There will be a company using Intel's fabs to make chips 5, 10 or 20 years from now. Because it is in the national interest of US to make sure that happens.

It is not in the national interest to make sure that the Intel common stock remains valued above 0. Plenty of companies that are of national interest were saved directly from bankruptcy, by nationalizing them in a way that wipes out the common stock.

The US government owns the stock.