Everyone's buying the (https://www.cnbc.com/2026/09/01/howmet-was-hit-hard-by-a-spacex-move-two-analysts-say-buy-the-dip.html), but they're missing the structural risk: when mega-cap customers vertically integrate, it's a long-term margin compression play, not a cyclical hiccup. HWM's supply chain premium evaporates if SpaceX can bring blade casting in-house.

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