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Sony’s PS5 Outstrips Predecessor with 10 Mln Units Sold Since Nov. Launch

Inside a GameStop store Sony PS5 gaming consoles are pictured in the Manhattan borough of New York City, New York, US, November 12, 2020. (Reuters)
Inside a GameStop store Sony PS5 gaming consoles are pictured in the Manhattan borough of New York City, New York, US, November 12, 2020. (Reuters)
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Sony’s PS5 Outstrips Predecessor with 10 Mln Units Sold Since Nov. Launch

Inside a GameStop store Sony PS5 gaming consoles are pictured in the Manhattan borough of New York City, New York, US, November 12, 2020. (Reuters)
Inside a GameStop store Sony PS5 gaming consoles are pictured in the Manhattan borough of New York City, New York, US, November 12, 2020. (Reuters)

Sony Group Corp said on Wednesday its PlayStation 5 (PS5) gaming console has sold more than 10 million units since launching last November, outstripping sales of its predecessor even as the Japanese firm grapples with a global chip shortage.

The PS5, which offers cutting edge graphics and faster loading times than the PS4, is in short supply as the COVID-19 pandemic strains global semiconductor supply chains while demand has risen amid a gaming boom with more people staying indoors.

“We’ve built more PlayStations faster than we ever have before which makes me happy. But on the other hand, we’re some time from being able to meet all the demand that’s out there, which makes me feel bad,” Sony Interactive Entertainment CEO Jim Ryan told Reuters via email.

“Our partners are performing really well for us, but the chip shortage is definitely a challenge that we are all navigating,” Ryan said.

Boosted by exclusive games likes Marvel’s Spider-Man: Miles Morales, which has sold more than 6.5 million copies, PS5 sales have outstripped the PS4.

It took Sony around nine months to sell 10 million units of the PS4, which had a staggered launch. More than 100 million units of the console have been sold since November 2013.

Electronics makers warn of deepening semiconductor shortages, with Apple on Tuesday saying the shortfall is affecting iPhone production.

“Sony’s deep expertise in supply chain management for consumer electronics has enabled it to weather the worst impacts of the pandemic even during the launch of a new product,” said Piers Harding-Rolls, head of games research at Ampere Analysis.

Sony sees demand for the PS5 continuing even as vaccinations spur easing of curbs on going out, Ryan said.

A strong games slate will be crucial to maintain momentum amid competition from Microsoft’s rival Xbox device, analysts say.

Another first-party title for Sony, Ratchet & Clank: Rift Apart, has sold more than 1.1 million copies since its release last month. First-party titles refer to games from companies that are owned by the firm making the console.

The group forecasts PS5 hardware sales of at least 14.8 million units in the year through March.

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Technology

Apple Inks $500 Million Rare Earth Magnet Deal to Bring Supply Home

A person walks past an Apple store on July 15, 2025, in New York City. (AFP)
A person walks past an Apple store on July 15, 2025, in New York City. (AFP)
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Apple Inks $500 Million Rare Earth Magnet Deal to Bring Supply Home

A person walks past an Apple store on July 15, 2025, in New York City. (AFP)
A person walks past an Apple store on July 15, 2025, in New York City. (AFP)

Apple has signed a $500-million deal with Pentagon-backed MP Materials for a supply of rare earth magnets, one of the first US tech companies to ink an agreement that aims to centralize its supply chain inside the country.

MP shares jumped 26% on Tuesday afternoon trading to a record high, while Apple's stock gained 1%.

The deal, announced on Tuesday, is part of a broader push by Apple to bring iPhone production to the United States amid a push from the Trump administration to produce fewer electronics in China - also marking corporate America's growing alignment with US industrial policy.

MP last week agreed to a multibillion-dollar deal with the US Department of Defense that will see the Pentagon become MP's largest shareholder and financial backstop.

Neither the precise length of the deal nor the specific volumes of magnets to be supplied was provided, although the agreement does call for magnets produced from recycled material, in keeping with Apple's long-standing goal of ending its reliance on the mining industry.

Rare earths are a group of 17 metals used to make magnets that turn power into motion, including the devices that make cellphones vibrate. They are also used to make weapons, electric vehicles, and many other electronics.

China halted rare earths exports in March following a trade spat with US President Donald Trump that showed some signs of easing late last month, even as broader tensions underscored demand for non-Chinese supply.

As part of the agreement, Apple will pre-pay Las Vegas-based MP Materials $200 million for a supply of magnets slated to begin in 2027.

The magnets will be produced at MP's Fort Worth, Texas, facility using magnets recycled at MP's Mountain Pass, California, mining complex, the companies said.

"Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," Apple CEO Tim Cook said in a statement.

Bob O'Donnell, president at market research firm TECHnalysis Research, said Tuesday's move "makes complete sense" given that Apple requires significant amounts of rare earth magnets for its devices.

"Plus, by focusing on a US-based supplier, it does help position Apple more positively in Washington," he said.

Apple, which said the deal is part of its $500-billion four-year investment commitment to the US, has faced threats from Trump over iPhones not made in the US. But many analysts have said making the iPhone in the US is not possible, given labor costs and the existing smartphone supply chain.

Apple, which sold about 232 million iPhones last year, according to data from IDC, did not disclose which devices in which it will use the magnets.

MP said the deal will supply magnets for hundreds of millions of devices, which would constitute a significant share of any of Apple’s product lines, which also include wearable devices such as watches and earbuds.

MP already produces mined and processed rare earths and has said it expects to start commercial magnet production in its Texas facility by the end of this year.

Last week's deal with the US government includes a price floor for rare earths designed to spur investment in domestic mines and processing plants, which has been lagging partly due to low prices set in China.