Accessible version Valuation Trends Val. Trends #943: Defense Tech – software defined hardware, dual-use tech movement Industry Overview What is Defense Tech? We hear the term "Defense Tech" a lot from investors, but what does it mean? Sometimes it feels like it is a catchall term used for small- and mid-cap defense companies. Are they all Defense Tech? It is used to distinguish them from the defense primes like Lockheed Martin (LMT), RTX (RTX), Northrop Grumman (NOC), Boeing (BA), and General Dynamics (GD) ...