EU wants ‘Chips Act’ to rival US

Eu can't have "nice" things. Eu has a long track on spending billions without any results: like the project to make an IaaS rivaling Amazon. The search engine to counter Google, the cpu to counter Intel and so on.

Meanwhile, the EU carmakers stepped in and successfully lobbied to have older (to very old) generation chips factories built. So it's a shift of taxer payer money to help carmakers in their short term goals.