Mistral just needs to good enough category think all those flash models or Qwen3.8 27b which they sadly aren't at the moment, that plus being European lab will mean that they will have very nice business. Even now these SOTA models feel too overkill for most tasks.

And GLM local models can eat Anthropic's lunch just like both eat OpenAI's.

Mistral's revenue is mostly B2B, and that's much more difficult to move.