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 shares remain in focus after soaring 20% yesterday on news that Apple plans to invest $500 million in the rare earths firm, news that came just days after the Department of Defense took a stake in the company.

Apple's $500 million investment in MP Materials is making headlines across the U.S. tech and defense sectors. In a bold move to boost American-made rare earth production, Apple is partnering with MP Materials—backed by a $400 million Pentagon deal—to reduce dependence on China.