Latest news with #Cupertino-based
Business Insider
8 hours ago
- Business
- Business Insider
Apple is investing $500 million in a US maker of rare earth magnets, and the company's stock is soaring
American manufacturing is getting a half-billion-dollar boost from Apple. The Cupertino-based iPhone maker said Tuesday it has reached a $500 million deal with MP Materials to buy US-made rare earth magnets. "Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," Apple CEO Tim Cook said in a statement. Rare earths are used in the production of high-powered magnets that enable a wide range of electronic functions, ranging from electric motors and generators to wireless charging and haptic touch responses in mobile devices. While new supplies of rare earths continue to be mined, Apple's initiative with MP Materials focuses on reclaiming and recycling neodymium magnets specifically for Apple devices from used consumer electronics and post-industrial scrap. News of the deal sent MP Materials' stock price soaring more than 25% on Tuesday morning, topping a prior price high reached in April 2022. The gains extend a run that started last week when MP Materials inked a multibillion-dollar deal with the US Department of Defense that guarantees a price floor for two of the most popular rare earth metals that is nearly twice as high as the Chinese market level, Reuters reported. The move also sends a message to President Donald Trump, who has pressured Apple to make more of its products in the US. "I said to Tim, I said, 'Tim, look, we treated you really good, we put up with all the plants that you build in China for years, now you got build us," Trump said in May. Apple said in its release that this purchase commitment is part of a larger pledge to spend more than $500 billion in the US over the next four years. The company also said that MP Materials will provide "extensive" training at its new factory in Texas to build a new specialized workforce for magnet manufacturing.
Business Insider
9 hours ago
- Business
- Business Insider
Apple's latest message to Trump: We're buying American magnets
The Cupertino-based iPhone maker said Tuesday it has reached a $500 million deal with MP Materials to buy US-made rare earth magnets. "Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," Apple CEO Tim Cook said in a statement. Rare earths are used in the production of high-powered magnets that enable a wide range of electronic functions, ranging from electric motors and generators to wireless charging and haptic touch responses in mobile devices. While new supplies of rare earths continue to be mined, Apple's initiative with MP Materials focuses on reclaiming and recycling neodymium magnets specifically for Apple devices from used consumer electronics and post-industrial scrap. News of the deal sent MP Materials' stock price soaring more than 25% on Tuesday morning, topping a prior price high reached in April 2022. The gains extend a run that started last week when MP Materials inked a multibillion-dollar deal with the US Department of Defense that guarantees a price floor for two of the most popular rare earth metals that is nearly twice as high as the Chinese market level, Reuters reported. The move also sends a message to President Donald Trump, who has pressured Apple to make more of its products in the US. "I said to Tim, I said, 'Tim, look, we treated you really good, we put up with all the plants that you build in China for years, now you got build us," Trump said in May.
Business Insider
10 hours ago
- Business
- Business Insider
Apple's latest message to Trump: We're buying American magnets
American manufacturing is getting a half-billion-dollar boost from Apple. The Cupertino-based iPhone maker said Tuesday it has reached a $500 million deal with MP Materials to buy US-made rare earth magnets. "Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," Apple CEO Tim Cook said in a statement. Rare earths are used in the production of high-powered magnets that enable a wide range of electronic functions, ranging from electric motors and generators to wireless charging and haptic touch responses in mobile devices. While new supplies of rare earths continue to be mined, Apple's initiative with MP Materials focuses on reclaiming and recycling neodymium magnets specifically for Apple devices from used consumer electronics and post-industrial scrap. News of the deal sent MP Materials' stock price soaring more than 25% on Tuesday morning, topping a prior price high reached in April 2022. The gains extend a run that started last week when MP Materials inked a multibillion-dollar deal with the US Department of Defense that guarantees a price floor for two of the most popular rare earth metals that is nearly twice as high as the Chinese market level, Reuters reported. The move also sends a message to President Donald Trump, who has pressured Apple to make more of its products in the US. "I said to Tim, I said, 'Tim, look, we treated you really good, we put up with all the plants that you build in China for years, now you got build us," Trump said in May. Apple said in its release that this purchase commitment is part of a larger pledge to spend more than $500 billion in the US over the next four years. The company also said that MP Materials will provide "extensive" training at its new factory in Texas to build a new specialized workforce for magnet manufacturing.
