Intel is getting a $2 billion capital injection from SoftBank Group in a major vote of confidence for the troubled U.S. chipmaker in the middle of a turnaround.

Shares in the chip maker rose following news of SoftBank’s planned investment and a possible stake for the U.S. government.

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.”

SoftBank announces its intention to purchase up to $2 billion worth of Intel common shares, investment into advanced semiconductor manufacturing in the US.

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

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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,