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Newsom criticizes CA billionaire wealth tax, warns it would cut core services

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Newsom criticizes CA billionaire wealth tax, warns it would cut core services

California Gov. Gavin Newsom is forcefully pushing back against a proposed billionaire wealth tax, warning that the plan could cut funding for schools, public safety and other core services rather than fix the state’s budget challenges.

“California has the most progressive tax structure in the United States of America. We do… That said, I fear the way this has been drafted,” Newsom said at a Bloomberg News event in San Francisco on Thursday evening.

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“I was burdened by the facts. The fact is, it actually will reduce investments in education. It will reduce investment in teachers and librarians, childcare. It will reduce investments in firefighting and police,” he continued. “The impact of a one-time tax does not solve an ongoing structural challenge that has been exacerbated by the impacts of H.R. 1.”

The governor spoke in depth about the potential consequences of the proposed billionaire tax and answered questions about his conversations with those reportedly leaving California.

FLORIDA WINS AGAIN: QUANTUM COMPUTING COMPANY JOINS EXODUS FROM HIGH-TAX CALIFORNIA

While the initiative has not yet qualified for the November 2026 ballot, the proposal — backed by the Service Employees International Union–United Healthcare Workers West — would impose a one-time 5% tax on the net worth of California residents worth more than $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with additional costs, according to the Legislative Analyst’s Office.

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Gavin Newsom crosses hands to make 'X' gesture

Gavin Newsom, governor of California, during an interview in San Francisco, California on Thursday. (Getty Images)

If voters approve the measure, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal.

Doubling down on previous comments opposing the tax, Newsom said new data from the Legislative Analyst’s Office show the proposed wealth tax would bring a “one-time” windfall, then “over the years, you would see a significant reduction in taxes because taxpayers will move. And that is what I fear at a state level.”

“There’s impact as it relates to the flow of capital, the impacts on the market, which are not inconsequential,” the governor added. “You’ve got to democratize our economy if you’re gonna save democracy, absolutely. But this proposal by one local [SEIU–United Healthcare Workers West], I do not believe is the answer.”

“California’s billionaires pay much lower tax rates than what working families pay out of every paycheck. And soon, massive federal health care funding cuts in 2026 will collapse key parts of the California healthcare system,” Trevor Foreman, an SEIU member and hospital security officer in Sacramento, told Fox News Digital on Wednesday.

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“Local hospitals and emergency rooms will shut their doors forever because billionaires insist on paying less than the rest of us. In addition, more than 4 million businesses will face steep increases in health insurance premiums, leading to widespread layoffs across multiple industries as employers absorb the higher costs of coverage,” Foreman continued.

Newsom said he doesn’t doubt the union has the willpower and resources to get its measure on the November ballot.

“They have the money… we’ll see,” he said. “There’s a lot of leverage in this… By the way, someone said to me, ‘You need to veto this.’ I said, well, I can’t, because it’s not legislative. And by the way, the legislature’s not promoting this.”

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“It’s just become a story, even though, for me, it was an issue we’ve been tackling for five or six months,” Newsom expanded. “I’ve engaged with the proponent of it directly, indirectly, my staff consistently is working with the person that’s championing this. I’ve met with people that feel they’re being attacked because of it, people that have no problem paying more income tax. People that literally are giving away all of their money but want to do it on the timeline that their family has approved… People that are concerned about losing control of their company because of the unique characteristics of their cash situation. Yes, I’ve met with all of them, and they’re all in different stages of their lives, careers and their abundance. And some will never give a penny away, some I respect, some I don’t.”

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When asked about how he approaches this conversation with California’s 200 billionaires, Newsom said that “there’s some extraordinarily enlightened people in that category, and there’s some that they put a mask on.”

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“I think they’re disappointed in some respect as well. I mean, it’s just a lot of anxiety out there,” Newsom noted. “That’s why we’re doing more in health care, the largest health care expansion in the country that is also putting pressure on our Medicaid budget – there’s no question about that – to absorb and offset that anxiety and stress. But I do think this is unfortunate, and we’ll continue to make a case for alternative[s].”

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A ‘supercomputer for west Cumbria’: Pioneer Park energy project plans detailed

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Sellafield site in Copeland

A masterplan is being developed for the site near Sellafield(Image: Local Democracy Reporting Service)

A West Cumbrian ‘community-focused’ energy project has been described as a ‘supercomputer for west Cumbria’ at a meeting in Workington this week.

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Members of Cumberland Council’s nuclear issues board met at Allerdale House on Monday (March 23) where they considered the Pioneer Park project.

Members were told by a nuclear industry advisor that a masterplan for the project was being developed which will outline the status of the land (which sits adjacent to Sellafield), how it will be developed and how the power would be used.

He said there were two or three credible developers and it was expected that they would be approached in September, adding that the development would have to be powered using small modular reactors (SMRs) as renewables were not viable.

According to the report, the purpose of the project is to diversify the west Cumbrian economy and provide a wide range of job opportunities to all elements of the community for its long-term future. It adds: “We will be using the power generated at Pioneer Park to attract inward investment, as opposed to providing power to the national grid.”

