A huge chunk of those trillions come from European and other non-US sources. Capital controls (or triggering the EU anti-coercion legislation), a truly integrated EU capital market and a few failed USD treasury auctions could very rapidly re-direct those flows.

If https://fred.stlouisfed.org/series/IIPUSNETIQ starts reversing, you'll see a lot of US & EU tech re-pricing (and not in the US's favour). Europe's tech talent is excellent, it's the structural financing disadvantages (and loaded trade agreements, see: https://doctorow.medium.com/https-pluralistic-net-2026-01-01...) that have historically held it back.