That sounds like a pretty low information hot take. While it's probably true that car manufacturers are calling for more manufacturing of the chips they use rig

That sounds like a pretty low information hot take. While it's probably true that car manufacturers are calling for more manufacturing of the chips they use right now to deal with the shortages, that's a 2021 and 2022 issue. I don't see any plausible reason why Europe would not see the value in having advanced chip fabs over the next 15 years. It's mostly likely that behind the scenes TSMC demanded more in subsidies than Europe was willing to give and that the Americans' pocket books are wide open at the moment. I think Europe is more likely to remain third due to bureaucracy, multilateralism and a regulatory and investment philosophy that favors European businesses and citizens over international businesses. The cost of being first is high anyway.