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Die S&P 500-Index ($SPX) ist heute um -0,14%, der Dow Jones Industrial Average ($DOWI) um -0,27% und der Nasdaq 100 Index ($IUXX) um -0,34% gefallen. Der Juni E-mini S&P-Future (ESM26) ist um -0,17% und der Juni E-mini Nasdaq-Future (NQM26) um -0,38% gefallen.

Die Aktienindizes unter Druck, weil US-Angriffe auf Iran Ölpreise steigen lassen und Zweifel an einem baldigen Ende des Krieges schüren. Die USA haben erneut militärische Ziele in Iran angegriffen und Kuwait sagte, es habe auf iranische Raketen- und Drohnenangriffe reagiert.

Der Ölpreis ist um mehr als +2% gestiegen. Der Markt zählt eine 3%-Chance für einen -25 bp FOMC-Rate-Cut bei der nächsten Sitzung am 16.-17. Juni.

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Unusual Machines ist eines der Unternehmen, das das Pentagon für mögliche Finanzierung identifiziert hat, berichtet The Wall Street Journal.

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Investing.com - US-amerikanische Aktienzukunfte zeigten am Donnerstag einen Rückgang an, da ein neuer Austausch von Streiks im Golfgebiet die Hoffnungen auf einen Friedensvertrag zwischen den USA und Iran dämpft und Investoren sich auf wichtige Inflationsdaten vorbereiten, die engmaschig vom Federal Reserve überwacht werden.

Bis 06:37 ET (10:37 GMT) waren die Dow-Futures-Kontrakt um 60 Punkte oder 0,1% zurückgegangen, S&P 500-Futures fielen um 14 Punkte oder 0,2%, und Nasdaq-100-Futures sanken um 127 Punkte oder 0,4%.

Einige der größten Vormarktpreisbewegungen in den USA heute sind: HP-Aktien gingen leicht zurück, nachdem das Unternehmen angekündigt hatte, dass die Margen durch erhöhte Speicherchip-Kosten beeinträchtigt würden. Marvell Technology schwankte um die Nulllinie herum im Anschluss an die Quartalszahlen. Drohnenhersteller wie Unusual Machines und AeroVironment stiegen aufgrund eines Wall-Street-Journal-Berichts über Gespräche der Regierung über Finanzierung für diese Unternehmen. Photronics-Aktien sanken um mehr als 25% nachdem der Fotomasken-Hersteller seine zweite Quartalszahlen mit einem Umsatzrückgang infolge eines anhaltenden Speicherchip-Engpasses bekannt gegeben hatte. Best Buy-Aktien stiegen nach dem Unternehmen eine zweite Quartalszahlenprognose vorgelegt hatte, die die Erwartungen übertroffen hat, dank einer stabilen Nachfrage nach Laptops und Computern. Caesars Entertainment gab bekannt, dass es von der Tilman Fertitta-Unternehmensgruppe für 17,6 Milliarden Dollar gekauft werden wird, was den Aktienkurs anhob. Salesforce fiel leicht ab, nachdem die Softwaregruppe ihre zweite Quartalszahlenprognose unter Vorhersagen lag. Snowflake-Aktien stiegen aufgrund einer angehobenen Prognose für das laufende Jahr und eines 6-Milliarden-Dollar-Abkommens zur Nutzung von Amazons Chips, was die Investorenstimmung erhöhte.

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Nach einem Bericht der Wall Street Journal steigen die Aktien von Drone-Unternehmen in den Vorhandelskursen, da das Trump-Regime mögliche Fördervereinbarungen mit mehreren Drohnenunternehmen erwägt. Unter den potenziellen Kandidaten befinden sich Performance Drone Works, Unusual Machines und Neros Technologies.

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Einige Aktien stiegen im Nachmittagsabschnitt, nachdem die USA und Iran Fortschritte bei einem Friedensabkommen signalisiert hatten. Dies führte zu einer Erholung sowohl der Luftfahrt- als auch der Verteidigungsindustrie. Die Luftfahrtindustrie profitiert von erhöhter Flugverkehrsnachfrage, wenn Ölpreise fallen und Reisedemander zurückkehren, da etwa 30% eines Airlines Betriebskosten aus Treibstoff bestehen. Die Verteidigungsindustrie profitiert von erhöhten geopolitischen Spannungen, die zwar nicht zu Kriegskosten überlaufen, aber auch nicht zu niedrigen Kosten führen. AeroVironment-Aktien stiegen um 4,6%, während KBR-Aktien um 4,5% stiegen.

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Okay, here's a 600-word summary of the provided text, followed by a German translation:

Summary (600 words)

Ondas Holdings (ONDS) is rapidly transforming from a specialized technology provider to a significant prime contractor within the U.S. Department of Defense (DoD) ecosystem, fueled by strategic acquisitions and technological integration. The company’s ascent is directly tied to rising defense budgets and the growing demand for autonomous systems across various applications, including border security and battlefield operations.

The core of Ondas’ strategy revolves around a recent merger with Mistral, a veteran defense prime contractor with decades of experience working with the U.S. Army, SOCOM, and federal agencies. This $175 million deal provided Ondas with immediate access to over $1 billion in existing DoD IDIQ (Indefinite Delivery/Indefinite Quantity) contracts – previously inaccessible due to its smaller stature.

Beyond the immediate contract access, Ondas is strategically leveraging Palantir Technologies’ Artificial Intelligence (AI) platform to enhance its autonomous drone and robot platforms. This integration is a key differentiator, enabling more sophisticated mission planning, production, and edge operations.

A significant early win for Ondas is a $15.8 million initial order for border demining operations in Israel, part of the larger $1.7 billion Eastern Border Security Barrier Initiative. This project, spearheaded by Ondas' subsidiary 4M Defense, utilizes AI-powered robotics, drones, and subsurface sensors to accelerate and improve the safety of mine clearance, a critical element of the initiative focused on upgrading Israel's eastern frontier. The scope is expected to expand significantly, with follow-on orders potentially exceeding $50 million.

The company's ambitious revenue targets reflect this momentum – Ondas raised its full-year 2026 revenue guidance to at least $375 million, representing a near seven-fold increase over 2025’s $50.7 million. This rapid growth is driven by the successful execution of existing contracts and the opening of new opportunities within the DoD’s shift towards multi-domain systems.

