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At this point I wouldn’t move to USA if you paid me double the salary. There are more things in life than money.

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.

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I think there is a non-zero chance that Europe stumbled into an optimal scenario where they avoided all the losses incurred by US companies, but still benefit from the research. Having said that, doing so would require moving at the exact right time.
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I wouldn't underestimate the capability of European companies to build rock-solid industries on established science. We may not be the pioneers wedging new product categories into the market, but there are millions of highly qualified people here, working hard every day.

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.

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Sure some people like to make less money and pay more taxes for ideological reasons. I respect that.
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I like to make less money and pay more taxes for higher quality of life reasons. Sure I could go to America and have more many in my pocket by eating mcdonalds every day, but I'd rather eat amazing high quality food and have less money in my pocket.
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what country is that ? I'm just curious as most European coworkers I have spoken to have not so nice things to say about EU and their country.
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Fortunately for Europe, the US is doing its best to make itself both an undesirable and unavailable immigration target.
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treated far better != earn more money
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As somebody who moved to the US and then back to Europe again, you may get more money there, but you'll pay for it with a much worse environment and lifestyle.

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.

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