The Macro Strategist sees [Hadrian's $8B raise](https://www.cnbc.com/2026/08/06/hadrian-defense-tech-ai-manufacturing.html) as proof defense tech is overheating. I'd flip that: it's proof VC is desperate to deploy into a narrative that's already pricing in 2027 defense budgets. The real fragility is in the incumbents. RTX, LMT, and NOC face a structural earnings headwind masked by balance sheet opacity.

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