Apple, MP Materials
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MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .
MP Materials shares fell Thursday morning as the company said ... The rare earth miner's stock had nearly doubled over the last week as it announced investments from Apple and the Defense Department. A hot company is cashing in—and its shares are falling.
The Cupertino tech giant has inked a $500 million deal with Mountain Pass’ owner and operator MP Materials, the two companies announced on Tuesday, in a move that will help Apple onshore a part of its sprawling supply chain.
MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.