Where I disagree is that if Intel fails, something better (US based) will replace them. It won't.
In the scenario where Intel fails (which would primarily be centered around defaulting on the 50 billion of debt that they built up and can barely service), the US gov could offer strong tax incentives to players who want to form up a new national fab company. Give it favored status essentially (again, if the US is already crossing fairly extreme lines of having US state owned corporations, this doesn't seem so extreme in comparison).
You already have Private Equity interests that are starting to consume Intel. Ex: some of the new fabs are funded by Brookstone, and they have sold off a portion of the profit from the venture, and then collateralized the transaction with the hard assets and put Private Equity at the top of the bankruptcy cap stack.
I think that if the US gave some incentives, the pieces would fall into place extremely quickly. PE would do the actual capital funding in a heartbeat if they had sweetheart tax incentives, and Japan/SK/TSMC would also get involved. Presumably - given the style of the current admin - the "deal" would be "you get favored status by taking part in this project. We will give strong tax benefits to also drive profit. If you turn it down, expect to see tariffs and calls go unanswered while your competition has a direct line."
You’re arguing about logistics under the current economic rules while simultaneously defending a change of rules.
When you put that on the table, then there’s a lot more ways to overcome the obstacles of today that aren’t being discussed.
If a company’s management becomes a risk to national interests, then giving them more money with no added oversight is not really solving anything.