Mistral AI, a French AI company, is often misunderstood as trying to be the European version of OpenAI, but it’s actually following a different playbook by working closely with governments and corporations to adopt AI solutions. The company has seen significant revenue growth, with annual recurring revenue surpassing $400 million, and is on track to reach $1 billion this year. Mistral’s vision is to make AI accessible to everyone, outside of centralized control, and it’s investing heavily in research to keep up with its rivals. Why it matters: Mistral’s approach could pave the way for a more decentralized and democratic AI ecosystem, reducing reliance on US-based tech giants.