Just as a company will spend current revenue on R&D with an eye to the future. It seems rational that nations would spend R&D on valuable efforts aren't priced into the market correctly as well.

Having chips manufactured in the US is one such a national interest. So I am not positive calling it Semiconductor Socialism is really correct in the abstract.

Unless you mean socialism in the sense that Intel was failing, so now the gov is helping them. in that sense yes. But funding chips in the US is funding a national interest not socialism.

Still your argument that funding Intel's model is a poor use of US money does make sense. So given the goal (if you support that goal) how would you fund to achieve it?