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.

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.”

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

Lutnick just laughed it off, indignantly pointing out that “we were just giving away the money” under the previous terms of the CHIPS Act. But the legality of any equity stake would likely be challenged by both Intel shareholders and competitors in the industry, according to the Times.

After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock’s sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago.

Intel stock was moving as it looks to be set to get the U.S. government as a shareholder. The Trump administration could pursue equity stakes in other companies including Taiwan Semiconductor Manufact