MP Materials to supply Apple with US-made rare earth magnets
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USA Rare Earth's business plan shows potential and the stock has traded fairly well so far. Read why I'd sell USAR stock into any rallies.
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.