Ondas’ shift positions it to compete for larger, longer-term programs, moving away from smaller, pilot-stage projects. The company’s current Q1 2026 revenue target of $38 - $40 million demonstrates this accelerating growth trajectory, surpassing many larger drone manufacturers like AeroVironment (AVAV).

The strategic partnership with Palantir adds another layer of sophistication, allowing for real-time intelligence, surveillance, and reconnaissance across various environments.

While the merger and integration present inherent risks (including potential milestone delays in international programs), the combined capabilities – Ondas’ hardware, Mistral’s contracting expertise, and Palantir’s AI – position the company as a compelling investment opportunity with significant scale potential. Investors will be closely watching Ondas’ backlog updates, as these will provide the clearest indication of future revenue growth.

German Translation (approx. 600 words)

Zusammenfassung

Ondas Holdings (ONDS) befindet sich in einem rasanten Wandel von einem spezialisierten Technologieanbieter zu einem bedeutenden Prime Contractor innerhalb des US-Verteidigungsministeriums (DoD), angetrieben durch strategische Akquisitionen und die Integration fortschrittlicher Technologien. ONDAs Aufstieg ist direkt an steigende Verteidigungsbudgets und die wachsende Nachfrage nach autonomen Systemen in verschiedenen Anwendungen, darunter Grenzsicherung und Kampffeldoperationen, gekoppelt.

Das Herzstück der Strategie von ONDAs ist eine kürzliche Fusion mit Mistral, einem erfahrenen Verteidigungs-Prime-Contractor mit jahrzehntelanger Erfahrung bei der Zusammenarbeit mit der US-Armee, SOCOM und Bundesbehörden. Dieser Deal im Wert von 175 Millionen US-Dollar verschaffte ONDAs sofortigen Zugang zu über 1 Milliarde US-Dollar an bestehenden DoD IDIQ (Indefinite Delivery/Indefinite Quantity) Verträgen – zuvor aufgrund seiner geringeren Größe unzugänglich.

Über den unmittelbaren Vertragszugang hinaus nutzt ONDAS strategisch die KI-Plattform von Palantir Technologies, um ihre autonomen Drohnen- und Roboterplattformen zu verbessern. Diese Integration ist ein entscheidender Differenzierungsfaktor, der eine ausgefeiltere Missionsplanung, Produktion und Edge-Operationen ermöglicht.

Ein wichtiger früher Erfolg von ONDAs ist eine 15,8-Millionen-Dollar-Order für den Minenräumung in Israel, Teil des größeren 1,7-Milliarden-Dollar Eastern Border Security Barrier Initiativs. Dieses Projekt, das von ONDAs' Tochtergesellschaft 4M Defense geleitet wird, nutzt KI-gestützte Robotik, Drohnen und Untergrundsensoren, um die Beschleunigung und Verbesserung der Sicherheit der Minenräumung zu ermöglichen, ein kritischer Bestandteil der Initiative, die darauf abzielt, die östliche Grenze Israels zu modernisieren. Der Umfang wird voraussichtlich deutlich erweitert werden, wobei Folgeaufträge potenziell über 50 Millionen US-Dollar erreichen könnten.

Die ehrgeizigen Umsatzziele des Unternehmens spiegeln diesen Zuwachs wider – ONDAS hat seine Umsatzprognose für das Jahr 2026 auf mindestens 375 Millionen US-Dollar angehoben, was eine Steigerung von fast siebenfach gegenüber 50,7 Millionen US-Dollar im Jahr 2025 darstellt. Dieser rasante Wachstum ist auf die erfolgreiche Durchführung bestehender Verträge und die Erschließung neuer Möglichkeiten im Wandel des DoD hin zu Multi-Domain-Systemen zurückzuführen.

ONDAs’ Positionierung ermöglicht es dem Unternehmen, um größere, langfristige Programme zu konkurrieren und sich von kleineren, Pilotprojekten zu lösen. Das aktuelle Umsatzziel für Q1 2026 von 38 bis 40 Millionen US-Dollar demonstriert diese beschleunigende Wachstumsdynamik und übertrifft die von vielen größeren Drohnenherstellern wie AeroVironment (AVAV) gelieferten Werte.

Die strategische Partnerschaft mit Palantir fügt eine weitere Ebene der Komplexität hinzu, die Echtzeit-Intelligence, Surveillance und Reconnaissance in verschiedenen Umgebungen ermöglicht.

Obwohl die Fusion und Integration inhärente Risiken bergen (einschließlich potenzieller Verzögerungen bei Meilensteinen in internationalen Programmen), bieten die kombinierten Fähigkeiten – ONDAs' Hardware, Mistrals Contracting-Expertise und Palints KI – dem Unternehmen eine vielversprechende Investitionsmöglichkeit mit großem Skalierungspotenzial. Investoren werden die Aktualisierungen des Auftragsbestands von ONDAS genau beobachten, da diese die klarste Anhaltsprobe für zukünftigen Umsatzwachstum darstellen werden.

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Zusammenfassung (ca. 500 Wörter)

Dieser Artikel von StockStory beleuchtet die Komplexität der Bewertung von Aktien mit hohen Bewertungen und bietet spezifische Empfehlungen – und Warnungen – für Investoren. Das Kernargument ist, dass Unternehmen mit außergewöhnlichen Geschäftsmodellen oft überhöhte Bewertungen erzielen, was erhebliche Risiken für Investoren schafft. Wenn der Markt außergewöhnliche Leistungen erwartet, wird der Aktienkurs bereits diese Erwartungen widerspiegeln, wodurch das Potenzial für Aufwärtsbewegung begrenzt wird, falls die tatsächlichen Ergebnisse nicht den Erwartungen entsprechen.

Der Artikel konzentriert sich auf drei Aktien, wobei zwei als potenzielle “Verkauf” und eine als “Beobachtungs”-Aktie präsentiert werden. Intel (INTC) wird als hochrisikorende Investition identifiziert. Trotz seiner historischen Bedeutung als führendes Unternehmen im Bereich der Prozessoren hat Intels jüngste Leistung jedoch Bedenken hinsichtlich des Umsatzes und der Rentabilität hervorgerufen. Der Umsatz ist in den letzten fünf Jahren um 6,2 % jährlich gesunken und die Gewinnbeteiligung ist um 40,1 % jährlich deutlich gesunken. Der freie Cashflow ist ebenfalls erheblich gesunken. Mit einem hohen Kurs-Gewinn-Verhältnis (KGV) von 104,9x rät der Bericht zu Vorsicht und fordert die Leser auf, einen umfassenden Forschungsbericht einzusehen, um eine detailliertere Analyse zu erhalten.

