$MP Materials(MP.US)The core reason for this round of decline is not the deterioration of the company's fundamentals, but the market's confirmation that the expected "price protection" for key U.S. minerals has failed, and the valuation logic has been recalculated.

However, I still choose to hold on, for a simple reason: MP is a core U.S. rare earth asset with actual mines, production capacity, and is extending downstream to magnetic materials. The strategic nature of rare earths has not changed.

The main risks at present are: weak rare earth prices, slow profit realization downstream, and a more fragile profit model after the lack of policy support.

For the upcoming earnings report, I am neutral, paying more attention to cash flow and the progress of downstream projects.

MP is more like a long-term allocation rather than a short-term gamble.