People tend to fixate about cutting edge technology, but my naïve intuition says the problem in Europe is not in lack of some secret sauce: it is hidden in plain sight lack of energy to run the DC - and worse - lack of long term desire to make the tough choices to get that energy
I would also add lack of technical competence at C level. In my previous job, I have dealt with quite a few European CEOs whos only background was an MBA. Unlike the US where a lot of CEOs have a deep technical background...
I read years ago that Hetzner placed data centers near inexpensive power, but I understand that the EU’s energy situation has deteriorated. So you are correct, they have the larger energy problem to contend with.