Intel shares are surging 6% in premarket trading Tuesday on news that Japan's SoftBank Group is making a $2 billion investment in the struggling U.S. chipmaker.

The move could be seen as a vote of confidence for Intel, which has been playing catch-up in an industry that has chased the artificial intelligence boom.

Intel is getting a $2 billion lifeline from Japan's SoftBank, the companies announced Monday after signing a definitive securities purchase agreement.

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The move is part of SoftBank's investing initiatives in the US, which also includes commitments towards AI computing. Intel, which has lagged behind in the chip race after being the erstwhile market leader,