> EU is actively trying to create their own cloud

Unfortunately, the EU is not nearly coordinated for such a thing. And even if they were, regulation is not what will make it happen. EU is in a crisis of financial (VISA, AmEx) and software services (AWS, MS, Google) being almost entirely provided by USA. They are not going to dig themselves out of the hole by regulation.

For contrast, USA is (largely) dependent on China, Korea, and Taiwan for chips. But they decided to attack the problem by investing several hundred billion dollars to develop their domestic microchip manufacturing infrastructure [1]. This appears to be paying dividends already as TSMC is already producing chips in Arizona, and estimated 30% of all production of 2nm and better to be produced in USA by 2030.

It seems to me that this is the way nations take control of their problems. Unfortunately EU seems incapable.

[1] https://en.wikipedia.org/wiki/CHIPS_and_Science_Act