Just the fact that EU has no own major companies like Google, Microsoft or Amazon means that it is not competitive already.
So what does it have to lose?
Those three companies you mentioned all use technology either provided by European companies, such as robotics Amazon are using in their warehouses, or like in the case of Google's Gemini, European companies that they'be bought up. In fact talking about Gemini all it's development is still done in the UK. Also remember that without the Dutch company ASMLs lithographs no US chip manufacturer is building any microchips. Apple, Google, Intel, Microsoft, Nvidia all rely on ASML lithographs to make their CPUS, GPUs and neural processors.