"Long term it could be a turning point to deflating American dominance of the most important market in the modern world."
The most important market in the modern world is oil and gas.
Global digital ad spending (which is what these software/service stacks are proxies for) will be $327B in 2019. Compare this to $360B for a single oil producer, Saudi Aramco, in 2018.
Note that none of the FAANGs are even in the top 10 of this list:
https://en.wikipedia.org/wiki/List_of_largest_companies_by_r...
... and only 2 are in the top 20. And google is not on the list at all. 5 of those top 10 are oil and gas (and it would be 6 if Saudi Aramco were listed).