ASML and Mistral AI Forge First-of-Its-Kind AI-Chip Alliance

ASML Holding NV has announced a significant investment of €1.3 billion in French artificial intelligence startup Mistral AI, positioning itself as a lead investor in the company’s Series C funding round. This investment is expected to result in ASML holding approximately 11% of Mistral AI on a fully diluted basis and gaining a seat on its Strategic Committee. The deal marks a strategic partnership between the two entities, designed to explore the integration of Mistral AI’s models into ASML’s product portfolio, as well as to enhance research, development, and operational efficiency.

ASML, the sole supplier of extreme ultraviolet (EUV) lithography equipment to major chip manufacturers such as TSMC and Intel, views the collaboration as a key step in leveraging AI to improve the performance of its tools and accelerate time-to-market for its customers. The partnership, described as going “beyond a traditional vendor-client relationship,” is seen as a mutual effort to drive innovation and address future industry opportunities. ASML President and CEO Christophe Fouquet emphasized that the collaboration aims to deliver clear benefits for ASML’s customers through AI-enabled products and solutions.

Mistral AI, founded in 2023 by former DeepMind and Meta researchers, has emerged as a leading player in the European AI landscape. The company’s most recent funding round values it at €10 billion, making it the most valuable AI firm in Europe. The investment by ASML is expected to enhance Mistral’s technological development and position it more competitively against global AI leaders like OpenAI and Google’s Alphabet. Mistral is already backed by major investors, including Nvidia, and is reportedly in talks with other investors for additional funding.

The collaboration is expected to combine Mistral AI’s frontier AI capabilities with ASML’s industrial leadership and advanced engineering expertise. ASML CFO Roger Dassen will take an advisory role in Mistral’s future strategy and technology decisions. Both parties believe that by working together, they can accelerate technological progress across the global semiconductor and AI value chain. This partnership represents a first-of-its-kind collaboration between a semiconductor equipment manufacturer and a leading AI firm, aiming to integrate unique competences for mutual growth.

ASML’s investment is also aligned with broader European efforts to strengthen tech sovereignty and reduce reliance on AI models from the U.S. and China. The deal reflects a growing trend of cross-industry strategic alliances, where semiconductor firms seek to integrate AI capabilities to enhance their product offerings. Mistral AI, in turn, gains a major financial backer and a strategic partner with global reach.

According to the terms of the agreement, Bank of America provided advisory services to ASML during the investment process. This move underscores the significance of the partnership and highlights the financial community’s role in facilitating high-stakes cross-sector collaborations. With Mistral AI now backed by one of the world’s leading semiconductor equipment suppliers, the AI firm is poised to expand its influence and technological impact on the global stage.

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[1] Exclusive: ASML becomes Mistral AI's top shareholder after ... (https://finance.yahoo.com/news/exclusive-asml-becomes-mistral-ai-155415701.html)

[2] ASML, Mistral AI enter strategic partnership (https://www.asml.com/en/news/press-releases/2025/ASML-Mistral-AI-enter-strategic-partnership)