Companies in the EU are starting to look for ways to ditch Amazon, Google, and Microsoft cloud services

Running most of my infrastructure on AWS and some workloads on Azure, but lately there’s been a lot of talk about companies in the EU starting to look for ways to ditch Amazon, Google, and Microsoft cloud services because of rising security and regulatory concerns. I know OVHcloud and Deutsche Telekom’s Open Telekom Cloud are being mentioned as alternatives, but they don’t seem to match the scale or reliability yet. Are any European providers actually competitive with the big three? Which risk matters more here, vendor lock-in or potential US policy changes?