AeroVironment (AVAV) steht vor ähnlichen Bedenken. Das Unternehmen, das sich auf autonome Militärsysteme und Ladeanschlüsse für Elektrofahrzeuge konzentriert, hat steigende Kosten als Prozentsatz des Umsatzes erlebt und die Rentabilität gesunken (ein Rückgang des Gewinnbeteiligung um 8,4 % jährlich). Ein Rückgang von 6,3 % des freien Cashflow-Verhältnisses spiegelt strategische Investitionen zur Wahrung des Marktanteils wider, was eine weitere Hürde für Investoren darstellt. Mit einem Preis von 184,85 US-Dollar pro Aktie und einem KGV von 47x rät der Bericht zu Vorsicht.

Dennoch identifiziert der Artikel Intuitive Surgical (ISRG) als vielversprechende Investition. Dieses Unternehmen, ein Pionier im Bereich der Robotikchirurgie, hat starke Umsatzwachstumsraten (18,9 % in den letzten zwei Jahren) und seine Wettbewerber mit einem Anstieg der Gewinnbeteiligung um 21,4 % jährlich übertroffen. Sein Wert von 46,3x KGV bei 453,35 US-Dollar pro Aktie spiegelt diese robuste Leistung wider.

Über diese spezifischen Empfehlungen hinaus betont der Artikel die Bedeutung, nach Aktien mit “robustem Umsatzwachstum, steigendem freien Cashflow und Kapitalrenditen” zu suchen – Charakteristika, die die Fähigkeit eines Unternehmens zur Aufrechterhaltung des Wachstums und zur Überperformance des Marktes anzeigen. Er verweist auf erfolgreiche Aktienpicks der Vergangenheit – darunter Nvidia und Comfort Systems – und demonstriert den Wert der Identifizierung versteckter Chancen.

Schließlich ermutigt der Artikel die Leser, die StockStory-Plattform zu nutzen, um durch spekulative Investitionen zu sortieren und echte Chancen zu entdecken, indem sie ihre KI-gestützte Analyse nutzen.

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This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter.

March has seen large manufacturing announcements from Apple, GE Aerospace and Toyota. Here are five other smaller but notable investments ranging from AeroVironment to TerraPower, in alphabetical order.

AeroVironment

AeroVironment plans to invest more than $30 million to expand its manufacturing operations in Albuquerque, New Mexico. The investment will expand operations across its three existing manufacturing sites in the Sandia Science & Technology Park while supporting major capital equipment purchases and workforce growth. The project is supported by an initial $5 million from New Mexico and $1 million from Albuquerque under the Local Economic Development Act and is tied to hiring milestones.

AeroVironment acquired Empirical Systems Aerospace, a producer of unmanned aircraft systems and advanced air mobility platforms, for $200 million. “ESAero is recognized for its deep engineering expertise, innovative electric and hybrid propulsion capabilities, rapid aerospace prototyping, and AS9100 Certified UAS manufacturing,” AeroVironment said in a news release. It said the purchase will help the firm transition from design to advanced manufacturing, as well as strengthen its ability to produce electric and hybrid propulsion systems.

Fanuc America

Fanuc America announced plans for a $90 million investment for a new 840,000-square-foot facility in Michigan providing space for the potential expansion of the company’s existing U.S.-based manufacturing capabilities for robots. Scheduled for completion in late 2027, the project expands Fanuc America’s engineering and advanced manufacturing to support growing demand for automation solutions across North America, including physical AI, virtual commissioning and digital-twin technologies, the company said in a news release.

Hyundai Translead

Hyundai Translead plans to expand its trailer-manufacturing operations into the United States with two advanced manufacturing facilities in Will County, Illinois. The $450 million investment will increase the company’s annual capacity and create about 2,500 full-time jobs, it said in a news release. According to Hyundai Translead, the new facilities will span 52 acres comprising former Caterpillar and Lion Electric sites. The company said they will enhance logistics capabilities and product delivery by reducing landed costs and lead times, as well as leverage a growing dealer network.

Story Continues

Siemens

Siemens plans to spend $165 million on building new facilities in North and South Carolina this year, the company said in a news release. In North Carolina, a 131,000-square-foot facility in Raleigh will assemble Siemens’ integrated power delivery solutions, and a 101,000-square-foot site in Wendell will localize production of medium-voltage protection and automation devices. In addition, Siemens’ Wendell-based Electrification and Automation U.S. headquarters will expand local switch gear production. Collectively, the facilities will add 350 jobs.

In South Carolina, Siemens is opening a new 120,000-square-foot facility in Spartanburg that will house the company’s lighting panel production and distribution center. In Roebuck, the company’s current facility will also add 22,000 square feet to increase busway production capacity and additional fabrication capabilities.

TerraPower

Nuclear science company TerraPower will spend $450 million to build a radioisotope manufacturing facility in Philadelphia that will produce actinium-225 to help develop cancer-fighting drugs. The company said its development of an East Coast manufacturing facility, along with expanding capacity in its existing Everett, Washington, facility will substantially increase production capacity of actinium-225.

According to TerraPower, its new Bellwether Laboratory will expand the supply of actinium-225 and certify the product with Current Good Manufacturing Practice standards. The project features a multiyear buildout, with production of beginning in 2029. Pennsylvania is investing $10 million to support the project, which TerraPower said will create 225 new full-time jobs over the next three years. The company is also eligible to apply for the state’s Manufacturing Tax Credit program and the Qualified Manufacturing and Innovation Reinvestment Deduction program, which could provide significant tax savings.

Recommended Reading

Siemens raises 2026 outlook, driven by AI and data center demand

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In this podcast, Motley Fool analyst Jason Moser and contributors Travis Hoium and Lou Whiteman discuss:

Q4 2025 GDP data.Uber's autonomous momentum.Adobe's earnings.Executive free agents.Stocks on their radar.

To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.

Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »

A full transcript is below.

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This podcast was recorded on March 13, 2026.

Travis Hoium: Are we headed for stagflation in 2026? Motley Fool money starts now.

