I don't think Europe was anywhere close to borrowing capacity, so plenty of scope there.

The money is spent on something and comes (hopefully) with a positive RoI and NPV. And you could borrow to build to reduce own capital outlay.

I don't think there was a lot of new energy production was put into place, though.

Some things also might need scale at least in aggregate and either tech leads to some sort of Coasian singularity or having a lot of small things comes with additional transaction costs.

For example, how would that overcome local resistance to new infrastructure or reduce the huge amount of (local) regulations in a significant way?

That aside: how much would that cost in lost economies of scale?

Not convinced adding regulation alone will solve things in European tech.

Why would there be less demand for contract law or for privacy related law, for example? There is certainly some elasticity in law related things from my own experience.

Where have I applied elasticity blindly?

In this study, I think there was an MD before the AI to enrich data.

Anyway, how non-human relationship driven do you think the private economy is?

As to drug discovery etc.: I think, not easy to say how the world would look like if the US weren't offering the opportunities. What would be new equilibrium RoIs needed if the world were quite different (and, yes, I am aware of studies there).