Taiwan may never give them permission to do leading node outside Taiwan, and buying into Intel solves that issue. They then can move a portion of customers wafer starts to Intel, where the product is sold in the US.
They would also be able to offer a lot of valuable advice on how fabs and TD are structured and LBT clearly would be all over that.
Most of the factory workers would be transitioned to be contract workers. Many of the fab department work would be transitioned to regional operation centers, or in some cases offshored to Malaysia and other lower cost geos.
TD would be greatly reduced and projects which have no viable production value would be stopped. The hundreds of labs would be consolidation or shut down. Engineering staff would be cut, as Ann built that up to multiples of what it had previously been and the need for that is gone.
The fabs would become far smaller organizations, and that should enable AI and humanoid robotics to be implemented more quickly than was going to happen anyway. The contract workers will work alongside the robots and the engineering staff would be greatly assisted and made more productive by AI tool analysis.