I think it would be better for the EU to fund existing open source solutions than to create EU-controlled proprietary ones. Fund Firefox so Mozilla doesn't have to take funding from Google any more. Fund Linux kernel porting to mobile devices. Fund LineageOS, Replicant, postmarketOS and the myriad GNU/Linux mobile OSes. Fund yaCy and searx. Fund RISC-V implementations.
PS: it sounds like there is some sort of EU plan for this:
PS: it sounds like there is some sort of EU plan for this:
https://fsfe.org/news/2020/news-20201023-01.en.html
They probably also need to fund an alternative to TSMC.