Shares of MP Materials (NYSE:MP) surged 8% in premarket trading Tuesday after reports emerged that Apple (NASDAQ:AAPL) is preparing to invest $500 million in the U.S.-based rare earths company. The arrangement would see MP Materials supply neodymium magnets—crucial components for many Apple products—from its Fort Worth,

Nvidia's gain helped keep the Nasdaq Composite above water today, with the tech-heavy index climbing 0.2% to 20,677 – a new all-time closing high. However, the Dow Jones Industrial Average shed 1% to 44,023 and the S&P 500 fell 0.4% to 6,243 due in part to weakness in financial stocks.

MP Materials rips to all-time high after $500M deal that ensures Apple supply. XPeng revises hiring plan for 2025 with focus on AI-report. Stellantis to end hydrogen fuel cell program.

Tech giant Apple (NASDAQ: AAPL) has struck a $500 million deal with Pentagon-backed MP Materials (NYSE: MP), the United States’ only producer of rare earth elements, as part of a larger effort to secure domestic supply chains for smartphones and electric vehicles.

Nvidia stock jumps after the chip maker says it soon expects to again begin selling its H20 AI chip in China, while earnings from JPMorgan Chase, Wells Fargo, and Citigroup beat analysts’ estimates.

MP Materials (NYSE:MP) closed +20% on Tuesday, posting an all-time intraday high of $62.87, after unveiling its $500M deal with Apple (NASDAQ:AAPL) to develop a recycling line for rare earth materials that will allow MP to reprocess rare earth elements for use in Apple products.

US stocks end up with the S&P 500 and Nasdaq at records. MP Materials soars on government's big stake. Delta lifts airlines. Bitcoin hits record too.