European leaders have grand ambitions to reduce the continent’s reliance on sensitive technologies from abroad. Today, they are debating an update to the European Chips Act, which was finalized in 2023 and allocated billions of euros to subsidize chip-making on the continent. The act was meant to increase Europe’s share of global chip manufacturing from ten to 20 percent by 2030, but it will likely fall short of that target by a wide margin.A purely European supply chain for semiconductors—the s...