If the US wants to ban AWS from operating in the EU that's just going to accelerate the shift away, for example.
If it ends with the Navy showing its non-soft power, Europe won't have any fucks left to give about some website.
Probably worth noting that if the US isn’t at the head of the table, it’s moved to China by default, not Europe. Though their propaganda seems to be quite successful lately.
Netflix, YouTube and OpenAI are completely meaningless and we could drop it tomorrow. NVIDIA and AWS are a different story. The only problem is that once things become transactional (as opposed to mutually trusting allies), Europe can leverage ASML and possibly ARM. So it doesn’t bring much soft power anymore, only mutually assured economic destruction.