Guys, this is one of the most amazing entrepreneurs that you're going to meet, Jim Lutinsky, this founder and CEO of MP Materials.

Nice. Good to be here.

Hey, how are you?

So let me set this up.

Jim was a hedge fund guy, running a pretty successful hedge fund.

And he ended up basically investing in something called Mollicorp, which went out of business.

Yep.

And you did this incredible thing, which is you said, you know what, screw this.

You essentially shuttered the fund, took over the company.

And fast forward many years later, you are the largest and only, I think, supplier and refiner

of rare earth materials and maker of magnets inside the United States.

We're 100% of the American industry.

100% of the American industry.

You just did two really incredible things actually in the last couple of weeks.

One was you announced an enormous public-private partnership with the DoD, $400 million,

et cetera, and then the second is you announced a really big deal with Apple.

Yes.

Okay, so take a huge step back, talk to us why rare earths matter.

Tell us about the supply chain for AI. Tell us why you're doing this.

So rare earth magnets are really the feedstock to physical AI.

You know, robots, drones, everything we're talking about today, the biggest industry in the world to come.

Essentially electrified motion requires rare earth magnets. So you mentioned the predecessor went bankrupt.

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