Shares of MP Materials were up 26% in midday trading at $61.19, putting the stock on pace for a record closing high. Apple stock was up 0.6%, while the S&P 500 was flat and the Dow Jones Industrial Average was down 0.6%.

MP Materials has a large amount of cash at hand and strong demand for rare earth magnets, with new partnerships announced. Read why I'm rating MP stock a buy.

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.

Trade Desk (TTD) stock is surging on news that the company will join the S&P 500 (^GSPC), replacing Ansys (ANSS). Robinhood (HOOD) and Applovin (APP) are trading slightly lower after not making the cut to join the index once again.

In a decisive action to bolster the U.S. supply chain for rare earth magnets—essential elements for fighter jets, missiles, and electric vehicles—the

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A rare-earths producer, MP Materials is developing a rare-earth magnet production facility in Texas. MP Materials and Apple are partnering to produce rare-earth magnets. Rare-earth magnet production at the Texas facility is expected to start in 2027.