Absolutely not, even if Europe was given all of the compute in the world. The issues are much much worse. Starting at "data privacy", continuing with the "EU AI Act" and just an overall mindset of regulation and German angst. Many structures in the EU actively prevent and fight against innovation. Oftentimes more subtle but the consequences stay the same. If you ever had to use one of the "sovereign" AI provides such…
If your product can't function in a way that respects humans' right to privacy, your product is the problem, not the humans' rights.
State regs often fail to grapple with the future, and at best slow it down and at worst smother it.