In a recent podcast, it was summarized as:

ASM (International) makes machines that add material to a silicon wafer (deposition).

ASML makes machines that remove material from said wafers (lithography, etching)

(I was a bit surprised that's not combined in 1 machine. But let's move on)

Then Besi makes machines to stack / interconnect / package those ICs into a package. I'm assuming pick & place machines are other companies' turf.

The above are all Dutch companies, operating a pretty important section of the tech stack.

Iirc there were (& probably still are) some IC fabs in Europe, but mostly older nodes (like useful for microcontrollers used by car manufacturers. Wikipedia has a list). So for SOTA smartphone SoCs it's off to Taiwan (TSMC), South Korea (Samsung) or China (who makes everything, including smartphones & the chips going in there).

So as far as EU goes, the capabilities are mostly there. Skilled workforce? Check. Money? This is a rich continent.

What's missing is the guts to say "hey, let's dump €100B into this & make ourselves some laptop & server CPUs!".

But now the important thing: several of such initiatives are starting to bear fruit, and b) confidence that EU can do such things, is growing.

As for bureaucracy / red tape... sigh... (won't be fixed any time soon)