Apple Inc. (NASDAQ:AAPL) has signed a $500 million deal with MP Materials (NYSE:MP), a Pentagon-backed company, to secure a supply of rare earth magnets. This agreement is a strategic step to ensure a consistent supply of critical components and reduce reliance on China.
What Happened: This deal, announced on Tuesday, is one of the first U.S. supply agreements signed by a tech company following China’s export restrictions earlier this year, reported Reuters.
