I think that many people conflate "innovation" with "big companies" which isn't the case: You don't need a google/Apple/Facebook equivalent to innovate (and having such towering companies may hurt in the long run, but wether or not big "googlesque" companies are a good thing is an entirely different question)
There are also a lot of unknown companies that have huge influence on the overall market by being global leaders in very narrow non-consumer facing areas, so called "hidden champions". These companies have become more important due to globalisation. To give a concrete example: While your phone wasn't built in the EU, odds are that it was at least partially produced with machines by ASML, a company that produces lithography machines for ~80% of chip manufacturers.
Also, due to this site here literally being "hackernews" and the pervasiveness of digital systems in normal life, we are getting a pretty skewd look at the industry as a whole: For example, the biggest chemical company in the world is BASF, a european company and the chemical company Bayer now owns a majority share of agricultural chemistry.
It’s likely that something significant is going on in Europe that we don’t know about yet.
The EU Horizon 2020 budget is 70 billion EUR, spent over basically 6 years. Around 80 billion is now being spent as post-pandemic stimulus, but less than what was proposed by the Commission.
That said, you're probably right that US pumps hundreds of billions into "innovation" (let's say R&D) whereas it's just a hundred for the EU.
Fortunately the EU is catching up, but alas it's not because it's so aggressively allocating more for R&D, though the trend is positive, but the US' trend is at best flat, maybe even negative: https://ec.europa.eu/eurostat/statistics-explained/index.php... (Of course these are GDP percentages, and since the US' economy is bigger, the absolute numbers are a lot bigger for the US. And that's why even though Japan's percentage looks best, their absolute amount is below what the EU spends on R&D.)
https://www.bloomberg.com/news/articles/2020-09-12/nvidia-is...
And that's talking about the things that are already there. Looking into the future I don't see anything technology related on the horizon either.
The main technological thing that isn't like that is cars, but even there EVs from Tesla appear more innovative.