Increasingly where the desks and servers are is critical.

The cloud act and the current US administration doing things like sanctioning the ICC demonstrate why the locations of those desks is important.

That's such a silly argument. X, OpenAI and others have large Saudi investments. In the grant scheme of things the US is largely indebted to China and Japan.

Currency is interchangeable. Location might not be.

An EU Company pays taxes in EU, has a EU mindset (worker laws etc.), focuses more on EU than other countries.

And an EU company can't be forced by the US Gov to hand over data.