The case for quantum computing is also pretty heavily tilted by the specific clandestine applications. If you could have one that does RSA factorization of useful sizes earlier than people think you do your spooks will love it; have a fantastic time. Maybe that is worth eleventy-zillion to you.
If you don't think that is doable, or your spook budget isn't big enough; it's much less obvious why 'quantum' should be different than 'classical' in terms of being expensive enough to manufacture that you can just buy some off the shelf once it becomes commercially viable and publicly acknowledged.
It's the sort of thing where having zero capacity to even fast-follow is probably a bad sign(though more because that means that all your physics programs are basically trash and you have no precision engineering and fabrication capability than because it would necessarily be a huge problem to quietly buy 'quantum' computers or compute time through a shell company in Dubai);but the hype is definitely a mixture of the assumption that the first mover will absolutely cash in, aided at least in part by the desire of clandestine services to, hopefully, have the first mover doing some work with them before the viability becomes publicly known.
"AI" tries to have some of that flavor of hype (with the 'zOMG AGI will become our God Machine and rule over us!' school of sales pitch); but failure to deliver on that seems to have sent it pretty sharply into the "or we could fast follow" vein as well. Especially with the established viability of 'model distillation' as a technique that can be used against hosted proprietary models as well as for internal R&D. Again, something where complete inability to do it would be bad for other reasons(you'd basically have to have atrocious access to math talent, and not even super top shelf math talent, along with an inability to design non-hopeless matrix algebra compute hardware and handle nontrivial memory size and bandwidth or fast interconnects; which would not be ideal even if LLMs are wasteful toys); though those reasons seem unlikely to be problems given continued EU presence in telcoms and CPU design.
If anything, while Europe's leading-edge logic fabs aren't desperately exciting(thought they get partial credit for the fact that basically everyone either uses or wants ASML); ARM (yes, technically Japanese now, after the famously clear-sighted UK let them be sold off for a song) is basically the god of cost effective technological fast following; and the world is drowning in ARM cores. They capture a fairly modest percentage of the value; but that's a finance bro objection. Not necessarily worth not just buying x86 stuff that Intel and AMD are desperate to sell you; but if you wanted an "jEUche" indigeounous design you'd pretty quickly have something totally usable if not necessarily commercially optimal. It's not exactly Elbrus on 90nm.