As for the lack of fabs based in Europe, you're not completely off. Fortunately, there are ongoing plans to build several across France, Germany, and Italy [2].
Push come to shove, we'll be happy to switch to using GNU/Linux on ARM ;)
[1] https://www.nasdaq.com/articles/intel-keeping-wonderful-secr....
[2] https://digital-strategy.ec.europa.eu/en/news/milestone-stre...
My point is: EU dreams up its ability to print money at will just like FED but without a MIC to back it up – a total disconnect from reality (especially after the suicidal disconnect from Russian energy).