It's not matter of talent, its matter of investing a few tens billions into it and its not going to happen if US companies can just undercut and wait it out.
But isn't it a matter of talent? While Americans obsess over tech and high paying jobs, Europeans seem to emphasize other subjects, not to mention have a lot more vacation days. What is to be made of that?
I don't know if you are familiar with coding or engineering but it's nor really a kind of a profession where you work all the time and the more hours you put in it the output increases linearly.
It's not like Europeans couldn't code Facebook because they were taking too many vacations, unlike Russians and Chinese that did. It's that Chinese and Russian markets had restriction and local clones or alternatives were able to flourish but EU had completely open market for US "tech".
Cut off Meta, double the vacations in EU and in a year there will be European social media. As it was demonstrated by Elon Musk, you don't need that many people to work in those "tech" companies anyway.
Russian IT thrived when there were no restrictions or artificial barriers. It's just different culture and different energy that EU doesn't have.
I still think the relative lack of vacations in the US is relevant