Welcome to Motley Fool Money. I am Travis Hoium joined today by Jason Moser and Lou Whiteman. Guys, we've got to start with the topic of the day. That is the economy. We got information about GDP growth in the fourth quarter this morning. That growth was 0.7%. Earlier estimate was 1.4%. The reason that this is notable is that the further we get away from the end of the fourth quarter, the better the data gets, Lou. Where does your head go when you think about this? Because this is a sharp drop from I believe it was 4% growth in the third quarter. We also have inflation, which was over 3% in January. It seems like that stagflation word starts to come up when you have low growth and high inflation. That's not a great place to be from an economic standpoint.

Lou Whiteman: Yeah, you're right. With each revision, not only do you get more better data because they've had time to digest it, but you also get this rare gift to see into the future, compared to a few weeks ago when we didn't know what the first quarter of 2026 was going to look like, now it's almost over, so we can actually take that data from the fourth quarter and look at the world now. Look, it's not great. I wish we had a real uncertainty gauge the way we have the VIX for volatility, and it's kind of the same, but it feels like what's going on here, this lack of activity, it isn't because just everything's terrible. It's because just for the last year, between tariffs, between war, between just so much uncertainty, it is causing companies, it's causing consumers to just do a little less or to wait and see. The good news there is is that in theory, if we get more certainty, that's a quicker turnaround than it would be if just the economy is in the dumps. The bad news is, like I said, we've had time to see how things play out. Arguably, I think we weren't at war at the end of the fourth quarter, we have oil, we have so much going on. If anything, things look worse now than they did at the end of the year. So combining the fact that things weren't growing in the fourth quarter with, wow, look at what's happened in the first quarter. I think there's a lot of reasons to be concerned right now.

Travis Hoium: Yeah Jason, Lou brought up the oil market. To put some numbers to that, January 2nd, West Texas Intermediate crude was $57 a barrel. Today, as we're recording, it's 93. It has been over $100 a barrel in the past few days. That's a big piece of people's consumer spending. If you need to get to work, you need to take your kids to soccer practice, whatever you've got to do in your life, it's hard to cut back on spending for energy in particular gasoline. Maybe you got to pull back in other ways. How are you thinking about that as an investor? Is this something that just goes into the mix of data that you're pulling in, or is there anything actionable here that you're actually doing when you get GDP data like this?

Jason Moser: Lou, I think, is right there. Looking at things currently right now, they probably look a little bit worse. The wildcard in here is, of course, what's going on in Iran and how long this is ultimately going to last. When you look at energy prices, hopefully this is something that's short lived. When you look at oil and you think, why is oil going up. Is oil going up because demand is going up because of growth? Because then you can support that. But if oil is going up as in this case, because of geopolitical conflict, well, that's another problem altogether. When you combine that with low growth, you combine that with inflation that really is still very sticky. I certainly understand the pessimism here in the near term. Again, the wildcard is how long does this go on? If it's something that is very short lived, then maybe things start to look a little bit better. But, yeah, for right now, I think what will be interesting when we look at these first quarter numbers, whenever we get them in, that's going to take into account the Supreme Court's decision to reverse the tariffs. That could be a tailwind. It also doesn't really incorporate higher energy prices and how persistent that may be. The news is always in the revisions, of course, and we'll continue to get revisions as time goes on, but it's very understandable for now just the near term trepidation.

Lou Whiteman: I'm not going to pretend to be an oil expert, but I am really worried about the idea that it could be temporary, the energy spike. I'll tell you why. I do know a thing or two about logistics, and I think we are greatly underestimating, even at the drop of a hat right now, there's peace. I don't think we're going to see the flow resume. I'll point to look at the Red Sea. It has been at least what, six months since we had headlines about attacks in the Red Sea from Yemen. Look at what's going on there. Shipping is still very depressed, relative to averages. We're dealing with insurance markets. We're dealing with just the safety markets. Shippers are going to be gun-shy well after the straight is open. I don't think we're just going to see an immediate flow. We need an oil expert in here, but I don't think some of these, they've run out of storage capacity, so they are being forced to just shut down the wells. That's not a simple valve like your garden hose. I think even there, I am really worried that energy it's almost too late for this to be quick with energy. Yeah, this is a major headwind heading into it at least for the first half of 2026.

Travis Hoium: Yeah, Lou, let's just explain what you're talking about there. Oil is what you would call an inelastic market. Like we talked about going to work, if you need to fill your tank, you're going to fill it, whether the gasoline is two dollars a gallon or four dollars a gallon. So about 20% of the world's oil goes through the Strait of Hormuz, if my memory is correct. That is a huge number. A 5% reduction in the supply of oil will send oil prices spiking. If this lasts for a while, a 20% reduction or impact in the supply of oil could have a dramatic impact on prices. Now, we're not trying to fear monger here, but this is the real potential economic impact if there is a prolonged conflict there. It's not just as simple as, well, the US makes enough oil to provide energy for the US, this is aglobal market There's a lot of worms in this can that has been opened up.

Lou Whiteman: Real quick,a couple of things. Yeah, we are advantaged to the extent that we are not going to run out of oil, but we're not advantaged in terms of we're not going to feel the price shock. That's it, exactly. We will have oil, it will just be more expensive. The elastic thing is interesting, just a quick dive into that. Where it is elastic is, especially on the corporate side, trying to scale back, say, factories, so you use less. Then that really ripples through the economy in terms of jobs needed, employment hours and just all sorts of things. There's a lot of ways this can ripple. Truth is we don't know. Again, as you said, we don't want to fear monger, but just it feels like enough has happened that it will reverberate for a while, and I think we should acknowledge that as we try and figure out what's going on.

Travis Hoium: Yeah, the US did announce that they were going to release 172 million barrels of oil from the strategic petroleum reserve. To put that into context, that's about two days of global oil consumption. It's a lot of oil, but it's going to be a band aid on what could be a pretty big problem here. When we come back, we're going to talk about the future of autonomous driving and where Uber sits. You're listening to Motley Fool Money.

Welcome back to Motley Fool Money. We have been waiting for Tesla to run away with autonomous driving for a decade, but it's actually Uber, who is making deal after deal over the past few months. They're connecting riders with Waymo in some cities already. They're the demand source for Waymo vehicles. They've announced a deal with Lucid and Nuro. They're going to be launching vehicles potentially later this year for commercial use. But just this week alone, they announced a deal with Zoox, which is owned by Amazon, Wave in a partnership with Nissan. Then this morning, they came out with a deal with Motional who is making the technology for Hyundai vehicles. Lou, this is really interesting that we don't really think about Uber as an autonomous vehicle company, but they may be the way that we actually access these vehicles, and it seems like everybody wants to work with Uber right now.

