Tanks or drones? Defense earnings reveal a more complicated rearmament boom

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Drone technology and artificial intelligence are rapidly reshaping modern warfare, but the world's biggest defense contractors are finding that demand for tanks, fighter jets and other traditional military equipment remains strong. Recent earnings from U.S. and European defense companies show conventional weapons continue to drive year-on-year growth, even alongside surging demand for advanced sensors, autonomous systems and counter-drone technology. Rather than displacing traditional weapons manufacturers, the rise of drones and autonomous warfare is creating new business for many of the same companies.