The EU will win this if they want. Their trump card is that, actually, making the EU not a viable market for the most annoying US tech companies would be a huge win for many of their constituents.
The cynical part of me says they are just complaining that they are not being offered juicy enough bribes compared to their American counterparts.
https://www.baldurbjarnason.com/2024/facing-reality-in-the-e...
The conclusion they come to is: the EU will protect the single market even if it makes things harder for their own businesses, the single market is a totally existential issue for the EU, it is the reason it exists.