Defense tech investors thought the war in Iran could make them millionaires. Instead, they faced a Wall Street bloodbath

Defense contractors like Northrop Grumman and Lockheed Martin have seen significant stock declines despite U.S. military spending on the Iran conflict and a proposed $1.5 trillion defense budget. Investors initially surged but faced losses as markets discounted prior expectations, with analysts noting gains were already priced in before conflicts escalated.