If I am running Hetzner, I will be looking at an aggressive North American expansion. The energy cost gap between US and Europe are going to get bigger.
Only briefly. The fracking boom is basically over:
https://www.technologyreview.com/2021/07/01/1027822/fracking...
We're presently running a good portion of our heating and electricity via the cheap gas that the fracking boom unlocked but that's going to taper off pretty quickly over the next decade. Because fracking was never a long-term solution.
Here's what's probably going to happen: Places like Europe will be investing heavily in renewable energy and locking in long-term contracts to get things like solar panels and wind turbine blades. Meanwhile the US will continue "business as usual" thanks to the largely for-profit power sector that only looks at next quarter. Then as the cheap gas from fracking runs out the US will be screwed and have the same problem that Europe is currently having.