The day the US drops the Cloud Act would be the death of all European CSPs. Until then, cloud offerings not subject to it will thrive, and the US will be seen as hostile.
And for all other subjects, it's a simple matter of not putting all of your eggs in the same basket. Having privileged trade partners is a good thing, but it becomes a bad one when it's a partner (singular). Today, the US has full power on Europe's tech landscape, which is concerning, even if it's a friend country.
Oh, and I say a "friend country", but given the latest announcements where the US Govt. clearly targets Europe and wants to sanction it (e.g. tariffs on French exports), the friend is turning around.
TL;DR today Europe does not see the US as an enemy. But it does everything for it to never happen, and this include reducing the dependency on the US.
In my view, we (Europe) have long been acting foolishly by passively sitting in the back seat and allowing the US to drive for us, thereby creating a radical dependency. This wouldn't be healthy even if the US were the most loyal ally. What Trump's antics are doing is trigger a return to what should have always been the norm.
Sadly, SwiftKey is/was actually a UK company that was acquired by Microsoft. Most successful European tech start-ups seem to end up being acquired by one of the American tech giants. Perhaps this is will be ending now.
The US makes the biggest margins from valuable IP and software services, not from mass produced widgets coming in shipping containers.
The software situation is grim but maybe open source somewhat ameliorates that...
Using american EUV light sources....this train of who makes what in the supply chain can go on forever, the point is who's making the highest margins from the end product and it's not ASML nor ARM but Nvidia, AMD, Qualcomm, Microsoft, Apple, Google, etc.
Hence my point that while EU has some IP, its value is dwarfed by the IP the US makes. Just look at market cap of US vs European tech sector. It's not even a competition. ASML can't offset that. I think Apple has enough cash in the bank to buy ASML if they wanted to.