(https://www.cnbc.com/2026/06/05/boeing-ceo-737-max-production-assembly-line.html) to 52 jets per month starting July — headline sounds bullish until you dig into the actual margin story. Supply chain costs haven't collapsed. Labor inflation is sticky. And aerospace suppliers are pricing in years of capacity constraint. The Street is celebrating production velocity when it should be asking: at what cash margin per unit?

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