Europe's technology sector continues to face challenges, with the continent maintaining a relatively small share of the global industry and relying heavily on US tech giants. While Europe has produced companies such as Adyen, Spotify, UiPath, Supercell, and Wolt, it lacks homegrown equivalents to major US platforms in search, mobile, and social media. Paris has overtaken London as Europe’s leading tech hub for the first time, according to Dealroom’s 2025 global tech ecosystem index, and is now the only non-US city in the global top five. The total enterprise value of Paris tech firms grew more than fivefold between 2017 and 2024, outpacing London’s 4.2 times growth. Nearly half of Paris's $7.8 billion in funding last year went to artificial intelligence, with notable rounds from Mistral AI, Poolside, and Electra. London, however, continues to lead Europe in AI investment, with startups raising $3.5 billion last year, ahead of Paris's $2.4 billion and Munich's $763 million. Recent events include the collapse of London-based Builder AI, Deliveroo’s acquisition by US-based Doordash, and fintech giant Revolut choosing Paris for its continental European expansion. BioNTech has also committed £1 billion to a UK expansion, opening a new AI hub in London. Specialists and policymakers argue that Europe needs to revitalize its industrial base and increase investment in technology to address strategic dependencies. The process of reindustrialization is seen as critical, with emphasis on high-value, automated industries and institutional support for innovation. The US CHIPS and Science Act is cited as an example of effective industrial policy, highlighting the importance of clear objectives, rapid implementation, and cooperation between government and industry. Initiatives such as Station F in Paris are credited with accelerating the city's tech ecosystem.