I do get his points about the trade restrictions that have hurt Intel since the CHIPS act was passed, but if part of his rationale is where the R&D happens, well he should've had his lobbyists put something about that in the bill.
: P
I'm being only partially facetious, here.
Anyway, from the US Government's perspective, the ideal outcome is to have a US semiconductor industry with multiple competitive players. And the funding was allocated to serve the interests of the country and the tax payers, not a corporation and its investors. So, although it might be nice to have some additional R&D tax credits, the money is best spent more broadly, and not going predominantly to one or two players.