Oh I agree. China is clearly outplaying everyone. But EU surely doesn't want to replace one leash (US tech stack) with different leash (Chinese tech stack).
I keep wondering though. Is insane amount of compute really that crucial? Aren't most real computing needs served well with not so cutting edge tech? I am 5-10 years behind on most of my machines. Servers we have at work are very modest (and outdated) yet the software these servers power are still valuable. Maybe EU could run on some domestic RISC-V cheapo chips.