GenAI has influenced the cloud market considerably: half of the increase in global (public) cloud service revenues since the launch of ChatGPT (late 2022) is driven by GenAI. In Europe specifically, GenAI-specific services such as GPU-as-a-Service (GPUaaS) and GenAI Platform-as-a-Service (PaaS) are demonstrating exceptionally high growth rates over the last few years. The main beneficiaries of this European market growth have been the US companies Amazon, Microsoft, and Google, which together now account for 70% of the regional market in terms of revenues. Europe is experiencing a strong and ongoing push for digital sovereignty, aiming to reduce reliance on US-based cloud providers and ensure greater control over sensitive data. This is the reason why major global cloud providers are making significant European investments to address digital sovereignty concerns. As a result, European cloud providers’ market share remains relatively constant at around 15% of the European cloud market despite the European ambitions and investments.