid-2024, but it still looks like small change compared to its US rivals. OpenAI is said to be worth $500 billion, Anthropic $183 billion. Chinese players like DeepSeek and Alibaba are also muscling in on the open source AI market.

Mensch insists Mistral is “taking a different direction” by targeting industrial and government partners instead of chasing mass-market consumers.

ASML is caught in Washington’s trade crossfire. It has faced tariffs and restrictions on the kind of advanced gear it can ship to China. With Mistral in its corner, the company is betting that a bit of French AI can help it ride out geopolitical squalls while keeping customers hooked on its machinery.