MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.
The move: MP Materials surged as much as 30% on Tuesday. Shares hit a high of $62.87
The stock is up 290% year-to-date.
The chart:
Why: On Tuesday, MP Materials announced a $500 million partnership with one of the tech sector’s biggest names, supplying Apple with rare-earth magnets from its US mine.
As the owner of the only operational rare-earth mine in the US, MP Materials is in a unique position in a highly important supply chain.
“Magnet shipments are expected to begin in 2027 and ramp up to support hundreds of millions of Apple devices”, the company said.
