Apple Signs $500 Million Rare Earth Magnet Deal With MP Materials
Apple Inc. signed a $500 million deal with MP Materials for rare earth magnet supply, the company announced on Tuesday. The tech giant is mitigating supply risks as China curbed exports in retaliation for Trump’s tariffs. MP Materials stock skyrocketed 20% after the deal as it received the backing of the world’s richest and valuable company. MP Materials is the only rare earth magnet supplier in the US and China’s curbs made Apple tap American businesses. The Las Vegas-based company had also signed a deal early this month with the US Department of Defense for rare earth magnet supplies. Pentagon became its largest stakeholder with the deal and its stock price nearly doubled in a week. Also Read: US House Fails To Advance Crypto Genius Act, Clarity & Anti‑CBDC Act MP Materials Stock Soars After Apple’s Rare Earth Magnet Deal Source: Getty Images The company’s shares have surged by 255% year-to-date and are among the top-performing equities in the markets. An...