After nearly doubling in value over the last week and closing at a record high Wednesday, shares of MP Materials are sinking premarket Thursday after the rare earths miner announced plans to sell new stock.

Taiwan Semiconductor Manufacturing reports a record profit in the second quarter, PepsiCo’s adjusted earnings top forecasts, and GE Aerospace raises guidance for 2025.

MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .

MP Materials launched a $500M public offering of common stock, and expects to grant a 30-day underwriters option to purchase up to an additional 15% of shares to be sold in the offering.

TSMC shares rose 4% in premarket trade as the contract chip manufacturer lifted its 2025 sales guidance. Sarepta Therapeutics stock jumped 34% as the company set plans to lay off more than a third of its workforce following two patient deaths.

MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.

MP Materials has a large amount of cash at hand and strong demand for rare earth magnets, with new partnerships announced. Read why I'm rating MP stock a buy.

Shares of rare-earth miner MP Materials have rocketed to record highs in almost no time in a story that include the Defense Department and Apple.