Lou Whiteman: Yeah, well, also, they don't have their own text tack, so they have to be the ones out announcing partnership. I think that's worth seeing. I worry about almost the press release war. Just because somebody is talking about it more, it doesn't mean they're dealing what's doing it. But, yeah, Uber is set up pretty well, at least for now. As this gets more commoditized, as more people seem to be able to do that, owning the customer is a pretty good way to be an early winner. I don't know if that holds all the way through. I'm honestly not sure. I'm of two minds on that. Also, I will say, guys, I am ground zero for what Waymo is doing. I'm in Atlanta, and just yesterday, I watched a Waymo vehicle behind me get out of my lane, then realized they needed to get back into my lane and then leave my lane again. I wonder about how much we should think that this is just the future for everything right away. I know they're getting there, but I wonder if we're headed toward the disappointment part of the curve. But yeah, for now, Uber is pretty well positioned for the market as it is.

Travis Hoium: Waymo is apparently testing in the Minneapolis area where I live in the snow. I haven't heard of any accidents or any problems there. Hopefully, that's a good sign for those of us in the northern half of the country. Jason, what's so interesting here is Lou used the word that I think we should probably be thinking about, which is commoditized. The auto industry has always had a problem making money because it's essentially a commodity. It's four wheels. It has seats. Yes, there's differences between each vehicle, but the pricing power, unless your name is Ferrari, the pricing power is not super high, and you've got all these manufacturing costs, capacity costs. If you're an autonomous vehicle company and you're not Tesla or Waymo, or maybe Zoox, you got to just find riders, and Uber seems to be the one going, hey, we'll provide them, and we're happy to be a partner with you and it seems like every automaker is going, I guess we got to go down this commodity road.

Jason Moser: That reminds me of the planes trains and automobiles line. Steve Martin Four bleeping wheels in a seat. That's ultimately what this is at the end of the day. I think that's what a lot of us have talked about in regard to AVs and just the general commoditized nature of it. At the end of the day, that really ultimately is what it is. I would rather be in Uber's position. Capital business that's able to really go any different direction it wants. You're already hearing companies like Tesla try to move past the vehicle narrative altogether. Tesla is no longer a car company, it's humanoid robots. I don't think this is something where we're going to see it all one way or the other. The future is not all EVs, or at least not for the rest of my life, I don't think. I think it's a little bit of both. I think it's important to remember, too, for some individuals, having a car and being able to drive represents freedom. It depends on where you live, if AV's even really makes sense. Where I live here in Northern Virginia, it's not necessarily an ideal solution. We need to be able to drive to get to where we need to go. But if you're in a city, like if you're in Washington, DC or San Francisco or Las Vegas, it absolutely can make more sense. Either way, I like the idea that Uber can play this opportunity any number of ways. Just to play devil's advocate because I honestly don't know the answer to this, but I'm curious. If we continue down this path of commoditization, where it just becomes every table stakes, how important then is the owner of the customer? If you could almost get this anywhere from anything, how important. [OVERLAPPING]

Travis Hoium: You're saying you're going to talk to your AI agent, and they are going to disintermediate?

Jason Moser: Isn't it possible if it's everywhere, I every taxicab out there is an autonomous vehicle? Do we need the middleman in the app? Maybe, but I just wonder if Uber could end up commoditized, as well. That's a long way off. I'm not really worried about that, but it's weird to think about how this ends. I'm not sure if it ends well for anyone other than the consumer, I'm OK with that.

Travis Hoium: Well, it will be interesting to see how this plays out because everyone is racing toward autonomy, and I don't know that everybody has a phenomenal business model, but who those winners and losers are going to be is fluid at this point. The fact that Uber is going so aggressively and partnering with seemingly everybody seems notable, no matter where you're invested in the space. Let's get to Adobe. They reported earnings this week, and Doc plunged. It wasn't necessarily because they had terrible results, Lou, but it was because their CEO said he was retiring, and it caught everybody off guard. Was this something or a nothing burger?

Lou Whiteman: I don't know. But it is funny because, he's been there 18 years. He's 62-years-old. He's going to stay through and find the replacement. I saw headlines. It was an abrupt resignation, but this is the abrupt transition that I want in my companies. The weird thing is that a lot of investors have been criticizing him, too, for going too slow with this and now that he's gone. Look, there are times in the market where we're just looking for the narrative. We are looking for confirmation bias from the narrative. The narrative right now is Adobe is doomed because of AI, and so everything, good news or bad news is being viewed in that lens. That's not to say they are doomed, I don't know. The quarter looked great. The guidance looked great. But look, right now, the glass is half empty on a company like Adobe. Yeah, I think that's the market reacting to any news as bad news.

Travis Hoium: It's really interesting with Adobe the narrative. We keep on talking about this or that AI is going to just disrupt Adobe, it's no longer needed. AI is going to kill it. But then you go through theearnings call for example, and they're just all they're talking about is AI and how AI is making their business better. So somebody's wrong here. [LAUGHTER] I tend to side with the company in this case. Adobe is certainly something it's tools are enmeshed in a lot of our workflows already. It's not to say that it is without competition. But when you look at the actual numbers. I thought this was a really good looking quarter, 13% increase in subscription revenue. It's very highly subscription style business. They continue to repurchase shares at a rapid pace, looking at this, just over the last five years, share accounts down 13%. [OVERLAPPING]

Lou Whiteman: Ironically, they were buying shares at a much higher price than been buying.

Travis Hoium: True. I think statistically, when you look at companies repurchasing shares, oftentimes they just aren't really nailing it. But that share price is also something that's beyond their control as well. There are other interests that may make that share price go up or down. But the fact of the matter is they see value in there, and those repurchases have resulted in a meaningful reduction in that share account outstanding. I think that a bet that you're making today if you believe in Adobe as a long term story, you're looking at this company and saying, well, this is a company that's utilizing AI to make its business stronger. Time will tell whether that actually is the case. But, geez, like I said, Adobe's tools are still enmeshed in a lot of our workflows on a daily basis, and that's on a widespread scale. I'm not willing to give up on them yet, but certainly will have to continue to follow the AI narrative. To put their growth into a little bit of perspective, because you would think at this point with Nano Banana and all these AI imaging apps, even all the applications, Canva, things like that, their growth rate was higher in the most recent quarter than it has been since any quarter since September 2022. It seems like they're doing OK. We've just got a minute left, but, Lou, I'll start with you. Is Adobe a value or a value trap for investors today?

