It's a bit more strict than that. If I have customers in France, this affects me, no matter how many, no matter if it's one dude in Florida who happens to also be French. The reach is absurd.

Is the reach more absurd than what US court claim?

The worst transgressions of US courts shouldn’t be the standard we aim for.

Fair point!

"no matter if it's one dude in Florida who happens to also be French."

That's not true.

Is he a French citizen? My understanding is that GDPR applies to you (in theory) if you have any EU citizens as customers.

Am I misunderstanding? Why is this incorrect?

Yes, that's incorrect, unless you are an EU business yourself. If not, you are only subject if your customers are in the EU. And more, "the mere accessibility of the controller’s, processor’s or an intermediary’s website in the Union, of an email address or of other contact details, or the use of a language generally used in the third country where the controller is established" is not enough to show that you're targeting customers in the EU.

https://gdpr-info.eu/recitals/no-23/

Thanks for that reference! Really helpful.

You don’t need to make money off Europeans to be targeted by the GDPR - you just need to have data about Europeans.

That's pretty disingenuous as it seems impossible to "make money off Europeans" without having any data about them.