US doesn't just make weaponry but let's roll with that. You said there are two major markets now, I assume you mean Europe, that is the most wealthy continent, and Middle East one of the most awash with cash regions in the world.

You may be tempted to assume that only active participants in wars buy weapons, but that has never been the case. And especially now, you have many countries trying to restock and prepare.

A lot of European countries are probably rethinking dependencies on the US as a supplier of weapons.

After they think, what will they do?

Buy weapons systems developed in Europe?

Guns and missiles don't even make it into the top five U.S. export categories. The largest good exported is civilian aircraft parts, although it pales in comparison to business services exported (>$200B) and financial services (~$175B).

A lot of foreign customers are rethinking their dependency on American services, too. Not out of some ideology, just hedging against whimsical policies. Just a year ago, such discussions would have been idle crackpot watercooler talk, now it's a normal boardroom subject. The shift will take time, but that's it's even on the agenda is incredible.

> The world doesn't need that much guns and missiles.

Yet they seem to be begging for them pretty hard.

Rheinmetall shares are doing well. They're in all kinds of JV worldwide. It's not Basil Zharoff spectacular but they're healthy. The world wants the blessed Mary of the javelin, and anyone who makes NATO 155mm has a market.

People who bought the F35 have mixed views. Awesome tech. Is there a remote off switch?

British arms factories are salivating at the prospect of NATO and EU spend. The French want to ring-fence them out but almost any complex materiel is made across Europe in the wider sense. Risk management drove there, I think France will stop being silly once their factories supply books are healthy.