The US holds one dominating advantage in one subset of technology. Consumer-facing internet tech. While a lot of people employed in this field commentate on this website, it's a marginal part of the tech industry, and it's not worth sacrificing privacy for, Europe does not need Silicon Valley to produce high-value products.
And if adtech is supposed to be the definition of the future, rather than genomics, complex manufacturing and the life sciences than I'm okay with us skipping that part. There are business models that don't rely on sacrificing the attention and privacy of consumers.