MP Materials stock soars
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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.
The factory will develop a series of neodymium magnet manufacturing lines specifically designed for Apple products.
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.
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.