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Europe has actually been rather successful with IMEC, their semiconductor research organization.

The issue is that it hasn't translated into local production fabs. Which means that the semiconductor ecosystems in Belgium is still really small.

IMEC's research mainly benefits companies like Intel, Samsung, TSMC. The only relatively local link is ASML.

You're right that it hasn't translated into advanced "More Moore" logic, but Europe does have some leading technology in the "More than Moore" space - power electronics, image sensors, etc.

Staying up to date on leading edge logic is crazy expensive.

Europe? Imec was founded and is funded by the Flanders region of Belgium.

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