EU defense budgets just surged +50% YoY, triggering a +77% rally in EUAD.
Meanwhile, U.S. defense remains politically capped and structurally underweight.
With NATO’s 5% target and Germany’s €500B push, capital is rotating heavily into European defense.
Past Report Spotlight:
Nuclear popped +56.5% after our Q2 call—before defense even moved.
Why? We saw rearmament driving demand for sovereign energy first.
Now defense is up +77% YTD. This is the same trade.
Disclaimer: The author(s) hold BTC and ETH at the time of writing (disclaimer).
Key Report Insights:
Europe Leads: EUAD up +77% as regional budgets surge +50% YoY
Capital Cycle Reset: NATO targets 5% GDP spend by 2035
U.S. Left Behind: S&P defense exposure remains structurally underweight
Froth Alert: Select EU names now trade richer than tech/luxury
Output Bottleneck: U.S. labor shortages threaten delivery timelines
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