Lou Whiteman: Guys, 11 times future earnings. I feel like even if they are doomed, it's going to take a while. I am growing more and more curious about this. I don't own the stock. I keep staring at it, though, as it keeps going down. I might bite eventually.

Jason Moser: I've owned a handful of shares for a while. I'm willing to hang in there and just watch this play out. They're guiding for 13% revenue growth again this quarter. That's not nothing. I would probably lean into the value as opposed to value trap, but it may take a little while. They're going to have to figure out a way to really convince investors that they are utilizing AI for the betterment of their company as opposed to being disruptive.

Travis Hoium: Definitely one that I'm putting on my watch list and watching very closely right now. When we come back, we're gonna play Executive free agency. You're listening to Motley Fool Money.

Welcome back to Motley Fool Money. In this segment we like to have a little bit of fun. I thought with NFL free agency going on, we've got a bunch of executive changes at companies like Adobe, if we were gonna have executive free agency, what would that look like? Here's the idea here, guys. I'm going to give you an executive, a founder, a CEO, somebody with a track record. I'm going to give you a few options for them. Let's say that they got offers from all of these companies to become their next CEO. Some of these jobs are available. Some of them are not, but it might be fun to see which job would they take? What would it take? Let's say that the compensation is the same, except you're getting stock options, all that stuff. Let's start with somebody who doesn't have a full time job right now, technically. Daniel Ek, founder of Spotify. He's stepped away from that company still on the board, still involved. But let's say some big whales come after Daniel Ek, Alphabet, Adobe and Tesla. If you are Daniel Ek, Lou, where are you going as a CEO?

Lou Whiteman: I am so uncreative here, all I can think of, as well, Adobe needs a CEO, so therefore, that's a natural. But I think it works. I mean, Ek has done a pretty good job adjusting to the AI world or using AI to his company's advantage. I think that that fits nicely into what we were just talking about with Adobe and also maybe the credibility to actually pull it off. You also it's a turnaround story here at this point, with the stock down, what, 40% of the last year. If you're getting paid in stock, it's a great opportunity. Alphabet, I don't know. I love Alphabet's management, so maybe I'm struggling to see how even a very talented manager takes that one to another level. Tesla, you're going to have to show me the fine print about what Elon's role is going to be. I believe that any CEO is going to really make a mark, so how about Adobe?

Travis Hoium: Jason, what do you think?

Jason Moser: I feel like there's a lot of baggage that comes with something like Tesla, so I'm going to take a pass on that one. Lou is right. Adobe, I think is a turnaround. From that perspective, it could be cool to go in there and actually turn things around or at least just reshape the narrative so the market is more convinced. I mean, I don't think Adobe is a business in peril. The numbers we talked about before are still quite impressive. But for me, I think, honestly, I'd send him to Alphabet. I think it's in line with the business that he built at Spotify, there's a lot of that dynamic that comes with Alphabet, and Alphabet is just on fire right now. I think Alphabet has done a very good job of pushing back against that narrative that AI was going to ruin search or whatever it may be. I think that Alphabet that position comes with a lot of the skill set that he already possesses, and it would be neat to see how somebody takes Alphabet to the next level, and he might be the one to do it.

Travis Hoium: One of the reasons I thought that was an interesting option is, if you're Daniel Ek, you're not taking over another $30 billion company. But if Alphabet comes calling one of the biggest companies in the world, you at least take the call and see what they want to be doing. Let's go to the retail space. This is an area where there's been a lot of changes and a lot of challenges. One of the companies that's done extremely well over the past five or six years is Dick's. Their CEO is Lauren Hobart. Stocks up about 240% since she took over. I got three options for you. Someone's going to try to poach her as CEO. Target, that would be another turnaround play. Costco maybe more of a prestige play or Best Buy. Jason, if you're advising Lauren Hobart, where does she go?

Jason Moser: I like the prestige angle that you took there with Costco, and that's where I'd be sending Lauren Hobart if that was the choice there. I think with Costco, you've got such a well established and strong business, and really the main job there, I think, it's member relations. I mean, you're just going in there, don't rock the boat. Make sure you keep on giving your customers the rock bottom lowest prices. You can give them raise that membership fee every once in a while just to keep in line with the cost of doing business. But it's such a well established business already, I think going into something like Costco would be exciting, just to be able to continue just wanting to give your customers exactly that value proposition that they've come to know and love over the years.

Lou Whiteman: That I think that's probably right. Let's have fun and go through the others because I do think there's at least an interesting case to be made. What's gone right at Dick's is realizing what you are and what Amazon is going to just commoditize from you and focusing on what they can't? That's very similar to what Best Buy has done right. In a way, if Best Buy needed a new CEO, it's probably a pretty good fit here, because, again, I think just understanding your customer, understanding what you can give them that others can't and leaning into that. I guess, like for like, Best Buy works, but really, if this is what Target needs. I don't know if they're going to be able to find it. But if there's an opportunity there, if we could pitch to the Target board, here's how I see doing what we did at Dick's at Target, that would probably be the most intriguing. My fear with Target is, I don't know what that is. But maybe a good CEO who's been at Dick's and has proven that you can do this. Maybe it's just the person they need to come up with an idea. I don't know. I think I'm dreamcasting here, but I thought I can at least make the argument for the others. I'd probably just go to Costco.

Travis Hoium: That's the argument that I would have made. It reminds me a little bit of Alan Mulally with Ford. Hey, this is going to be my last job. I'm going to take a big swing. Either works or it doesn't. If I turn the company around, I'm going to be a hero, I'm going to be a legend. But I think all of those would be such an interesting balance because Costco, you're not going to get bookoo bucks and stock based compensation. Target, I mean, if you turn that business around, that stock could double, triple quadruple.

Lou Whiteman: Here's the thing. The Mulally story, I know pretty well. He knew going in, like, we need to do A, B, and C really quickly, and that'll lead to D, E and F. If Hobart could go tell that story, then yeah, that'd be great. My fear is, I don't know. Maybe I'm not giving anyone enough credit, but it seems like a much harder story to come up with going in.

