Comment by pu_pe

Decoupling would be painful and certainly hardware would be the most difficult challenge. However, consider that for all those companies you mentioned, Chinese alternatives are starting to appear and will be very competitive in the next few years. Europe also has some key strategic cards to play when it comes to hardware, such as access to TSMC.

The most likely scenario in my view is that Europe will be a consumer/bystander in the AI race, not a protagonist. For that, you don't need a lot of hardware. China and the US will compete for the European market, with the US already far ahead and earning billions from European customers. But it can lose that post in the future, either through crazy foreign policy or simply being outcompeted by the Chinese.