MP Materials stock rips 20% higher after $500 million Apple deal for rare earth magnets
People look at iPhones at the Apple Fifth Avenue store in New York City on May 23, 2025. Apple and miner MP Materials announced a $500 million deal Tuesday for rare earth magnets and the development of a recycling facility that will reinforce the iPhone maker's U.S. supply chain. MP Materials stock climbed 20%. Shares of Apple were marginally higher. As part of the agreement, Apple will buy rare earth magnets created at the company's facility in Fort Worth, Texas. Both companies will combine