After decades of globalization, everyone is just extremely dependent on everyone.

I think hardware is a bit complicated by the way. A lot of hardware is also not US controlled. For instance ARM Holdings is British, Japanese, or global depending on how you look at it and quite a lot of vendors rely on ARM's reference designs. Europe also has a lot of important chip designers, but they are more focused on embedded systems and support chips, like NXP and ST Microelectronics.

"Only services" covers a lot of critically important things. Clouds services and payment systems, for example. Even just one American company like AWS could turn off a huge chunk of European economies.

Why European governments and increasingly companies are trying to move away to European alternatives. It all starts small, but e.g. a bunch of governments are already disentangling from Office. The sale of the maintainer of the Dutch DigiD infrastructure to a US company has been blocked (would have happened without any blockers a few years ago). Countries are reducing US arms purchases in favor of European alternatives.

It's like turning a mammoth tanker, but it is slowly happening.

Let's just hope we have critical mass before the right-wing populists take over, big tech has been intensively lobbying them in recent years [1]. So much 'for the people', like they always proclaim.

[1] https://www.brusselstimes.com/1916422/us-tech-giants-allying...