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.

The stock of MP Materials (MP) has hit an all-time high a day after consumer electronics giant Apple (AAPL) disclosed plans to invest $500 million in the operator of the only rare earths mine in America.

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.