Indian Express
15 hours ago
- Indian Express
iPhone 17 series might feature a new, upgraded Dynamic Island with iOS 26: Report
The iPhone 17 series is expected to launch in the first half of September this year. Ahead of the launch, there are several rumours and leaks about the latest iteration of iPhones. The Dynamic Island in the iPhone 17 series is going to get a significant upgrade. It is expected to evolve over the next few years, as per leaks. Tipster Majin Bu shared several rendering and purported dummy units of the iPhone 17 with an extended camera bump and Apple logo in the usual place. 'I can reveal that the Dynamic Island is set for a significant evolution in the coming years. Apple appears committed to making it more functional and integrated, turning it into a key element of the user experience,' the tipster was quoted as saying in an interview with 'This development could mark a step forward in device interaction, but for now, I'll keep further details under wraps. Stay tuned to see how this innovation unfolds,' they further said, adding that the Cupertino-based tech giant is looking to make the Dynamic Island more functional and integrated. With the iPhone 17 series launching soon, it is likely that the Dynamic Island will also change. The feature was first seen on the iPhone 14 Pro in 2022; the Dynamic Island took the place of the notch that iPhones were previously known for. This notch housed the Face ID sensors and selfie camera. The Dynamic Island has good lock-screen capabilities and could get even better in the future. Several Android phone manufacturers have introduced features similar to Apple's Dynamic Island, with Realme's Mini Capsule being a notable example. Apple's main competitor, Samsung, also seems to think that the Dynamic Island is a useful little feature, as it's introduced something similar to it called the Now Bar in its 2025 Galaxy flagships. However, Apple can be quite secretive about its new phone releases, and nothing is certain until we see the new phones. The iPhone 17 series will reportedly be launched during the first week of September 2025.
Mint
17 hours ago
- Business
- Mint
‘Time for a change': Analysts urge Apple to replace Tim Cook as AI frustrations grow
Apple hasn't had a smooth sailing this year, with the company losing over $630 billion in market value as frustration over its long-delayed AI features grows. Amid this, some analysts have started calling for the Cupertino-based tech giant to consider replacing its CEO. A Bloomberg report cited analysts at LightShed Partners who said Apple should consider replacing Tim Cook at the helm due to the company's recent struggles with artificial intelligence. 'Apple now needs a product-focused CEO, not one centred on logistics,' analysts Walter Piecyk and Joe Galone wrote in a note to clients. The analysts' comments come at a time when Apple has announced that its Chief Operating Officer Jeff Williams will step down this month, to be replaced by Sabih Khan. Williams was previously seen as a potential successor to Cook, but now John Ternus, Apple's Senior Vice President of Hardware Engineering, is reportedly viewed as the most likely candidate. Meanwhile, Meta is reportedly attempting to poach Williams by offering him a package worth over $200 million to lure him away from the iPhone maker. 'Tim Cook was the right CEO at the time of his appointment and unquestionably has done a great job,' Piecyk and Galone added. However, they noted that in the wake of Williams' departure, 'it's time for more disruptive change, not less.' Notably, Apple shares have surged over 1,400% since Cook was appointed CEO in 2011, compared to a 430% rise in the S&P 500 during the same period. However, with artificial intelligence emerging as a major pain point for Apple, questions are growing over whether the company will be able to compete in a landscape increasingly dominated by the likes of Google and OpenAI. There have also been calls for Apple to make a high-profile acquisition of an AI startup to align its AI strategy. Apple has never made an acquisition worth more than $3 billion, but acquiring an AI startup would likely require a much larger investment. For comparison, Meta recently acquired a 48% stake in AI platform Scale AI for $14.8 billion, while Google acquired cybersecurity startup Wiz last month for $32 billion.
