It’s been a long time since an expensive magnet has been able to sport a “Made in America” sticker, but recent massive investments in one private company could change all that. Apple announced yesterday that it would commit to a $500 million deal with the only US-based rare-earth producer, MP Materials.

News of the investment pushed MP Materials stock up over 20% yesterday, adding to a surge from last week’s announcement that the Department of Defense would buy $400 million worth of the company’s preferred stock. MP Materials’s stock has skyrocketed almost 500% since going public in 2020.

What does MP do?

The company was founded in 2017 to bring production back to Mountain Pass Rare Earth Mine in Southeast California, about 50 miles south of Las Vegas, Nevada, which is the second largest rare-earth mine in the world—and the only one operational in the US:

• Rare-earth minerals (or rare-earths) are actually not very rare; instead, they get their name from how complicated—and environmentally hazardous—they are to extract from the earth and process.
• The materials are vital components in the manufacture of powerful magnets used in almost every piece of advanced tech, from missiles to cars to...iPhones.

In the 1980s, the US had a burgeoning rare-earths industry, but Chinese producers have since muscled out competition to control the market. China produces 99% of the world’s heavy rare-earths and often uses them as a bargaining chip in trade negotiations. Apple’s investment will go toward building a “cutting-edge” rare-earths recycling center, the tech giant said.

Big picture: Citing economic and security concerns, the US government has long sought to bring the rare-earth supply chain back to the US, even if it means the magnets will likely cost 50% more than Chinese alternatives.—MM

Nvidia says it can sell AI chips to China again. You can’t stop Jensanity—you can only hope to contain it. Nvidia CEO Jensen Huang revealed this week that the company will resume selling its popular H20 semiconductors to China. The Trump administration had placed restrictions on sales of the chips due to national security concerns, but Huang said President Trump reversed course after meeting with him at the White House. The move—the latest in a string of good news for Nvidia—sent the chipmaker’s stock to another new record as its market cap continues to climb past the $4 trillion mark. Huang’s net worth recently caught up to Warren Buffett’s.

Big banks are buzzing. JPMorgan kicked off earnings season with a solid beat, posting $15 billion in profit as corporate dealmaking rebounded more than expected last quarter. Citigroup, meanwhile, smashed expectations, reporting total revenue that was up by 16% from the same period a year ago. Wells Fargo also reported higher Q2 profits after the Federal Reserve lifted its asset cap, though its stock fell after it lowered its annual forecast for net income. Overall, it was a more-good-than-bad day for the US’ biggest banks, providing further evidence that they’re weathering the tariff-induced economic uncertainty better than most.

Jamie Dimon said Fed independence is “absolutely critical.” The JPMorgan CEO threw his unwavering support behind the concept of an independent Federal Reserve amid President Trump’s ongoing attacks on Chairman Jerome Powell. “Playing around with the Fed can often have adverse consequences, absolutely opposite of what you might be hoping for,” Dimon said yesterday. Treasury Secretary Scott Bessent suggested that the process to identify Powell’s successor has already started, and he claimed that Trump’s criticism of the chairman is simply “working the refs” to cut interest rates. Powell’s term as Fed chair ends next year, but his term as one of the Fed governors isn’t up until 2028.—AE

The latest inflation numbers show a situation akin to an ironed button-down with a pea-sized mustard stain—looks suitable, but noticeably blemished.

Prices rose 2.7% in the year leading up to June, up from 2.4% in May, according to government data released yesterday. Though it’s not far above the Fed’s target of 2% annual inflation, economists who dug into the inflation report’s nitty-gritty see signs that tariffs might be starting to show up at the checkout, with prices in import-dependent shopping categories growing faster than others.

In June, prices grew 0.3% overall, but:

• Clothes got 0.4% more expensive, after falling for two months in a row.
• Home furniture prices rose 1%, up from a 0.3% increase in May.
• Toy prices jumped 1.8% in June, after a May rise of 1.3%.

It might only be the beginning

Many economists predict inflation could rise further as tariffs are applied to goods down the production chain and hit price tags in stores as time goes on. Plus, more tariffs loom for countries unable to negotiate a trade deal by Aug. 1, the latest deadline set by President Trump.

Looking ahead: Analysts believe the tariff-related inflation risk could be justification for the Fed to continue its wait-and-see approach to lowering interest rates, with investors betting that JPow and Co. are all but guaranteed to keep rates steady at their next meeting.—SK

Beep boop bop, ball. The MLB used automated tech at last night’s All-Star Game in a league first that will likely divide fans and players of America’s favorite pastime.

Traditionalists, look away: The friendly game used Sony’s Hawk-Eye computer vision system to help decide challenges to ball-strike calls. The tech generates a pitch’s trajectory based on footage from cameras mounted around the stadium and shows the visual to the plate umpire, who makes the final call.

The system joined the big leagues after years of experimentation in the minors. It appeared at MLB spring training this year, where it got a net-positive review from nearly three-quarters of surveyed fans, according to an MLB report. The league could be gearing up to use Hawk-Eye in its regular season, which players and coaches may be warming to.

But…the tech has also aggravated some players and fans of other sports where it’s already been adopted. Hawk-Eye is the same electronic call-making system underpinning the Premier League’s controversial Video Assistant Referee (VAR). It also replaced human line-callers at Wimbledon this year—and missed three calls after being accidentally turned off for nearly seven minutes.—ML

The Music Dance Experience is officially back on. The Apple TV+ series Severance leads the field with 27 Emmy nominations this year, the TV Academy announced yesterday.

Set in a near-future dystopia where employees can “sever” their work memories from their personal lives, the series is a hit with audiences and critics and has helped put some respect on Apple’s original content ambitions.

Some other Emmy nomination takeaways:

• HBO’s The Penguin came in second with 24 nominations, while Apple’s The Studio and HBO’s The White Lotus tied for third with 23.
• Kathy Bates, 77, became the oldest nominee for best actress for her role in Matlock.
• Directors Martin Scorsese and Ron Howard each earned their first-ever acting noms for playing fictionalized versions of themselves in The Studio.

Though Severance may have stolen the show, it was HBO and Max that led all networks and platforms with a combined 142 nominations. Apple TV+ finished third with 81, behind Netflix’s 120. The 2025 Emmys will air on Sept. 14 on CBS and Paramount+.—AE