Shares of MP surged notably in pre-market trading, rising more than 10% following Apple Inc.'s commitment of $500 million to secure supply from the company. The stock continued its upward momentum throughout the day, reaching an all-time high (ATH) of $60 per share. Market observers highlighted a confluence of factors driving MP's rally, including the Pentagon designating MP as a subsidiary of the Department of Defense, a substantial short interest of 23% of the float, and Apple's strategic investment. Analysts and traders noted the potential for a short squeeze given the high short interest and the backing by major entities such as the U.S. government and Apple. Trading volumes and options activity were robust, with notable transactions such as a $210,000 sweep of August 75 calls. The combined support from defense and technology sectors has positioned MP as a strong performer in the market, with some investors expressing confidence in further price appreciation toward $100.