I happen to believe that the excessive "fines" that the EU has been directing at the technology industry are a brazen plan to extract money from large technology companies without violating international taxation treaties signed with the United States.

If that's the case, they need to start issuing more fines to more companies to really make a dent.

These fines are big, but as a percentage of the tech industry revenue, they're still under 0.1 percent

That's not the relevant comparison. What are the fines compared to net profit in the EU?

Fine is directly calculated on profit in EU - a'la tax.