I'm pessimistic. Whatever European alternative that will pop up to serve this market will hardly be fit to compete internationally, selling to schools and governments means jumping through hoops to provide an adequate service at an adequate price, that's not the way to build a FAANG competitor. Aside from Spotify there really isn't any top-tier European internet companies with global reach. It's even worse in consumer electronics. There are bits and pieces in other tech, but really, challenging the US isn't a reasonable goal at this point.