Apple has signed a $500 million deal with MP Materials to supply rare-earth magnets, part of a strategy to relocate production to the US.

The deal with MP Materials, announced recently, reflects Apple's efforts to refocus its supply chain toward the United States amid pressure to reduce its reliance on China. Apple will pay $200 million upfront, and deliveries of the magnets will begin in 2027 using recycled materials. These magnets are essential for various electronic devices, and the partnership will support the supply of vital resources in the US. Shares of MP Materials have surged as Apple reaffirms its commitment to investing in the US economy.