Jason Moser: Can we just say, too, like, Alan Mulally, that is a story for the ages I think. What he did at Ford was just I don't know, to my mind, it was unreal, given how on the ropes, not only Ford, but really all the automakers were at the time. I had the very good fortune to be able to interview him on the floor of the North American International Auto Show in Detroit several years back. I mean, just what a nice guy. I mean, just he is as seen on TV, just super nice, really relatable. But, man, rock star CEO.

Lou Whiteman: [inaudible] he is something from your world. He wasn't just shooting par there. I think that's what it comes down to. That was a lot better.

Travis Hoium: My favorite was that he kept his house in San Diego, and he just flew to Detroit every week. That was a pretty long commute. Let's go a little bit deeper here. I don't even know if you knew who this person is. Jeff Dean is arguably the the person who turned Googles and Alphabets AI fortunes around over the past couple of years, he's been with the companies since the 90s, worked on search very early. One of the reasons that he comes to mind for me is he is also a Gopher alumni, like I am here at the University of Minnesota. But he's one of the bigger names that maybe doesn't get a lot of attention outside of Silicon Valley. But if Apple we're looking for a new CEO. He would absolutely be on the list if they were looking external. Amazon, NVIDIA, if you're Jeff Dean, and you have all three of those officers, NVIDIA, we're going a little bit off the board. We're assuming that Jensen Wong has bought an island and decided that he's going to hang up running the Ferrari that he's built at NVIDIA, which is never going to happen. But let's say that those three jobs are available. Lou, which one are you taking if you're Jeff Dean?

Lou Whiteman: Apple is the knee jerk because the narrative is Apple has failed at AI and this is a smart AI person. I'm giving Apple a lot of credit for that, though. I think Apple knows exactly what they're doing. When AI is all commoditized, they will just pick it up and go with what they want. I'm going to go with Amazon here because Amazon, I think, is more of a collection of always moving pieces where maybe not just AI, it's consumer facing front, but just how does AI integrate into our business long term? There's both opportunity there and risks. It's not the I don't know, easy job than in video, though I'm very, not giving Jensen Wong enough credit there, but Amazon just feels like the middle for me, so I'll take that.

Travis Hoium: Jason.

Jason Moser: I think Lou right. I think they're just biding their time. They're not terribly worried over there about the AI conversation. It's in line with that philosophy. They don't have any interest in being first. They just want to be best. They're watching everybody else build this out and just bring home the use cases and the real value that's going to be seen in AI. I think Apple, I would actually volunteer that is my recommendation. I think it's just because of that. I think it's going to be really interesting to see what they do with AI as this technology is built out. Apple does a very good job of partnering up. In Alphabet, I think, is a great example. I suspect we'll see more of that in the coming years with such a large installed user base. I mean, billions of devices active today in that Apple universe. It seems like they have a lot going for them.

Travis Hoium: Given the things that he's done in AI and also the way that Google's products have gotten so much better in the AI space than I think a lot of us would have thought, I thought Apple would be interesting, too. Let's do this one quickly. Mary Barra it's actually a GM stock has outperformed Tesla for quite a while here. Really turned that business around. This was supposed to be a CEO who was getting disrupted left and right. If she's going to go onto a bigger and better job, Jason, Boeing, 3M, and Tesla have all come calling. Where should she go?

Jason Moser: Man. Post it. Let me see.

Travis Hoium: Well, manufacturing. That's the angle here. She's running a manufacturing company. They could use a little invigoration going off the board.

Jason Moser: 3M is one of those sneaky businesses like you don't really ever think about it, but it's everywhere. Again, Tesla too much baggage. I don't want to go there. Boeing, maybe I actually like 3M. I think it lines up with their skill set, and it could be an opportunity to sort of reinvigorate the brand, at least create the awareness to the consumer of all of the different things that company does because it does a lot and it does a lot of stuff very well.

Lou Whiteman: Again, I'm not going to Tesla until I get, I don't know, some reassurance, you want to have Howard Schultz leaning over your shoulder, so that one's out for me. I like the 3M idea, but you know what Barra has really done well at GM is just focus on what they do well and getting it to they do everything well again. Boeing, so much of it is just to stubbing and self inflicted wounds. I do think just a no nonsense, let's get this right CEO. Hopefully, they finally found. To their credit, they have a CEO, I think, is much better than the last two predecessors. Maybe they're already there, but I think Barra fits the mold, if not, of someone who could just let's clean this up and make it.

Travis Hoium: It'll be interesting. She has done such a good job at GM. I think those of us who watch really respect what she's done. But there's a lot of companies that could use that similar skill set. When we come back, we're going to get to stocks on our radar. You're listening to Motley Fool Money.

ADVERTISEMENT: Leading a life without question. I have in you back from conception. No worries enhanced when it's part of the plan, and you beg me to see your present. Sir, well, I thank you. I simply can follow some fly and give up some [inaudible].

Travis Hoium: As always, people on the program may have interest in the stocks they talk about and the Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows the Motley Fool's editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our show notes. Let's get to one of the strange stories of the weeks. That is Netflix. Lou, they got a couple billion dollars. I know they probably don't have the cash yet from the Warner Brothers discovery acquisition that fell through Paramount is now buying. They're using some of that money to buy Ben Affleck's AI company. Is this them just wanting to do something? Is this technology that they really need in house? This is a production AI tool. It's not like a Nano Banana, a competitor. What in the world is going on here?

Lou Whiteman: Good question. I'll be honest. This might be a me problem, but it's weird to me, and it just feels like we're seeing it's like I don't know. Maybe I'm looking at the celebrity and underestimating the product, but look, this is, like you said, a post production tool. It doesn't replace acting. It's for editing the scenes after they're shot. Maybe it's just the best undisputed tool out there, although it's in stealth and Netflix just had to have it, but is it really worth $600 million to bring it in house? I don't want to be cynical, but yeah, it feels like they were in acquisition mode. Maybe it's worth the money just to come off as creator friendly to signal to the community that we're doing post production stuff. Maybe they just want a big deal with Ben Affleck and it's a way to do it. I don't know what's going on here, but it's weird.

Travis Hoium: Jason, this reminded me of when Apple bought Beats by Dre, just so that Tim Cook could hang out with Dr. Dre and Jimmy Iovine a few times. I'm sure there was more to it than that, but that was a big check for some headphones.

