📊Executive Summary

The European Commission has proposed a comprehensive tech sovereignty package aimed at reducing the EU's reliance on foreign technology, particularly from the US and China. This includes the Chips Act 2.0 and the Cloud and AI Development Act, which are designed to enhance Europe's technological autonomy and resilience. The EU currently depends on foreign countries for over 80% of its key digital products and services. The strategy aims to bolster European alternatives in critical areas like semiconductors and cybersecurity, while also addressing the need for faster approvals for new fabrication plants. This shift is crucial for procurement teams in the semiconductor and technology sectors, as it may reshape sourcing strategies and supplier relationships....