European Central Bank President Christine Lagarde warned that European savings are helping finance the United States’ artificial-intelligence expansion while Europe captures a smaller share of the resulting economic benefits. Eurozone households hold around €440 billion in U.S. technology companies, including Nvidia and Alphabet, while American firms produced 59 notable AI models last year, compared with 35 in China and one each in France and the United Kingdom. Eurozone households held nearly €10 trillion in bank deposits as of May 2026, with around 80% owning no shares, bonds or investment funds. European funds, insurers and pension schemes also lend directly to U.S. technology companies through their purchases of corporate bonds. Major U.S. hyperscalers issued more than $100 billion in bonds last year and are expected to spend over $1 trillion on capital investment by 2028. Lagarde said Europe could bear part of the resulting increase in borrowing costs without receiving comparable growth. Rapid AI adoption could lift eurozone productivity by as much as 4% over a decade, but the United States hosts about 75% of global AI computing capacity versus roughly 5% in Europe. The European data-center supply gap could reach 19 gigawatts by 2036 and cost as much as €600 billion to close. Europe’s response includes the Savings and Investments Union, the Listing Act and plans for AI gigafactories, but analysts say deeper venture-capital markets and more competitive European companies are needed to keep savings at home.