I wouldn't be surprised if each of the frontier American labs and individually has compute access similar to the entire EU. Chinese firms are a more interesting comparison since there are a fair amount of great models there, and it's estimated about 15% of the ai relevant compute is in China versus maybe 5% in the EU under European companies (and 70% ish in the US is the most common ballpark I see)

They can get what, 1B euros? 10B when everyone loses their mind? This doesn’t buy nearly enough compute nowadays.

Meanwhile, Anthropic and OpenAI have investors practically begging them to let them buy this much equity at mind-bogging valuations.