Europe is almost twice as big as the US, yet US technology companies dominate Europe in almost any startup category. So I don't think brushing it away on that basis is helpful.

At the end of the day if it goes as it normally does with technology there are going to be few winners in each industry and many loosers.

If Asia manages to create more successful companies locally they are going to be able to create more successful companies internationally which means just as the US have many in Europe, Asia can have many in the US (Alibaba comes to mind)

It's not a competition, it's a game with no rules and no judges.