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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 equity investment, announced by the companies on Monday, is a lifeline for the once-iconic U.S. firm which has struggled to compete after years of management blunders that left it with virtually no foothold in the booming artificial intelligence chip industry.

It will make SoftBank a top-10 shareholder of Intel and add to the Japanese tech investor's ambitious bet on semiconductor and AI assets that includes the $500 billion Stargate U.S. datacenter project.