it's the same in the US, it's just that the US government buys the products, while the French state buys the stock.

Yes, but each of the numerous political announcements (on the French level as well as on the EU level) of "we're going to build a giant of [this industry], this time for real" which were made since the 90s have always ended up in something ranging between complete vaporwave and utter failure. Basically all French industrial successes were recorded between the end of WW2 and the end of the 70s/ beginning of the 80s, for the last 3 or 4 decades it all has been going down. That was not helped by the motto of the 90s, when the 'glory' was to become "a company without factory"...

And whenever the planned giant at least comes to reality, even if it is as dwarf; the politicians who previously made great announcements, distributed millions, created random office, launched parties and cut the ribbon of the project in front of cameras, then don't even feed it with public commands, but give them to the very American or Chinese giants those projects were supposed to counterbalance.

I don't think anyone here believes this kind of announcement any more: there has been so many similar ones already, that are already forgotten and replaced with yet another announcement 9 months later, and again, and again.

The state sponsored champions are more of a French thing. For a variety of reasons, French companies don't 'want' to grow so big otherwise.

The Germans on the other hand, you can't keep them from forming giant trusts and cartels if you wanted to.