Tanks or drones? Defense earnings reveal a more complicated rearmament boom
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Europe’s rearmament drive is producing uneven results across the defense sector, with traditional hardware makers and drone-and-AI suppliers diverging sharply in their latest earnings. Rheinmetall and other legacy contractors reported continued strong order intake for tanks, artillery and munitions, while pure-play drone and software firms posted faster growth off smaller bases. The split underscores that governments are buying both Cold War-style equipment and newer autonomous systems, rather than choosing one over the other. Investors will watch upcoming order books and European budget announcements for evidence of whether the spending surge broadens beyond a handful of large primes.
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defense firms