EU tried hard to guarantee open markets through rules based security but this is now out of fashion. Instead, the new game is to close your markets to foreigners and say its for national security reasons.
This might be bad for the citizens as it is limiting and breaking the global humanity ideal and I hate it that this is happening but EU must be really stupid to have the only open market then get ridiculed for not having "global" tech companies.
As it appears, the world going forward would be like the Chinese "tech" will be for 1.4B people, the US "tech" will be to 330M people and the EU "tech" will be for 450M people.
At this time, because you can access the EU market form US you can just form your business in US and hire people from EU to do the work. If EU imposes limits, suddenly it makes sense to invest in EU.
If you think about it, EU+UK+Asia taxpayers educate most of the "US talent". Very few of the people who invented the tech are US educated, the US educated ones tend to be the money guy or the entrepreneur free riding on foreign tax money.
Time to end the EU subsidies to US companies or maybe impose tariffs to make up for it. US is being very bad for EU, doing very nasty stuff.