The Japanese investment firm SoftBank will invest $2 billion in Intel , an infusion of cash for the struggling chipmaker.

SoftBank will pay $23 a share for Intel common stock, the two companies said in a joint announcement, a slight discount from Intel’s closing price of $23.66. Shares rose 5.5% after-hours trading to $24.97.

The investment would come to about 2% of Intel’s common stock.

SoftBank invests primarily in technology firms, and the two companies said its Intel stake was a bet on the growing market for artificial intelligence, which Intel has struggled to serve.

“For more than 50 years, Intel has been a trusted leader in innovation,” Masayoshi Son, SoftBank Group Corp.’s chairman and CEO, said in a statement. “This strategic investment reflects our belief that advanced semi

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