ARM have offices all over the world and are owned by the Japanese. The European "tech industry" is and remains a joke.
American companies also have offices all over the world. For example, Google have several offices in Africa. This does however not mean that Ghana has a booming tech industry, it just means that sometimes you need domestic offices for minor regulatory reasons.
SoftBank only bought ARM in 2016, they are by origin very much from the UK and I don't think anyone is going to argue that ARM wasn't relevant before 2016.
DeepMind was also founded in the UK and later bought by Google. Their HQ remains in London.
DeepL, who are providing a much better translation product than Google or Microsoft by many accounts, are a German company.
Spotify, which I'm sure needs no explanation, is a Swedish company.
While it is certainly true that the US pays better, I think you need to re-evaluate your position that noone else is creating good or valuable products.
Two of these companies are British, and the other two are complete jokes. It is like talking about the 'Ukrainian software industry'. Sure, some of them have computers, but that does not a tech industry make.
American companies also have offices all over the world. For example, Google have several offices in Africa. This does however not mean that Ghana has a booming tech industry, it just means that sometimes you need domestic offices for minor regulatory reasons.