Nvidia-backed French startup Mistral AI has introduced a groundbreaking app for its generative AI software, following last month's launch of a similar tool by China's DeepSeek. The move signifies a strengthening of European AI capabilities in a market dominated by U.S. and Chinese contenders, while offering a more affordable price point. As the Paris-based company approaches a significant AI summit, its Le Chat assistant sets itself apart with the fastest inference engines in the world, delivering responses at lightning speed. Positioned as an alternative to OpenAI's ChatGPT, Mistral AI's launch comes amid growing recognition of European tech innovation. Mistral AI…