$ONDS The $1.15T defense spending bill currently moving through Congress could become the catalyst that sparks the long-awaited rotation into defense names. Most investors are reading the headlines and simply seeing “more defense spending,” but they’re missing the bigger picture. The Pentagon isn't just spending more, it is fundamentally changing what it wants to buy. For a long time, military superiority meant building a small number of incredibly expensive platforms like fighter jets, bombers, destroyers, and large ISR aircraft like the MQ-9 Reaper. Recent conflicts have changed that calculus with Ukraine, the Red Sea, and the Middle East all demonstrating the same thing: Affordable mass beats exquisite hardware. You can't defend against thousands of low-cost drones by firing multi-million-dollar interceptors forever. You can't rely on a handful of billion-dollar assets when warfare is becoming increasingly autonomous, distributed, and attritable. That's why we're seeing an accelerating push toward: • Counter-drone systems • Autonomous aerial platforms • AI-enabled ISR • Autonomous ground robotics • Distributed sensor networks • Edge computing + secure communications • Lower-cost systems that can be deployed at scale The goal isn't necessarily to replace every MQ-9 with another MQ-9, it’s to achieve MQ-9-level intelligence and mission effectiveness using fleets of autonomous systems that are cheaper, more resilient, and scalable. This procurement shift will create huge winners, and this is exactly why I have been pounding the table on $ONDS for so long. $ONDS isn't competing to build the next fighter jet. They’re focused on technologies that align directly with where defense dollars will be flowing: • Counter-UAS • Autonomous drone systems • AI-enabled ISR • Autonomous ground vehicles • Mission-critical comms This bill matters because it reinforces that elevated defense spending isn't just about buying more exquisite platforms, it’s about accelerating investment into autonomy, AI, robotics, electronic warfare, and counter-drone systems. If institutions begin rotating into defense, they'll likely start with the large primes. However, history shows that once capital starts chasing a theme, it eventually looks for higher-growth names with greater operating leverage. That's where I expect companies like $ONDS to benefit disproportionately. The market often pays the highest multiples not for today's leaders, but for the companies best positioned for where the capital is flowing next. To me, there is no opportunity more asymmetric than $ONDS to capture the massive upside of this fundamental shift. Long $ONDS Not financial advice.