OpenAI And Anthropic May Have A European AI Rival

For much of the AI boom, the race for dominance has largely looked like a U.S. battle between companies such as OpenAI, Anthropic and Elon Musk’s xAI. But JPMorgan believes Europe may finally have its own serious contender. In a new note initiating coverage on Mistral AI, JPMorgan described the Paris-based startup as Europe’s most valuable AI company and outlined what it sees as a potentially massive opportunity tied to “sovereign AI” — the growing push by governments and enterprises to gain more control over AI models, infrastructure and data. The bank estimates a total addressable market of roughly $430…