People tend to fixate about cutting edge technology, but my naïve intuition says the problem in Europe is not in lack of some secret sauce: it is hidden in plain sight lack of energy to run the DC - and worse - lack of long term desire to make the tough choices to get that energy
I would also add lack of technical competence at C level. In my previous job, I have dealt with quite a few European CEOs whos only background was an MBA. Unlike the US where a lot of CEOs have a deep technical background...
Of course. One only has to take a look at Microsoft, Apple, or Google, to notice that they're run by CEOs with a "deep" technical background. No MBA whatsoever...
Google and (and more debatably Microsoft and Apple) were run by technical founders during the timeframe that they were achieving critical mass. The MBAs came later to run the machine and optimize the business. But, the machine was built and grown by technical leadership first.
I read years ago that Hetzner placed data centers near inexpensive power, but I understand that the EU’s energy situation has deteriorated. So you are correct, they have the larger energy problem to contend with.