Intel is getting a $2 billion lifeline from Japan's SoftBank, the companies announced Monday after signing a definitive securities purchase agreement.

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.

Japanese technology giant SoftBank Group plans to take a $2 billion stake in computer chip maker Intel as it deepens its involvement in U.S. semiconductor manufacturing and other advanced technology in the United States,