Jason Moser: It was like Dorsey buying Tidal. It was the weirdest acquisition, and I'm convinced that just because he wanted to saddle up with Jay Z. But whatever. I'm with Lou. This just seems like they were in acquisition mode, and they needed to do something. I'm not a Netflix shareholder. I wish I was, but I am glad that that deal did not go through. I think that would have been a troublesome acquisition. I don't think it would really resulted in the creation of a lot of shareholder value for Netflix. I think Netflix is going to be just fine on its own, but it does feel like, hey, this has found money from the breakup. They got to spend a little bit of it on an acquisition here with some post production stuff, and maybe they feel like they're a little bit cooler because they can call Ben Affleck a partner. I don't know, but we'll see.

Travis Hoium: It'll be interesting to see how often he's in the Netflix office.

Lou Whiteman: For the record I think I'd rather hang with Dr. Dre, but no offense, Ben.

Travis Hoium: We like to end the show with stocks on our radar. We'll bring in Dan Boyd from behind the glass to get some thoughts. Jason, you're up first. What's on your radar this week?

Jason Moser: Yes, well, Dan, did you know that there are more than 150 different diseases and conditions that can impair our musculoskeletal system. Say, that five times fast, resulting in pain, limited movement, and even worse. My radar stock this week, Globus Medical ticker GMED is a company dedicated to fighting those diseases and conditions and it's a company that I've recommended in our services before, done very well through the years, but they're devoted to developing the solutions for musculoskeletal disorders through the devices and surgical equipment, monitoring and technologies. They are on the cutting edge when it comes to immersive technology utilizing things like augmented reality and even virtual reality to train physicians on how to use their solutions. It's a company just wrapped up a very strong 2025 revenue growth was better than 16%. Looks poised to continue here for the year to come, and it's a big market opportunity out there. This is a $50 billion or so market opportunity for a company that's still really just in the early innings, so I think a lot of market share to capture, and that's what I'm watching.

Travis Hoium: Dan, can you say musculoskeletal five times fast?

Dan Boyd: I cannot, Travis. Not even going to try. Jason, you made a good pitch. But what really is selling me is it seems like your dogs are really excited about it, too.

Jason Moser: Well they're excited every week just to have the opportunity to make an appearance on this show, and it seems like they nailed it again this week.

Travis Hoium: Lou, what's on your radar this week?

Lou Whiteman: I don't want to downplay my chances, but if Dan is really just leaning into going with the dogs, you can do a lot worse than that. I'll say that at the front. Dan, this week, I'm looking at AeroVironment ticker AV. Frankly, I'll be honest, I'm not sure I like what I'm seeing. AeroVironment is the maker of mostly military drones. Its products have been a key part of the Ukrainian war effort. The company has gotten a lot of attention and a real boost to the stock price because of it. Basically, it showed that the products are just as good as what the PowerPoint slide projected they'd be. This week, AeroVironment reported quarterly results that missed expectations. They lowered full year guidance, too. Issue is a loss space contract. It was a significant part of AeroVironment's backlog of future business. This was something they bought last year. It was most of the existing business of a company they bought last year. I do think this can just be a temporary setback. I don't think it's thesis busting, but to be honest, it removes a lot of the reasons for investors to be excited about AeroVironment, at least in the short term. Stock is down 13% for the month. I fear it could be hard to get airborne again for now. I'm watching this one, but not for the good reasons.

Travis Hoium: Dan, what do you think about the military drone business?

Dan Boyd: Well I love it when somebody comes onto the show and brings us a stock that they're not excited about. That's not a cop out whatsoever, Lou. I just want to say, it stinks to hear that a company headquartered in Arlington, Virginia is not doing well at the moment.

Lou Whiteman: Dan, I can only bring in the news. I can't make the news all good.

Travis Hoium: That's fair. Dan, what caught your attention, Globus Medical or AeroVironment?

Dan Boyd: Well, I'm curious as to who let the dogs out. Maybe somebody should put them back in, but I'm going to go with Globus Medical this time around.

Travis Hoium: Congratulations, Jason. That's all the time we have for this week. Thanks for listening to Motley Fool Money. We'll see you here tomorrow.

Dan Boyd has positions in Amazon and Costco Wholesale. Jason Moser has positions in Adobe, Alphabet, and Amazon. Lou Whiteman has positions in Adobe. Travis Hoium has positions in Alphabet, Spotify Technology, and Uber Technologies. The Motley Fool has positions in and recommends 3M, Adobe, AeroVironment, Alphabet, Amazon, Apple, Best Buy, Boeing, Costco Wholesale, Globus Medical, Netflix, Nvidia, Spotify Technology, Target, Tesla, and Uber Technologies and is short shares of Apple. The Motley Fool recommends General Motors and recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Investing.com -- The global drone market is entering a transformative expansion phase, with valuations projected to reach $250 billion by 2035. According to a new special report from Barclays (LSE: BARC), the integration of artificial intelligence into unmanned aerial vehicles, a shift labeled as "Physical AI," is fundamentally altering the defense landscape.

Individual one-way units remain relatively inexpensive, often costing below $50,000, but the broader ecosystem required to deploy autonomous swarms at scale is creating a massive new frontier for capital expenditure.

The shift from hardware to compute

The transition toward AI-led defense is shifting the industry’s center of gravity away from traditional manufacturing and toward compute, data centers, and software. Barclays analysts note that the market size has already doubled from approximately $20 billion in 2020 to over $40 billion in 2025.

As drones become a core growth engine of the tech sector, second only to autonomous vehicles, the constraints on deployment are moving beyond traditional defense budgets. Future scaling will increasingly depend on AI capital expenditure, energy availability, and access to critical minerals.

The "Physical AI" movement is expected to structurally lower operating costs over the long term by reducing the need for human personnel in high-risk environments. However, the front-loading of costs into software and autonomous decision-making systems means that defense contractors are effectively becoming tech firms.

Shifting from hardware to compute represents a significant realignment of value toward companies that can master the intersection of robotics and real-time AI processing.

Strategic implications for global security

As the race to deploy autonomous swarms intensifies, the geopolitical significance of the drone industry is reaching a fever pitch. The ability to deploy low-cost, high-impact technology at scale is providing a tactical advantage that traditional platforms struggle to match.

Investors are closely watching the minerals and energy bottleneck, as the massive power requirements for AI data centers and the demand for specialized components could dictate the pace of innovation through the next decade.

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