Ray Blanco:

Drone Stocks Soar After Trump Announces Tariffs

American drone companies got a sudden lift in the stock market Friday after President Trump announced plans to impose tariffs on imported drones.

"President Trump's drone tariff program will protect the national security of the United States and its defense and defense-adjacent industrial base, supporting and creating American jobs," the White House said.

Trump announced different buckets of tariffs: 100% on large drones with "capabilities that are particularly sensitive for national security purposes," including thermal imaging. 25% on drone parts and smaller drones "that lack certain capabilities that particularly implicate national security." And 15% on drones and parts from the European Union and several other key allies; and 10% on units from the U.K.

Unusual Machines (UMAC), which was backed by Donald Trump Jr. in 2024 when he joined its advisory board, was up 24% in late morning trading. Red Cat (RCAT), which pivoted from hobby drones to military ones, rose 8%. Ondas (ONDS), AeroVironment (AVAV), and Kratos (KTOS) were up 5%, 1.2% and 2.1%, respectively.

National security experts have long bemoaned the American reliance on foreign sources for drone production, particularly China. And the desire to boost the American drone manufacturing sector has become increasingly urgent after the Russia-Ukraine war illustrated the significant utility of drones in modern warfare.

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Chris Campbell:

The War Over Bitcoin's $1.4M Rave Parrot

Last Friday, Bitcoin split in two. You probably didn't notice. The price barely moved. Though it sent many Bitcoiners into a rage… it ended in a whimper.

You see, a fight has been brewing in Bitcoin over what it is for. One camp says Bitcoin is money. Everything else is heresy. The other camp treats Bitcoin more like an immutable database. If people pay to carve it with "inscriptions" – cartoon parrots, digital trading cards, whole token economies etched permanently into the blockchain – then it's the free market talking.

A pseudonymous developer from the money camp – known only as "Dathon Ohm" – proposed a rule change. BIP-110. It would slam the door on new inscriptions for one year. A consensus-level crackdown.

But changing Bitcoin takes miners, node operators, and the businesses that move real money – all pulling the same way. It requires them leaving the old Bitcoin and joining your new "forked" Bitcoin. And when it came time for the network to vote… BIP-110 only got 2.53% of miners to join their network.

A minority faction tried to force a rule change without economic backing and got politely ignored by the network. Your coins were never at risk. The network shrugged. And that shrug is one of the most valuable features of 21st-century finance.

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Davis Wilson:

Rocket Lab, ASTS, AI & Quantum

Some of my favorite stocks just reported earnings. And the insights they shared are definitely worth your attention.

Rocket Lab (RKLB) reported earnings on Monday: EPS loss of $0.08 vs. $0.03 loss expected, revenue at $234.1 million vs. $231.6 million expected, and a contract backlog of $2.36 billion. The stock slipped after earnings, but that's not what I'm focused on. The biggest takeaway is that Neutron remains on schedule for its first launch in Q4 2026 or early 2027.

Today, Rocket Lab is best known for launching smaller payloads aboard Electron. Neutron changes the game. It's a medium-lift, reusable rocket capable of carrying 28,000 pounds into low Earth orbit – putting it in the same class as SpaceX's Falcon 9.

More importantly, much of Rocket Lab's future growth depends on Neutron. The company already has billions of dollars in contracted business waiting for this vehicle. Now let's see if Rocket Lab can execute.

To get the rest of my insights on Rocket Lab – plus those on CoreWeave (CRWV), Nebius (NBIS), and Quantinuum (QNT) – click the link below.

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