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Europe's largest enterprises choose every day which clouds to trust with their most sensitive data and mission-critical workloads. The options in front of them are more complex than ever: US hyperscalers offering unmatched capability and global reach, European sovereign cloud providers promising compliance and control, and hybrid architectures that claim to offer both. But are sovereign cloud solutions genuinely production-ready? What are companies trading off when they choose sovereignty over scale?
The honeymoon phase is behind us. In 2026, "AI-powered" is no longer enough; the market is more critical of ROI. We contrast the strategies of investors to decipher where, once all is said and done, real value will lie in the AI chain. Which technologies will drive productivity in the years to come and create a real return on investment? And which business models will prove the most sustainable?