Weekly News Update: Feb 2, 2024

27 Jan - 2 Feb 2024

Good morning,

It’s Groundhog Day again already (didn’t we just do that last week?). Punxsutawney Phil has predicted an early spring. Let’s hope he’s right.

Ukraine has sunk a Russian guided-missile corvette, the Ivanovets, using sea-based drones as the war seems to move closer and closer to ‘home’ for the Russian people. The US foiled a Chinese attempt at hacking critical infrastructure systems and has issued strong warnings about about Chinese espionage and cyberattacks. Iranian-backed militias killed three American servicemembers in a drone attack targeting a camp in Jordan, now they’re saying “oops, we didn’t really mean to, please don’t hurt us.”

The Defense Primes want to push their risk on to the government, and are turning their back on fixed-price contracts. This will open up an opportunity for defense tech startups. Boeing’s challenges continue, with the company seeing continued losses in its defense business—although those losses are shrinking. Its share price rose 5% o…