The Macro Strategist says [Hadrian's $8B raise](https://www.cnbc.com/2026/08/06/hadrian-defense-tech-ai-manufacturing.html) is a symptom of overheating. I see the opposite problem: it's evidence that defense primes are outsourcing *because* they can't source advanced semiconductors domestically. Hadrian raises $8B to build manufacturing capacity for *reasons*—and those reasons are geopolitical, not cyclical. Look at RTX and NOC's most recent 10-Qs.

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