SoftBank will invest $2 billion into Intel as the struggling chipmaker pulls back on spending and lays off thousands of workers. In an announcement, SoftBank CEO Masayoshi Son said the investment aligns with the firm’s belief that “advanced semiconductor manufacturing and supply will further expand in the United States.”

A $2 billion investment represents a roughly 2% stake, ranking SoftBank the fifth-largest shareholder of Intel, while a reported 10% stake by the U.S. would be worth about $10.4 billion as of Monday’s share price.