Governments throughout the world are beginning to see digital infrastructure—the data centers, subsea cables, terrestrial fiber and satellites that move data and enable digital applications—as being just as important as physical infrastructure like oil and gas pipelines. For this reason, it’s no surprise that geopolitical competition to build and control that digital infrastructure is heating up in many parts of the world. In Europe, this competition is playing out in interesting ways. Foreign investment in digital infrastructure is pouring into the E.U., particularly from the U.S. and China. From the U.S. side, this investment has been driven mostly by big…

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