Thr answer to US tech giants are not homegrown EU tech giants, but international free software (Free as in Freedom). We already have free operating systems: Linux, BSD. Office software: LibreOffice, etc.
EU regulators have stop listening to tech company lobbyists.
We need competing (and competent) lobbyists. Unfortunately one side has all the money, so there is a clear disadvantage
Is any of that capable of replacing google and apple on mobile?