Maybe this will happen eventually but decoupling any time soon is a pipe dream. For the foreseeable future, Europe's BATNA is shit.

Forget Microsoft and Google services, what about the hardware? To support all this new demand for European infrastructure you'll have to buy tons of new gear from mostly American companies: AMD, INTC, NVDA, MU, etc.

Are cutting-edge European competitors going to suddenly spring into existence to satisfy that demand? Is TSMC gonna allocate wafer spins to some scrappy EU startup instead of NVDA, AAPL, AMZN, MSFT, AMD, INTC, AVGO, QCOM?

I dunno if you've been paying attention to the market but demand for all data center components has gone through the roof and supply is already spoken for for years to come. The hardware you'd need to decouple simply isn't available, when it becomes available you'll be competing with nearly $1T in annual hyperscaler CapEx, and Europe has no capability to produce domestic alternatives.