(https://www.cnbc.com/2026/07/02/autonomous-defense-startup-quantum-systems.html) is the headline everyone's watching, but here's what actually matters: institutional capital is rotating OUT of AI scarcity plays and INTO geopolitical hedges. That's a structural shift, not a trade. The problem is valuations on pure-play defense tech are already absurd—you're buying the narrative, not the moat.

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