Semiconductor sector usually has a No. 1 player which takes more than 50% of the market share of a specific application or business model. It is a very crowded field and very difficult to catch up to current leaders. Unless Europe has a game changing technology or business model, I am not optimistic about the outcome. They should think about working with Taiwan or South Korea instead of going alone. US end up persuades(orders) Taiwan to make sure TSMC builds a new plant in US.