VanEck Rare Earth/Strategic Metals ETF

MP Materials shares surged 9% after G7 leaders agreed to cut rare earth reliance on non-bloc suppliers and the Pentagon backed a $500 million loan for Phoenix Tailings, boosting sector stocks.

USA Rare Earth completed agreements for up to $1.6 billion in U.S. government funding and loans for a $1.2 billion rare earth magnet plant in South Carolina, but shares dropped 3.5% amid concerns over dilution and long timelines.

SMH surged to a new high of $646.27 as AI chip stocks rallied, with Lam Research, Marvell, and ASML leading the gains. The ETF is up 72% year-to-date.