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Intel and SoftBank announced on Monday that the Japanese conglomerate will make a $2 billion investment in the embattled chipmaker.

SoftBank will pay $23 per share for Intel's common stock, which closed on Monday at $23.66. The shares rose about 6% in extended trading to $25.

The investment, equal to about 2% of Intel, makes SoftBank the fifth-biggest shareholder, according to FactSet. It's a vote of support for Intel, which hasn't been able to take advantage of the artificial intelligence boom in advanced semiconductors and has spent heavily to stand up a manufacturing business that's yet to secure a significant customer.

"Masa and I have worked closely together for decades, and I appreciate the confide

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