Sec. Duffey Says Pentagon Needs Funds to Rebuild Munitions

Michael Duffey, Under Secretary of Defense for Acquisition and Sustainment, says that AI offers tremendous potential for the department, but says funding is essential to rebuilding the defense industrial base. Sec. Duffey says the Pentagon is focused on increasing production of critical munitions including Patriot, Tomahawk and Standard missiles and argues that longer-term contracts can encourage industry to expand capacity. Sec. Duffey also says defense companies need to prioritize production and the war fighter when considering stock buybacks and dividends. He speaks with Tyler Kendall on Bloomberg’s "Balance of Power." (Source: Bloomberg)