And that’s why they won’t set up a fab in Europe, the cost of manufacturing would simply be too high.

Yup, that’s why I said almost. And tbf TSMC also has a 3nm process. But crucially Samsungs 3 and 5 nm fabs are not in the US, their best fab in Texas only goes down to 14 nm.

TSMC is a massive company that makes a huge profit. Almost nobody else in the world can make 5nm chips (intel can but they already are setting up in Ohio).