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This article interrogates European power through the lens of its investment shortfall relative to the United States. What is the magnitude of this shortfall, and in what respects does it pose a problem for Europe’s future?Although investment momentum appears more vigorous in the United States than in Europe, the primary concern ought to center on the composition of investment. The engine of U.S. investment is concentrated in digital and defense technologies. Firms operating in these domains are consolidating their global pre-eminence by deploying large-scale investments in both physical capital and intangible assets. Europe’s investment deficit vis-à-vis the United States reflects not only deliberate growth choices but also the self-reinforcing dynamics intrinsic to digital technologies. Beyond growth objectives, however, security imperatives and the specific challenges associated with artificial intelligence further strengthen the case for accelerated investment.