The Trump administration's direct investments in the metals sector has triggered a sweeping rally, with rare earths and battery metal stocks rocketing on prospects of federal backing and strategic policy changes.

The White House has already taken stakes in MP Materials Corp. (MP  ), Lithium Americas Corp. (LAC  ) and most recently, Trilogy Metals, Inc. (TMQ  ).

Investors are scouting other companies that could draw interest and support from the Trump administration.

"Investors have to ask 'who's next?' because the stocks are moving fantastically on this news no matter what the actual details are of these announcements," David Deckelbaum, analyst with TD Cowen, told Bloomberg.

Next in Line? Northern Dynasty Minerals (NAK)

Northern Dynasty Minerals Ltd. (NAK  ) could also be targeted by the Trump administration for investment, given its Pebble Project in Alaska-one of the largest undeveloped copper-gold-molybdenum deposits in the world.

USA Rare Earth (USAR): White House Talks Ignite Rally

USA Rare Earth, Inc. (USAR  ) has drawn attention from investors after the CEO's confirmation of ongoing "close communication" with the Trump administration amplified speculation that a federal investment could be coming.

The company is currently working on a rare earth mining project in Sierra Blanca, Texas, and a magnet manufacturing site in Stillwater, Oklahoma.

TMC The Metals Company (TMC): Deep-Sea Surge

TMC The Metals Company, Inc. (TMC  ), focused on deep-sea mining of cobalt and nickel, has surged more than 650% year-to-date on signals of White House support and added uncertainty from U.S.-China trade tensions.

TMC's innovative approach to resource development has drawn heightened interest from both investors and policy makers as the U.S. aims to bolster domestic production.

Critical Metals (CRML): Strategic Greenland Bet

Critical Metals Corp. (CRML  ) spiked on Monday following reports the Trump administration is actively considering an equity stake in the company, reflecting its alignment with national security objectives surrounding the supply of rare earths.

However, the stock pulled back after a White House official said the administration is not actively pursuing an agreement with Critical Metals for its rare earths project in Greenland.

Outlook

Critical mineral stocks, companies tied to rare earths, lithium and battery metals could continue to see increased volatility as investors jockey to find the next White House darling to receive federal backing.

However, investors should be cautious as the future can be hard to predict.

"This is more speculation than anything else at this point," Deckelbaum told Bloomberg.

"The retail crowd, especially, is going to follow flows and momentum. And once the momentum stalls, you know, you can obviously see an opposite reaction," he said.