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It has been proposed that the SMRs could power an AI system or data centre. Cllr Joseph Ghayouba (Bransty, Labour) said such developments were very ‘thirsty’, because they needed large volumes of water for cooling purposes, and they would have to be operated by people in specialised jobs so it would be important to train young people with the right skills.

The nuclear industry advisor said that 200 acres would be sufficient to accommodate the facility, with 400 acres available. He added: “It’s just a question of which 200 acres.”

He said it was a priority that the project should disrupt the Sellafield programme. Cllr Andy Pratt (Millom Without, Conservative) asked if placing a data centre would put the area at risk. Cllr Mark Fryer (St Johns and Great Clifton, Labour), the leader of the council, said it would not because security there was already high.

The report states that BEC (Energy Coast West Cumbria Ltd, a profit-for-purpose property developer and regeneration specialist) launched the Pioneer Park Prospectus and the initial market engagement process in early August, with the market engagement being successfully completed in late October, following discussions with more than 40 interested parties.

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According to the report, these organisations included:

  • Developers;
  • SMR sellers (including all four Great British Energy – Nuclear shortlisted technologies);
  • Renewable energy sellers;
  • Low carbon industrial organisations (Hydrogen, Sustainable Aviation Fuels);
  • Data centre/digital services providers; and
  • Potential delivery partners.

The report concludes that there is significant market interest in Pioneer Park and it adds: “Given the constraints of the land available, only SMRs can deliver the power that will be required to attract inward investment to our community and diversify the economy.

“Small pockets of renewables (wind/solar PV) may be feasible on land that is unsuitable for SMR construction.

“Given the geographical and infrastructure constraints of west Cumbria, a digital technology-based economy is preferrable and more likely to succeed than a large scale clean industrial (hydrogen or sustainable aviation fuel generation) based economy (though there is potential for a single mid-range industrial facility alongside the data-led economy).

“The scale of land that has been designated in EN6 for new nuclear power generation and is being offered by the Nuclear Decommissioning Authority (NDA) for Pioneer Park, is sufficient to host three or more of most SMRs plus large-scale data centres.”

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According to the report the shape of the land currently being offered is restrictive to development and it states: “This will be addressed through the masterplan process. There is significant market interest in the prospect of a nuclear-powered AI Growth Zone and data/technology led economic diversification in Cumberland.

“All organisations that BEC engaged with in the digital technology sector have unanimously recommended an interim solution to power early data centre deployment ahead of the construction and operation of SMRs and larger scale data centre deployment.

“Given the capacity limitations of the local grid, there will need to be a careful balance between generating sufficient energy to attract inward investment and over generation. This will influence the SMR technology selection.

“There are very few credible developers in the market that are close to being funded. This is our biggest risk to delivery. As the first-of-a-kind nuclear powered AI Growth Zone, we can transform the Pioneer Park project into a product that is scalable and exportable for the wider UK economy.

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“The consistent message from SMR vendors and developers is that the project timescale to the start of reactor operations will be in the order of 10 years.

“While we will be aiming for up to 1Gw generating capacity, BEC is holding constructive discussions with a micro-reactor vendor that may give us an opportunity for smaller scale SMR and data centre deployment on an earlier timescale.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Ford recalls 254,640 SUVs over driver-assist software issues

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Ford recalls 254,640 SUVs over driver-assist software issues

Ford Motor is recalling 254,640 SUVs in the U.S. due to a software defect that can disable rearview cameras and key driver-assistance safety features, according to the National Highway Traffic Safety Administration (NHTSA).

The issue stems from an unexpected reset of the vehicle’s image processing software, which may cause the rearview camera image to fail and disable advanced driver-assistance systems (ADAS) such as pre-collision assist, lane-keeping assist and blind-spot monitoring.

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Regulators warn that the loss of these systems can reduce a driver’s ability to detect hazards, increasing the risk of a crash.

The recall affects certain 2022–2025 Lincoln Navigator, 2024–2025 Lincoln Nautilus, 2025 Lincoln Aviator and 2025 Ford Explorer vehicles.

FORD IN DEEP WATER AFTER SWEEPING RECALLS HIT EVERY MODEL SINCE 2020 – WITH ONE EXCEPTION

Ford Explorer vehicles at a Ford dealership

Ford Explorer vehicles at a Ford dealership in Richmond, California, on Wednesday, April 16, 2025. (David Paul Morris/Bloomberg via Getty Images)

According to NHTSA filings, the problem is linked to the Image Processing Module A (IPMA), which can become overloaded when tracking a high volume of moving objects – such as in dense urban traffic – triggering a system reset. In some cases, repeated resets over multiple ignition cycles can lead to a persistent loss of functionality.

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Ford Motor Co. signage is displayed outside a dealership as the General Motors headquarters building stands in the distance in Detroit, Michigan. (Jeff Kowalsky/Bloomberg via Getty Images )

Drivers may see warning messages such as “Front Camera Fault,” “Pre-Collision Assist Not Available” or “Lane-Keeping System Off” when the issue occurs, and blind-spot indicators may also illuminate.

