Executive Summary
Palmer Luckey reveals a critical manufacturing arbitrage that challenges conventional defense spending wisdom. Despite Anduril's 7,000-person scale and 25 products, the company cannot compete with Chinese component costs due to regulatory constraints—Ukrainian forces pay $2,000 for Anduril drones versus $900 for Chinese-component alternatives. This exposes a structural vulnerability: US defense contractors are prohibited from using Chinese components while competing against systems built with th...
Key Investment Opportunity
Meta Reality Labs Validation Play
Market undervalues Meta's VR platform investment despite Quest hardware success and $60B+ committed R&D spend
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