You're right that a single valuation doesn't dictate the entire regulatory landscape, but you're missing the asymmetry of the upside here; Mistral's 21 billion euro valuation, especially against the backdrop of the AI Act, shows investors are willing to back significant growth bets even with new rules in play. This isn't just about one company's success; it's a clear signal that the market sees a path to massive returns, and that kind of conviction tends to fuel further investment, even for smaller players willing to innovate around compliance.