The AI race is increasingly becoming an infrastructure race. Beyond models and applications, competitiveness now depends on access to compute, energy, cloud capacity, and secure systems capable of supporting AI at scale. Energy is no longer just a constraint — it is a structuring force shaping where and how AI can be deployed, and at what scale. For Europe, this raises a deeper question: can it build the backbone required for sovereign AI? As cloud providers, energy companies, and cybersecurity leaders become part of the same strategic stack, new forms of coordination—and new dependencies—are emerging. What would a truly European AI infrastructure look like? And how do you build systems that are not only powerful, but trusted and resilient by design?