This is exactly correct. There is a long walk between working ISA and a high performance device that can sustain high IPC. Alibaba has the C930 now, only a few day ago. There are no credible performance figures on it yet, but they've made fast server grade ARMs, so they know how to build high performance CPUs. Then, as you say, there is Tenstorrent and Keller.

Can "Europe" achieve anything here? Anything is possible, I suppose... But given the players already at it, Europe is already way behind the curve.