MP: The world debates chips, but the real fight is over magnetsMP Materials Corp Class ABATS:MPTotoshkaTradesMP Rare earth elements have long ceased to be just chemistry. They are the foundation of electric vehicles, aviation, defense, data centers and modern electronics. For years, this supply chain was almost entirely dependent on China. MP Materials is building the alternative: from mining ore at Mountain Pass to producing finished magnets in the United States. The company trades on the NYSE. Fundamentals The first quarter of 2026 was record-breaking for the company. NdPr production reached 917 metric tons, up 63 percent year over year, while sales rose to 1,006 metric tons, more than doubling the previous year‘s figure. Consolidated revenue came in at 132.9 million dollars, including income from the US Department of Defense agreement. Excluding PPA payments, revenue grew 49 percent year over year to 90.6 million dollars. Adjusted EBITDA reached 36.6 million dollars, compared to a loss a year earlier. Adjusted EPS turned positive for the first time at 0.03 dollars, versus a loss of 0.12 dollars a year ago. The balance sheet holds approximately 1.7 billion dollars in cash and short-term investments, enabling large-scale production expansion without liquidity pressure. The agreement with Apple deserves special attention. The company received a strategic prepayment of 72 million dollars for future magnet deliveries, of which 32 million dollars had already been received in the first quarter. For MP, this is not just a contract but confirmation that its products meet the standards of one of the world‘s most demanding technology customers. What's happening now? The Independence facility is already producing magnet precursors, with finished magnet production expected to begin in the second half of 2026. At the same time, construction has started on the 10X complex, which will significantly increase production capacity. At Mountain Pass, the heavy rare earth separation line is being commissioned, while qualification for General Motors is proceeding on schedule. First commercial magnet deliveries are expected before year-end. MP is becoming not just a mining company but a key element of the US strategy to build a domestic supply chain for critical materials for industry and defense. Institutional capital Institutional investors control approximately 87 percent of the company's shares. Following inclusion in the Russell 1000 index, shares received additional demand from index funds. Short float remains elevated at around 16 percent, with Days to Cover at 4.7 days, creating potential for accelerated movement on strong positive news. Of the approved 300 million dollar buyback program, approximately 140 million dollars has already been deployed. Management warned that NdPr production will temporarily decline in the second quarter due to planned maintenance shutdowns. This is not about falling demand but about a standard phase of production modernization. Technicals On the two-week chart, the third impulse wave of growth has completed, and price is now forming a correction within a descending flag. The main area of interest is in the 43–44 dollar range, where several strong factors converge: the 0.5 Fibonacci retracement, historical mirror levels from 2021–2022, the MA50 and MA200 crossover, and the midpoint of the largest impulse candle of the previous cycle. Current price is around 53 dollars. If a reaction forms in the support zone, the first major target is around 170 dollars, with a potential risk-to-reward ratio exceeding 1 to 6. MP Materials is no longer just a rare earth miner. The company is systematically building a full production cycle within the US, expanding high-value-added output, and receiving support from both major technology corporations and government programs. The market still values MP as a commodity company. However, as magnet production ramps up, investors may begin to see it as a strategic producer of critical materials, and such stories traditionally command very different multiples.