The European market versus the American market. They tracked and followed a similar path until 2010, but have diverged since then. 

My guess what happened was that there weren’t many important tech companies and the U.S. has produced most of the important tech companies. 

Any other theories of what happened?

🇧🇷🇺🇸-  Book: Making Things Think: https://holloway.com/mtt. Investor in Wander, Carry, Footprint, Merkle Manufactory (Farcaster), Dynamic, Paragraph.

Europe too focused on regulation and bureaucracy while so much of its talent left for the US, it historically suffers from a huge brain drain which stifled its growth potential

True but EU’s is harsher

Think talent leaving for the states lead to the downward spiral of the industry

The U.S. has plenty of regulation too., and each state has its own set of rules and enforcement agencies.

California may have as much regulation as Europe