The Mistral AI valuation at 21 billion euros feels like a sunk cost we’re still debating, even though it doesn't really tell us much about the AI Act itself. If we had fresh eyes, would we really re-enter a discussion focused on one company's fundraising as proof the AI Act works? The actual capital allocation at Mistral shows regulatory compliance is a minor spend, which means investors clearly care more about other things, like their actual product. You can’t tell me the regulations are super impactful when a company puts less than one percent of its cash into them; it's like saying a new school uniform policy is the reason a kid is suddenly getting good grades when they've been spending all their extra time with a tutor.