The kind of funding it takes to take on US tech corporations, especially in AI, will be astronomical. For an open source solution, it will take state action, and given how unpopular AI is with average folks (an entirely reasonable position for average folks to take when they see the new robber barons who're leading the AI charge), I'm not confident there's political will for it. If a few of the larger rich European nations really committed to funding research at a level competitive with the US, though, even if not specifically AI-related, the result would be an eventual end to US tech hegemony.
I was hoping the European AI companies and projects like Mistral and Apertus would, you know, do something good. But, their models trail not only US models, but Chinese models, including smaller ones, by a significant amount. I guess there's also the ethical component. Mistral is reportedly not plagiarizing like US companies, and isn't distilling US models like the Chines companies. Cheating gives one a leg up if there are no referees.
Anyway, I work for a robotics company, and I'm always interested in what's happening with open robotics stuff, including AI.