That said, if (or when) the progress of the LLMs flatten out, then I think even Europe can catch up in a few years. If they don’t, and that seems unlikely to me, if the required compute needs to increase at the rate it does today, then I am not sure any of us can predict where society ends up.
For example, Mercedes autonomous driving team is moving ahead at glacial speed, but the system they have so far is excellent and reliable. I'd prefer that over the sad joke Tesla is promoting any day.
Life's not all about the number on your bank account. Once you're past a certain level (which a competent engineer can easily reach in Europe as well), the marginal utility of money diminished quite quickly.