MP Materials to supply Apple with US-made rare earth magnets
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The factory will develop a series of neodymium magnet manufacturing lines specifically designed for Apple products.
Shares of USA Rare Earth stock are down 7.1% through 1:55 p.m. ET Wednesday, and the reason is simple: USA Rare Earth is not MP Materials. Not even close.
MP Materials, which runs the only American rare earths mine, announced a new $500 million agreement with tech giant Apple on Tuesday to produce more of the powerful magnets used in iPhones as well as other high-tech products like electric vehicles.