Looking at the actual revenue split of the biggest US companies, such as the Mag 7. You can argue that they aren't really American companies anymore. They are global utilities that just happen to pay taxes in California.
\- Meta: \~64% revenue from outside US
\- Apple: \~64% revenue from outside US
\- Google: \~56% revenue from outside US
The only reason the rest of the world let these companies dominate their economies for 20 years is because the US was seen as the "stable, boring adult" in the room. We had high trust.
That trust is evaporating. When the US political system looks erratic, foreign governments stop seeing Microsoft or Google as neutral tools. They start seeing them as liability risks from a volatile superpower.
The counter-argument is these products are sticky and hard to change. That's true, Corporate IT switching costs are brutal. This isn't going to be a cliff where revenue drops 20% overnight.
But change happens on the margins. It's not about losing the current customer. it's about losing the next one.
\- It's the German government choosing a local provider for their next 10-year cloud contract instead of Microsoft.
\- It's France passing laws that force data to stay in-country, destroying margins.
\- It's the Global South adopting Chinese stacks because they don't want to be reliant on US policy whims.
This won't be a crash. It will be a slow, painful drag on growth for the next decade.