The US capital markets are truly a wonder to behold. There's no way to replace that. For good and ill, you'd only get weird looks in Europe if you asked for €10 billion for an unproven business model in what's somehow also a competitive market.

To be fair this example does look a lot like insanity.

>There's no way to replace that.

Nothing is truly irreplaceable

It's not really a wonder, Americans will simply lose their pensions if the AI business models don't work out. The same way it happened many times in the past.

This is part of the answer.

I have a theory about the second part; European consumers have an even more suspicious view of "corporate overlords" if they are domestic/European than if they are American. Not because Americans are more trustworthy, but because they see Europeans as "anonymous masses" and are therefore more "neutral" to the internal struggles in Europe.

Signing up to a service owned by a European "dynastic" family, possibly in a neighbouring country, feels like more of a surrender of autonomy.

Hasn't this also something to do with the cultural dominance that US have had over the EU? We considered US services more valuable just because they where from US. But that cultural dominance might not be as strong anymore, maybe because of social media/TikTok?

You don't have to love risk to build something you need.