In our recent article on AI and the global economy, we highlighted Europe’s role as a supplier of some of the equipment behind the AI build-out. Europe is therefore not simply watching the US artificial intelligence boom from the sidelines. But how much is it actually benefiting from the surge in US infrastructure investment?
To track Europe’s role in the US AI build-out, we use a selected basket of products relevant to AI infrastructure, based on Waugh (2026), including servers, transformers and cooling equipment. These products are not exclusive to AI infrastructure, so the figures do not identify exports specifically destined for AI projects. Comparing 2022 with the 12 months ending July 2026, annual EU exports of the selected products to the US increased by approximately €10bn, or 55%, in electrical power equipment; €8bn, or 77%, in compute hardware; and €3bn, or 30%, in cooling systems. European suppliers also gained shares of US imports within the selected power and cooling categories.
Yet Europe’s share of the overall infrastructure basket has fallen sharply since 2024. European suppliers are gaining ground in some expanding markets, but those markets represent a shrinking proportion of a boom increasingly dominated by computing equipment.
A falling aggregate share does not mean Europe’s established industrial strengths are failing. It does show that success in those industries is not enough to keep pace with the changing composition of US demand.
Source: think.ing.com
