The US is undoubtedly ahead at the moment, but the point is that this moment is developing into a turning point where the US is reducing science funding while simultaneously being openly hostile to both scientists and very concept of science itself. If US scientists feel this not just a transitory bump but a genuine change in the political climate going forward, then Europe is going to look inviting, especially if they start offering incentives.
https://ncses.nsf.gov/pubs/nsb20246/cross-national-compariso... ("Cross-National Comparisons of R&D Performance" (2024))
In the NSF's specific definition, the US greatly outspends the EU even normalizing by GDP—3.46% of GDP in the USA, against 2.16% in the EU-27.
(Notably, China also recently surpassed the EU, at 2.43%).