Mistral co-founder and CEO Arthur Mensch sits down with 20VC to argue that Europe’s dependence on American labs is an economic problem before it is a political one. He walks through what sovereign AI actually means for enterprises, why critical industries hesitate to run Chinese open-weight models, and where he thinks the real constraint on AI buildout sits. The conversation also covers what Mistral learned about forecasting compute and why the company is going full stack.