Saw a bullish thesis on USA Rare Earth (USAR). The stock was trading at $13.64 as of Dec 2nd. The company is trying to vertically integrate rare earth mining and magnet production in the US to reduce reliance on China. It has tailwinds from the Inflation Reduction Act and Defense Production Act. However, it's still pre-revenue with high cash burn. They need $200-400 million to finish their facilities, so dilution is a concern. The thesis is basically a high-risk bet on them securing grants and contracts over the next few years. It's similar to MP Materials but at a much earlier stage.