If Europe is serious about getting home grown AI fast, three simple steps:

1. Huge tax incentives, let the companies get grossly wealthy while paying minimal taxes. Minimum 10 years with clauses protecting "retribution" taxes there after.

2. Tax incentives for the founders/shareholders, just like above.

3. Drop worker protections to a minimum, make it easy to fire people. You only want serious/dedicated employees anyway.

Within 2-3 years there will be at least a trillion dollars looking to get in.

Don't worry though if reading that made you mad. Its absolutely not going to happen. I can think of few things more antithetical to the European ethos than smart skilled people working 80-100hrs weeks with almost no vacation to gas their founders net worth by tens, hundreds, of billions.