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.’s $2 billion investment in Intel Corp. could be the catalyst the struggling chip maker needs to turn the corner, some analysts believe. Melius Research analyst Ben Reitzes raised his price target on Intel’s stock to $25 from $21,