What's important in the context of a European "sovereign computing" initiative is the licensing of the instruction set architecture. Like x86, ARM is still proprietary, while RISC-V is a free and open standard.
Saudi Arabia did recently invest 45 billion dollars in the vision fund which is an investment fund managed by Softbank but they haven't really invested within Softbank itself so not it is not mostly owned by Saudis from what the data can tell.
Even though it's Japanese-owned most of their R&D still takes place in England.
RISC-V is IP UNlocked. I bought RISC-V mini-boards (so cheap) years ago because I was planning to build my keyboard... but I am still on other projects... and there are even better RISC-V miniboard nowdays (better USB, more GPIOs... for a full fledge BFO-9000 keyboard!).
What I am waiting for are RISC-V high performance micro-architectures which will use the best silicon node (desktop, mobile, and for servers it seems there are a few attempts). One of the main issue seems... the compressed instructions which should be removed as it increases implementation complexity significantly in order to apply some of the known high-performance optimizations (it is not anectodale if ARM removed thumb machine instructions).
I like the idea, I code as much as possible things in RISC-V assembly now, and re-use a ton of code paths (at the assembly level!). I have even written a small RISC-V interpreter for x86_64 for static exes.
I know that sometimes "European" is used as a synonym for "in the EU", but most of the time this is sloppy. Nobody in Europe thinks UK is "not European".
My point would be that it has already been demonstrated that you can lose access to ARM technology as a consequence of US sanctions.
ARM is not a sufficiently independent ISA to guarantee sovereignty.
With RISC-V, you may lose access to a specific core, chip, or supply chain. But your ecosystem can pivot to an alternative. Long-term, you have the option of complete in-sourcing.
So, even working with Chinese chips and boards today can be progress, as long as more domestic RVA23 options can be expected to arrive later.
All they want is to suck at the government's tit.
This is like comparing an 48MHz ARM-Cortex-M0 with the CPU in your Macbook. Yes both of them are ARM cores, but the small embedded processor has very little RAM/Flash/clockspeed, no memory management unit, no cache, no modern RAM interface.
Not even the instruction set is really the same, because you (typically) won't even have floating point instructions/registers on the small MCUs, much less vector instructions.
The Milk-V Jupiter 2 mentioned in the post is basically a full-fledged Desktop CPU and it's price is not gonna be anywhere close to $2 either...
8k RAM, 64k ROM, compressed RISC-V insn set.
Edit: Apparently it's a QingKe RISC-V with about 130 Coremark.
[1]: https://aliexpress.com/item/1005011967676963.html