While that's not the entire process, and it would be a 20 year endeavour, it seems like funding the development of local capability here would be eminently doable.
Europe is also the current heavy hitter for fundamental physics research, so attracting talent and maintaining an ecosystem should be much more achievable.
On this, Trump's policy of putting tariffs on chips manufactured in Taiwan makes sense to make it worthwhile to put the fabs in Europe.
The x86-64 architecture is on its way out globally thanks to Arm. RISC V is not needed for decoupling from the US.
This wouldn’t be true if Europe was more willing to abandon international copyright laws, but given the amount of IP they own they are unlikely to.
Otherwise they would be more than happy to renegotiate chip licences if they feel that companies have overstepped.
Instead they publicly litigate and demand destruction of all designs.
We are reliant on the US as only 2 companies can make the x86/64 chips. I don't think Europe would be completely against working with a US or Chinese company like Hi Five/Star Five, as long as we weren't dependent on them, and could pull ties if they abused their position of control.