Imani Moise reports that Microsoft is deepening its AI partnership with Mistral to build European data centers and integrate models. Meanwhile, Novo Nordisk sues Eli Lilly over deceptive weight-loss drug advertising claims. Finally, China’s new Kimi K3 AI model is shaking up U.S. markets, wiping billions from OpenAI and Anthropic’s valuations as doubts grow about their business models ahead of potential IPOs.