Earlier quoted context omitted.
What alternatives to Microsoft, Google, IBM or AWS exist in Europe?
You're actually making the exact point you want to attack. That's why Europe needs that push to get their act together and start being self-sufficient, digital services-wise.
Rather, the current state of SaaS in the context of the historic stock market is a severe economic aberration divorced from any sort of valuation fundamentals like securities weighting. Instead we observe predatory VC and PE entities supported by a complimentary taxation and economic regime, all ultimately facilitated by the passing of the Gramm-Leach-Bliley Act.
In short, this notion of self-sufficiency is unachievable in the European context as it is predicated entirely upon wealth inequality and thumbing the scale of the free-market via lobbying, and is the doctrine denounced to the point of anathema in any Socialist Democracy.
The end result here is not some sort of organically earned digital services dominance - instead you end up with scenarios like forcing the FDIC to bail out the VC bank of Choice - SVB - where uninsured deposits were estimated to represent 89 percent of total deposits at the bank, totalling $18 billion of the ultimate $20 billion cost to the Deposit Insurance Fund.