Geopolitical instability in the Middle East is prompting investors to reassess the defense sector. Steven Wieting says much of the conflict-driven impact may already be priced in, noting strong gains in defense hardware alongside lagging cybersecurity performance. Garrett Smith argues that rising defense budgets and growing demand for drones can still raise challenges for legacy defense companies like Lockheed Martin (LMT), RTX Corp. (RTX), and General Dynamics (GD).