Unlike the US, Europe has no California-level VCs. I don't expect hundreds of billions of Euros to be poured into long-shot projects.
Unlike China, Europe has neither cohesive public investment at the global level nor the drive to grow. Long-term investments have a lot of words, a lot of regulations, a lot of proxy goals, but there is neither a lot of money nor urgency. It was captured by this post: https://x.com/piotrsankowski/status/2065795919623438546
So yeah, both in economy and warfare, Europe dooms itself to be in the hands of the US, China, or a mix of both.