Intel is getting a $2 billion investment in common stock from SoftBank, which is betting big on the AI revolution.

SoftBank Group Corp. agreed to buy $2 billion of Intel Corp. stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions.

The U.S. chipmaker has struggled to keep pace in the AI market alongside competitors like Nvidia. Softbank has agreed to buy Intel common stock at $23 per share.

SoftBank Group Corp. shares look to have limited upside after the rally this month that added more than ¥7 trillion ($47 billion) to an all-time high Monday.

The investment will make SoftBank Intel’s fifth biggest investor, with the conglomerate paying $23 per share of Intel common stock. Lip-Bu Tan, Intel’s CEO, said in a statement that he “appreciate (s) the confidence (SoftBank) has placed in Intel with this investment.”

Launched in January, the Stargate joint venture unites OpenAI, SoftBank, and Oracle to accelerate AI infrastructure investment in the US.

Below are major AI investments SoftBank has announced so far. On August 18, SoftBank announced a $2 billion equity investment in Intel, saying the deal reflected its belief that chip manufacturing and supply would expand further in the U.

A new partner to Foxconn's AI venture in Lordstown, Japanese investment firm SoftBank, has also announced a $2 billion investment in semiconductor giant Intel.

Son is also pursuing a $6.5 billion acquisition of Ampere Computing and reportedly eyeing up to $30 billion in OpenAI funding. But execution isn't running on schedule. For the first time, SoftBank's CFO admitted that Stargate is delayed.