SoftBank Group Corp. agreed to buy $2 billion of Intel Corp. stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions.

The president recently secured a commitment by Nvidia and Advanced Micro Devices to pay the government 15% of their chip sales in China in exchange for export licenses. In Nippon Steel’s takeover of U.S. Steel, he received a “golden share” giving him sway over how the company operates.