If you walk into a European supermarket, fashion store or MediaMarkt there is very little coming from the US.
The giant container ships are coming from the East not the West.
Sadly, SwiftKey is/was actually a UK company that was acquired by Microsoft. Most successful European tech start-ups seem to end up being acquired by one of the American tech giants. Perhaps this is will be ending now.
The US makes the biggest margins from valuable IP and software services, not from mass produced widgets coming in shipping containers.
The software situation is grim but maybe open source somewhat ameliorates that...
Using american EUV light sources....this train of who makes what in the supply chain can go on forever, the point is who's making the highest margins from the end product and it's not ASML nor ARM but Nvidia, AMD, Qualcomm, Microsoft, Apple, Google, etc.
Hence my point that while EU has some IP, its value is dwarfed by the IP the US makes. Just look at market cap of US vs European tech sector. It's not even a competition. ASML can't offset that. I think Apple has enough cash in the bank to buy ASML if they wanted to.