Apple Invests $500M in US Rare-Earth Magnet Supply, Boosting MP Materials

Apple has committed $500 million to secure a domestic supply of rare-earth magnets, partnering with MP Materials to reduce reliance on overseas sources. MP Materials' shares surged 24% on the announcement, while Apple's stock saw modest gains.

The agreement centers on MP Materials' Fort Worth, Texas facility, which will begin shipping magnets for use in smartphones and electric vehicles by 2027. The timeline supports both companies' strategic shift toward localized production of critical tech components.

"American innovation drives everything we do," said Apple CEO Tim Cook, emphasizing the partnership's role in strengthening US access to essential materials for advanced technology.

A recycling initiative at California's Mountain Pass mine will complement the deal, recovering rare-earth metals from discarded electronics. The effort aligns with Apple's broader sustainability goals, though no cryptocurrencies or exchanges were directly involved in the transaction.