> and Europe cannot?

Well there is Mistral. The EU is ahead on specialised models than general purpose LLMs.

There is.

- Flux3

- Kyutai (Open source AI lab)

- H Company

- LightOn

- AMD Silo (Finland)

- OpenEuroLLM and EuroLLM

There is probably more, but that's off the top of my head.

These are mostly not significant businesses with large value capture or creation. I hope it could change though.