Apple, MP Materials
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Shares of MP Materials gained 20%, closing at $58.22, a record closing high. Apple stock rose 0.2%, while the S&P 500 and Dow Jones Industrial Average fell 0.4% and 1%, respectively.
MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.
However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.
1don MSN
MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.
MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.
Apple is investing $500 million with MP Materials to design and manufacture recycled rare earth magnets in the US, specifically for Apple devices.