To be honest, only the last few holdouts in Europe still believe in the US nuclear shield. The fact that Germany is trying to make a deal with France should tell you everything.

Netflix, YouTube and OpenAI are completely meaningless and we could drop it tomorrow. NVIDIA and AWS are a different story. The only problem is that once things become transactional (as opposed to mutually trusting allies), Europe can leverage ASML and possibly ARM. So it doesn’t bring much soft power anymore, only mutually assured economic destruction.