I've read it like this: They differentiate themselves from OpenAI/Anthropic/other major players by being in the EU and (more) open-source; they differentiate themselves from other European competitors by being as good as OpenAI. I think it's a fine proposition given the early market and their team, as long as this hypothesis holds true for years to come,

> we believe that most of the value in the emerging generative AI market will be located in the hard-to-make technology, i.e. the generative models themselves,

and they truly can compete with market leaders.