Another European agency shifts off US Tech as digital sovereignty gains steam

Are there any publicly traded European cloud companies that will benefit from Europe hosting more of their stuff on their own?

I looked at IONOS, but it seems they just let their cloud product rot away? The cloud backend looks outdated and lacks basic features like uploading private keys that can be used when provisioning new VMs.

I also looked at OVH, but their website and interface look like total chaos to me. I felt lost all the time while I was trying to set up a VM, and while trying to use their AI APIs.

Considering that Europe has an economy as large as the USA, it is puzzling how small these companies are. The combined market cap of IONOS and OVH is less than $10B.

Europe does not have the same market conditions as the US. The continent is divided into a gazillion amount of small countries, each with their own rules, laws, regulations, languages, customers, pension systems, healthcare systems, and taxes. Even the currency is not the same everywhere. Not to mention the cultural differences.

Pretty hard economy to survive in.

US companies seem to sell into Europe just fine?

Amazon, Google, Microsoft - they all make tens of billions of revenue in Europe.

Why wouldn't a company based in Europe be able to do the same?