French AI startup Mistral AI has unveiled Mistral Small 3.1, a new open-source model that processes text and images using just 24 billion parameters while matching or exceeding the performance of larger proprietary models. Running at 150 tokens per second with a 128k token context window, the model demonstrates remarkable efficiency compared to industry giants. Released under Apache 2.0 license, it represents a strategic departure from competitors' closed systems. The $6 billion startup's approach emphasizes European digital sovereignty and sustainable AI development, backed by partnerships with Microsoft, AFP, and various European institutions.