

Something that should not be forgotten is that hardware matters to. If Nvidia, Intel or AMD has an interdiction to sell to a country, you can have all the FLOSS software (Fair, Libre and Open), if you have no hardware then tough shit. China is getting good GPU with a shiton of investments, so Europe needs to do the same. Using RiscV for this would allow to have an instruction set that already have nice support (I even heard it can be used for GPU) to bring nice or newer stuff to the table. For manufacturing, a Netherland company is producing the tools of TSMC so there is that, at least.
Edit: added links

In my opinion, only turning to China is not enough. Diversifying is good, but in the same time, nothing “under control” is built, your stability depends on diplomacy and in this case, and it is a big weakness (this is how Xi made Trump bending with rare earth)