[null_investor]

It doesn't matter.

US companies will want to have consumers and Europe has them, so they would like to offer their services in the EU.

AI hardware is also produced in China. Americans don't want to talk about it, but Huawei has good inference hardware and software.

[ArtTimeInvestor]

    US companies will want to have consumers

Consumers who can pay. If Europe falls behind and does not have the capability to produce goods or services that are in demand in the US and China, the European consumers might want those US/China products and services, but they can't pay them.

Look at the German automotive industry. Once they produced something the world wanted. Will they still do that in the age of electric autonomy?

Except for ASML's technology, which competitive advantage does the European industry have to stay relevant in international trade?