PSG Equity has raised more than €4.4 billion ($5.1 billion) for a new fund targeting European software and technology companies, a vote of confidence from investors in a sector that suffered a heavy selloff earlier this year

⚡Funding Brief⚡ Mistral AI has officially announced a completed €3 billion Series D at a post-money valuation above €21 billion. Samsung Electronics led the round, with EQT-managed Scaleup Europe Fund and existing investor PSG Equity as co-leads. Mistral confirmed the terms, and TechCrunch reported the same round, though Samsung's individual cheque size was not disclosed. A post-money valuation is simply the company's implied value once the new capital is included. Mistral's Series C, announced on 2025-09-09, had valued the company at €11.7 billion post-money. About 12 months later, the new mark is at least 79% higher, which is meaningful but should not be read as an exact doubling. The round also brought in Advent, BlackRock-managed funds and accounts, and the Grand Duchy of Luxembourg as new backers, alongside many existing investors who returned. Mistral said the capital will go toward expanding frontier research, compute capacity, infrastructure, commercial growth, and its international footprint. "Sovereign AI" here refers to deploying models and infrastructure while keeping greater control over data, compute, and production systems, not a claim that Mistral operates only within France. The financing underscores how AI capital is increasingly backing the full stack, from models through compute to enterprise deployment. Samsung's involvement also ties Mistral's funding base more closely to advanced manufacturing and industrial infrastructure, and the mix of strategic, public-backed, financial, and existing investors gives the round a broader base of support than a conventional venture financing. Source: Mistral AI / TechCrunch，2026-09-08

MISTRAL AI RAISES RECORD €3B AT €21B+ VALUATION French AI startup Mistral has raised €3B in what is being described as the largest-ever equity round for a private European tech company, nearly doubling its valuation from €11.7B a year ago to more than €21B. Samsung, PSG Equity and the EU-backed Scaleup Europe Fund co-led the round, with BlackRock joining as a new investor. Existing backers including NVIDIA, ASML and Salesforce Ventures also participated. Mistral plans to use the capital to fund frontier AI research, expand its computing infrastructure and data-center footprint, and grow further across Europe, the U.S. and Asia. Source: Bloomberg

GOOGL +3.85% on the session we flagged — 3/3 tracked desk notes still constructive on the AI-infra read (@aleabitoreddit · @pequityresearch · @JohnsonZ91127). Price and multi-source commentary lined up. Views tracked here: Not advice.

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$LITE $COHR $AAOI $SIVE Very BULLISH expert interview on $COHR just hit. The volume tape is not a 2025 story. 800G pluggables: 3.1 million units in 2025 at $415 ASP → 7.4 million in 2026, even with ASP down to $370. 1.6T still scaling to 3.2 million units in 2026. OCS is huge too. 1,400 units this year, $GOOG took ~1,300 of them. Roadmap is 4,400 in 2027 ($GOOG ~4,000, $NVDA starting) and 10,500 in 2028 if validation holds, with $META first 500. They already doubled 6-inch InP in H1. Doubling again in 2027 for CW lasers, EML, NPO and CPO. $NVDA is 48% of optical module sales. $GOOG 23%. This just shows how the bottleneck is getting wider, not closing. Lasers, InP and the module complex are still early. Position accordingly. We are long many of the stocks mentioned here, NFA. PS: Credits to @pequityresearch for sharing this information!

My Best Ideas 2026 basket is up 33.72% so far this year. I shared it for free at the start of January so anyone could follow along. The aim was to find quality companies in the AI buildout that I could hold through the year with very few changes. I'm in my early 40s now, and I honestly think I'd have a lot less money today if I'd spent my investing years constantly trading in and out of names. Please read the disclaimer in the picture. This basket is not a copy of my family's portfolio. So let's go through the names. $ALAB, $ANET, $VRT and $POWL have been the strongest performers so far. $AVGO has been more frustrating, almost flat for the year. My conviction remains very high and it's staying in the basket. I still expect it to be one of my best performers from here. $CDNS has also disappointed, though looking back, the valuation left very little room for disappointment. I was too willing to accept that starting valuation. $CDNS has also disappointed. Looking back, I was too comfortable with the starting valuation and how much growth it already priced in. It's the name I'm most likely to replace, with $LITE, $NBIS and $IREN among the contenders. I've made just two changes: replacing $GOOGL with $ETN, then swapping $HUBB for $MU in June. I enjoy the weekly portfolio updates from @pequityresearch and @TacticzH, among others. Think I'll start doing something similar here, including what went wrong and why I make changes. The basket and my updates will be free to follow.