The EU countries had decades to build and foster alternative companies yet they did not manage to do so. China did though.
Was it a lack of political will or short-termed-ness? Maybe both but the end result is the same.
You can't undo 20 years of inaction in a few years. It will take decades before viable EU competitors emerge and begin to rival US giants and that's if they even are allowed to do so in the first place.