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.

Apple's $500 million investment in MP Materials is making headlines across the U.S. tech and defense sectors. In a bold move to boost American-made rare earth production, Apple is partnering with MP Materials—backed by a $400 million Pentagon deal—to reduce dependence on China.

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.