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.

They aren’t stubborn, it’s simply way easier for them to make a profit in Taiwan instead. If ever the workers in Taiwan refused 12 hour shifts then TSMC would see the writing on the wall.

Something similar happened when Foxconn first opened iPhone in India.

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).