Intel, Nvidia, AMD and Apple M1 chips are (mostly) not made in the US but they generate more revenue for the US tech sector as they're high-margin products and their US based designers extract most of the value from their sales with Asian based manufacturers TSMC and Samsung being next in the food chain and quite recently announced building new cutting edge fabs in the US, instead of Europe. That should tell you something.

Europe making high volume low margin chips is not bad (especially in the current shortage) but is not the best position in the market you'd want to be in, especially long term with China hot on your heels. Just ask any business analyst.