This is a very odd framing, because the actual reason from quotes in the article is that the EU is acutely feeling the pain of having no big tech companies, due in part to burdensome privacy regulations.
The pressure isn't really from big tech, it's from feeling poor and setting themselves up as irrelevant consumers of an economy permeated by AI.
A large part is due to their approach to startup investing and chronic undercapitalization. GDPR is coming up 10 years now and the worries about it were overblown. What hasn't budged is Europe is very fiscally conservative on technology. Unless it's coming from their big corporations it's very hard to get funding. Everyone wants the same thing, a sure bet.
GDPR showed that once you are a ten-billion dollar company, your compliance team can manage GDPR enough to enter the market. For a startup, starting in the EU or entering the EU early is still extremely difficult because the burdens do not scale linearly with size.
This means that yes, US tech giants can sell into the EU, but the EU will never get their own domestic tech giants because they simply cannot get off the ground there.
If that is your goal, OK, that's a choice, but then you can't say "oh GDPR fears were overblown". They caused exactly the problems people were predicting, and that's what EU leadership is now trying to change.
There are tons of business that can run without collecting any or extremely minimal PII. We already let the big companies take this data unnecessarily, let's not also let them brainwash us all into thinking unfettered surveillance is somehow essential to building a software business.
You have no business stealing my personal data until we enter an equal agreement.
I feel like, there's nothing in my statement you can actually disagree with, so you're just expressing general frustration with the state of the world.
That's fine. You can set up aggressive PII laws, you're a big boy sovereign nation. But then you will not get domestic tech giants. That's not like, my opinion, that is the reality we are in.
I am describing that reality, and that the EU is unhappy with it, and your response is "Here's why we set up laws!". OK. I'm not sure what you are looking for here. We all know how you got here.
That's good, there should be no big tech companies like FAANG at all. These monstrosities wield to much power and need to be brought in line.