The long-term bull case for the stock rests on the idea that U.S. administrations will aim for rare earth material independence from China, and MP Materials, a company that operates the only rare earth and processing facility, at Mountain Pass in California, , will be a key part of the process.

MP Materials Corp (NYSE:MP) shares are rising Tuesday after the company signed a long-term agreement to supply Apple Inc (NASDAQ:AAPL).

Apple's latest investment in a company that manufactures rare earth magnets in Fort Worth signals a significant shift in the tech giant's supply chain strategy, with implications for both the local economy and national manufacturing.

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 announces a public-private partnership with the US Department of Defense to accelerate the build-out of an end-to-end US rare earth magnet supply chain.

The Defense Department last week agreed to buy a direct equity stake in MP Materials, the only rare earth miner in the U.S.

MP Materials Corp (NYSE: MP) shares surged on Thursday after the U.S. government announced a strategic investment to strengthen the domestic rare earth supply chain.

MP Materials (NYSE: MP) is up 50% today after an announcement that the Department of Defense is buying $400 million of preferred stock in the company. This will make the Pentagon the largest shareholder here.