SoftBank will invest $2 billion into Intel as the struggling chipmaker pulls back on spending and lays off thousands of workers. In an announcement, SoftBank CEO Masayoshi Son said the investment aligns with the firm’s belief that “advanced semiconductor manufacturing and supply will further expand in the United States.”

Japanese technology giant SoftBank Group says it plans to take a $2 billion stake in computer chip maker Intel as it deepens its involvement in U.S. semiconductor manufacturing in the United States.