Matthew Tuttle, CEO of Tuttle Capital Management, warned that investors may be underestimating a growing shift away from U.S. assets, particularly large technology firms, as Europe and other regions move to reduce dependence on American platforms and policies.

In a note released on Monday, titled “Europe Just Started Building a ‘Kill Switch’ for U.S. Tech – And the Market Isn’t Priced for It,” Tuttle pointed to what he described as a growing push by governments and corporations to build alternatives to U.S.-based technology and policy frameworks, reported MarketWatch.

He said the shift is already becoming visible across procurement decisions, supply chains, defense spending, and capital allocation, arguing that once these changes gain momentum, they tend to be difficult for markets to ignore.

Europe Pushes Digital Sovereignty Shift

Tuttle also highlighted a less visible but equally important shift towards digital sovereignty in Europe, which aims to ensure that communications and core systems can’t be easily turned off if relations with the U.S. deteriorate.

He pointed out that the shift is already underway, citing France's push for state employees to discontinue Zoom Communications