Europe's tech landscape in transition: From Revolut to Mistral, this analysis shows how the continent is catching up and rethinking its approach. | AI offensive: Paris, London, and Freiburg are driving global competition with startups and deep tech. | Capital problems: Late-stage capital is lacking, which is why many champions are going public on US stock exchanges. | Regulation vs. scaling: Fragmented rules are slowing growth and increasing compliance costs. | Fintech power: Revolut and Adyen demonstrate Europe's capacity for global financial infrastructure. | Scalable winners: Spotify and others show that European platforms can achieve global reach. | Deep tech & defense: Quantum technology, drones, and space travel are emerging as strategic new champions. | Corrections & opportunities: Pandemic-induced collapses at Zalando & HelloFresh contrast with a new wave of AI. | Politics decides the future: Capital markets union and political reforms are needed now, not optional. | Conclusion: Europe has the ingredients for world-class tech – now it needs the economic environment to create true global champions. [...]

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