Samsung Electronics plans to build a new cutting-edge semiconductor fab in Austin, Texas, according to an ETimes report. An official announcement to this effect will be made later today, when South Korean President Moon and U.S. President Biden are scheduled to hold their first Summit meeting, in Washington DC. The facility will offer third-party contract manufacturing of semiconductor chips on the 5 nanometer EUV process. Samsung has earmarked an investment of $18 billion toward the construction of this fab, which will be located close to the company's existing foundry in Texas, which manufactures chips on the 14 nm node. Samsung's investment is in response to rising demand of high-volume logic chips by major American firms such as Amazon, Google, Microsoft, and Tesla.