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Europe signs off on €1.2B for homegrown cloud project
(www.theregister.com)
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Well, it doesn't say, but it sounded kinda similar to Gaia-X to me. If it is, that involved a lot of large companies that had been around for a long time, so I'd be inclined to guess not.
https://en.wikipedia.org/wiki/Gaia-X
At least some of the above Gaia-X member companies are listed in the article as also being part of this new cloud project: