It takes years to build a new fab. The market has no patience for that.
Intel is the cheapest tech company by a huge margin if look at book value.
Those fabs are expensive, but even if nobody wants Intel processors anymore, they could even manufacture Ryzen's.
The downside is that it takes 3-5 years to make profit on a fab, it's easier to be NVidia in that sense, but I wonder if it's sustainable in the long run.
What Intel really needs to do is get competitive with TSMC. Gelsinger started the process instantly when he became the CEO, but it takes time.