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This has far less to do with an AI bubble and far more to do with the fact the US has a lot of very high margin, relatively high growth international businesses.

These companies are richly valued primarily because they make massive sums of money and all seem to have bright futures. It's hard to find companies with characteristics like that (if they exist at all) outside of the US.

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It's such a feedback loop though. Give promising european talent the same amount of cash and it's likely they'd do as well. Sometimes money is the main constraining factor (especially ML related things).

> Give promising european talent the same amount of cash and it's likely they'd do as well.

I don't think so. The mentality in most of Europe is completely different. Most people don't strive for the extreme levels of success of companies like Google, Tesla or Apple, but are happy to merely get rich. Also, most gain beyond "merely rich" tends to be absorbed by governments here, not the founders. That severely hinders rapid growth.

The few people with a similar mindset to Americans either migrate there or end up selling to some American company before scaling.

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