MP Materials to supply Apple with US-made rare earth magnets
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Despite Apple Inc.'s (NASDAQ: AAPL) recent management overhaul, CEO Tim Cook is facing mounting criticism from analysts over his leadership and the company's innovation strategy.
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Apple’s stock is on a downward slide this year and investors are looking for signs of a turnaround during its upcoming July earnings call. Some market watchers have called out the company’s AI efforts as half-baked, and one research firm called for Tim Cook to step aside, despite a historically strong track record.
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MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .
On the other hand, investors who first bought Apple stock in July 2005 and have not trimmed their positions have recognized extraordinarily impressive growth. An initial investment of $10,000 20 years ago would now be worth about $1.546 million.
Apple is investing $500 million with MP Materials to design and manufacture recycled rare earth magnets in the US, specifically for Apple devices.