I can't really think of many notable things to come out of Europe as of late... besides maybe covid vaccines but its hard to really say that when 90% of the wikipedia page for the "creators" is about research and contributions that they did (and could really only do) in the US.
This same sentiment was going around in 2016 when Trump was doing those ridiculous "bans" on immigration. Since then I would argue the US has only increased its influence and power over Europe. Europe needs help with the war and the US has already given immeasurable resources. Europe has almost no skin in the game when it comes to AI. Maybe that's a bubble but the point still stands.
Ofc I don't agree with what the current president is doing, but the idea that businesses and research will flock to Europe is amusing. They've certainly introduced enough barriers to ensure that won't happen.