Mistral AI has raised €3 billion at a post-money valuation above €21 billion, with Samsung Electronics leading the Series D and EQT’s Scaleup Europe Fund and PSG Equity as co-leads. The money will fund frontier research, larger models, compute infrastructure and international expansion. But Mistral is also pursuing something larger: up to 1 gigawatt of European AI compute capacity by 2030.
The financing removes one constraint. It does not answer the strategic question. EQT is backing Mistral precisely because it is building across models, infrastructure and applications. But as powerful AI becomes more widely available, the harder question remains: what can Mistral build across those layers that competitors cannot easily reproduce?
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THE PEOPLE SHAPING EUROPE | Nadia Calviño is transforming the European Investment Bank Group from a largely cautious project financier into a more active instrument of European strategy. Under her leadership, the Group is investing more, accepting greater risk and moving deeper into technology, energy and defence.
Europe has no shortage of strategies. It wants to expand renewable energy, strengthen electricity grids, build artificial-intelligence infrastructure, scale deep-tech companies, increase defence capacity and reconstruct Ukraine.
Between those ambitions and their execution lies a difficult financial territory. Many projects require too much capital, take too long to generate returns or involve risks private investors are initially unwilling to accept.
Calviño believes the EIB Group must occupy that territory. Its role is not simply to lend money, but to absorb enough uncertainty for other capital to move.
“You asked us to step up our financing volumes and risk-taking and we delivered.”
Nadia Calviño, President, European Investment Bank Group
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PERSPECTIVE | Ericsson and Nokia are commonly presented as interchangeable European suppliers of mobile-network equipment. Both build radio and core networks, contribute to global standards and prepare for 6G. Yet beneath that overlap lie two different industrial centres of gravity—and two different ideas of what the network is becoming.
From the roadside, mobile infrastructure looks remarkably uniform. Antennas sit on towers and rooftops. Fibre disappears beneath the ground. Software coordinates traffic somewhere beyond public view.
The names Ericsson and Nokia therefore tend to appear together. They compete for many of the same operator contracts, participate in the same standards bodies and represent Europe within a global market that also includes Huawei, ZTE and Samsung. This makes them look like variations of the same company. They are not.
Ericsson approaches connectivity primarily through the intelligent mobile network. Nokia increasingly approaches it through the wider infrastructure over which data moves. One begins with mobility and expands outward. The other attempts to connect the full chain.
Europe does not have two versions of the same telecom company.
The distinction is not absolute. Ericsson does more than radio, while Nokia remains a major mobile-network supplier. But their centres of gravity reveal different industrial philosophies.
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Michiel Scheffer wants Europe to do more than finance scientific discovery. His vision for the European Innovation Council connects research, patient capital, industrial demand and strategic procurement—turning breakthrough technologies into companies, production capacity and European power.
Under Ursula von der Leyen, the European Commission has moved beyond regulation towards crisis management, industrial strategy and geopolitical coordination. Her vision is of a Europe capable of acting—but its growing executive ambition raises questions about power and accountability.
Europe has spent years demanding more engineers. At TU Eindhoven, interest in Electrical Engineering is growing just as educational capacity reaches its limits—exposing the widening gap between Europe’s industrial ambitions and its ability to train the people they require.
Europe has built strong digital rights, but technology is evolving faster than the institutions designed to protect them. As AI, biometrics and platforms reshape power, the challenge is ensuring democratic protection can keep pace.