SoftBank agreed to acquire $2 billion worth of stock in beleaguered chipmaker Intel as the Japanese conglomerate continues to deepen its investment in the U.S.

The two companies said SoftBank's stake in Intel was a bet on the growing market for artificial intelligence, which Intel has struggled to serve.

When Lip-Bu Tan stepped down from the SoftBank Group board in 2022 at a time when the Japanese company was grappling with soured investments, his parting message offered advice on how Masayoshi Son's conglomerate could strengthen its business.