This is one of the most telling charts about Europe. The chart shows the geographical breakdown of sales at ASML, Europe’s most valuable company by market capitalization. And as the chart painfully makes clear, ASML sells none of its state-of-the-art chipmaking machines in Europe. Think about that. While the AI revolution is reshaping the entire world, a Dutch company based in the heart of Europe has no customers on its own continent. What I would like to ask European policymakers, including Ursula von der Leyen, is what they make of this. And whether they recognize that Europe is missing out on the AI revolution precisely because of their own policies. Could it be that while Europe has been preoccupied with self-inflicted energy insecurity, unrealistic climate targets, bureaucracy, and overregulation, other parts of the world have gone all-in on far more tangible and realistic goals: energy independence and technological leadership? And whatever happened to all those “inspiring” promises to slash the massive regulatory burden, enable European companies to compete on the global stage, and put Europe back in the race for technological supremacy? In the words of former ECB President Mario Draghi: “You can’t say no to everything. So when you ask me what is best to do now, I say I have no idea, but do something.” Well, Ursula, what have you done? Certainly not helped Europe buy the machines made by its greatest technology company. That’s for sure!