Apple, MP Materials and earth magnets
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MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earth magnets and help loosen China's grip on the materials used to build weapons, electric vehicles and many electronics.
MP Materials' stock surged 50% after a transformative Department of Defense deal. Click here to find out why I rate MP stock as a hold at current prices.
The $400 million investment will create a domestic supply chain for materials used in fighter jets and missiles.
James Litinsky, MP Materials chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss the company's deal with the Defense Department, in which the Pentagon will become the largest shareholder in the rare earth miner.