Apple, MP Materials
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MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .
The moves by Apple and the Pentagon are part of a broader U.S. push to nearshore rare earth supply chains. Earlier this year, President Trump proposed annexing Greenland, an autonomous Danish territory estimated to contain $4.4 trillion worth of rare earth reserves. Vice President JD Vance made a surprise visit in support of the plan.
Apple is investing $500 million in a deal with US rare earths company MP Materials as the iPhone maker faces pressure from President Donald Trump to produce its popular smartphones
After nearly doubling in value over the last week and closing at a record high Wednesday, shares of MP Materials are sinking premarket Thursday after the rare earths miner announced plans to sell new stock.
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.
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.