Ford said it is not aware of any crashes, injuries or fires related to the defect.

The automaker plans to fix the issue through a software update to the IPMA system, which will be provided either through over-the-air (OTA) updates or at dealerships free of charge.

Owner notification letters are expected to be mailed beginning March 30, 2026, and affected vehicle identification numbers will be searchable on NHTSA’s website starting March 25.

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ford logo

Ford said it is not aware of any crashes, injuries or fires related to the defect. (David Paul Morris/Bloomberg via Getty Images)

The recall highlights the auto industry’s growing reliance on software to power core vehicle safety systems, as well as the challenges that can arise when those systems fail or behave unpredictably in real-world driving conditions.

Advanced driver-assistance features have become increasingly common across new vehicles, with regulators requiring certain technologies – such as rearview cameras – in all new cars sold in the U.S.

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Consumers can check whether their vehicle is included in the recall by visiting NHTSA’s website or contacting Ford customer service.

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Fuel shortages force cancellation of Karijini Experience festival

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Fuel shortages force cancellation of Karijini Experience festival

A lack of fuel has forced organisers to can an annual traditional owner-led festival in Karijini National Park.

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The Marzetti Co. introduces salad dressings

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The Marzetti Co. introduces salad dressings

The Simply Dressed line includes seven varieties.

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Somerset’s Hinkley Point C nuclear plant announces new chief executive

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The power station’s current CEO is stepping down after 40 years

Mark Hartley is the new boss of Hinkley Point C

Mark Hartley is the new boss of Hinkley Point C(Image: EDF)

French energy giant EDF has named the new boss of its Somerset nuclear power plant, Hinkley Point C. Mark Hartley’s appointment comes as current chief executive Stuart Crooks steps down from the role after 40 years.

Mr Hartley is currently managing director of EDF’s nuclear operations, which runs Britain’s operational nuclear power stations at Sizewell B, Heysham, Torness and Hartlepool.

He is returning to the Bridgwater plant where he was technical director for five years until 2023. His position in nuclear operations will be taken up by John Munro – a director in that division of the business.

Meanwhile, it is understood Mr Crook, who was awarded a CBE for services to nuclear in 2019 and also has a French order of merit for his work within the industry, will continue to be “closely connected” to the nuclear sector.

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He will continue as a non-executive board member for Sizewell C and within EDF’s nuclear operations business, and in his role as an advisor to the Cottam Small Modular Reactor (SMRs) project in Nottinghamshire.

EDF chief executive Simone Rossi said: “This carefully planned transition demonstrates the depth, resilience and maturity of our nuclear organisation and our ability to develop world class nuclear leadership.

“It will enable us to deliver our ambitious nuclear plans in Britain at our existing power stations and in nuclear new build.

“I want to thank Stuart for his outstanding service to the UK industry. He has driven the replication strategy that has seen significant performance improvements in the second unit at Hinkley Point C and enabled the start of Sizewell C, which will benefit from everything learned at Hinkley Point C.

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“His contribution to the nuclear renaissance is profound and I am pleased that he will continue to offer his expertise in a non-executive capacity.”

Hinkley Point C is Britain’s newest nuclear power station and is due to be open by 2031. It is set to provide six million UK homes with zero-carbon electricity when completed but has been plagued by cost overruns and delays since it received government approval a decade ago.

Originally the project was expected to be finished by 2025 at a cost of around £18bn, but current estimates suggest the total price tag could reach nearly £46bn. The workforce at the Bridgwater project is likely to reach its peak this year, with an estimated 15,000 individuals working on the construction between 2026 and 2028.

In January, the second nuclear reactor arrived at the power plant in a milestone hailed by EDF as a “major moment”. The first reactor arrived at Hinkley three years ago and is already installed and welded in place on the first reactor building.

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The Next Big Theme: March 2026

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The Next Big Theme: March 2026

The Next Big Theme: March 2026

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150 new homes approved near Somerset gigafactory despite opposition

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The development in Woolavington has been given the green light from Somerset Council

New homes being built

New homes being built(Image: Rui Vieira/PA Wire)

Up to 150 new homes will be built within close proximity to Somerset’s new £4bn ‘gigafactory’ following the approval of outline plans by local councillors. Work is progressing rapidly on battery maker Agratas’ new facility at the Gravity enterprise zone between Puriton and Woolavington, which will create up to 4,000 new jobs once fully operational.

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Bloor Homes South West conducted a consultation in May regarding its proposals to deliver 150 new homes on Cossington Lane at the eastern edge of Woolavington, less than two miles from the gigafactory site. Somerset Council’s planning committee north has now granted approval for these proposals, despite local concerns about traffic levels and pressure on local services.

The new homes will be accessed from Cossington Lane, with new pavements established along the southern edge towards the Polden Hills Veterinary Centre and the Lock’s Way active travel route to Bawdrip, which forms part of National Cycle Network (NCN route 3).

A separate access for pedestrians and cyclists will be established onto the B3141 Woolavington Hill, north of the existing homes on Southfield Close, enabling residents to access local amenities such as The Co-operative Food store and the local pharmacy.

Substantial public open space will be created at the site’s eastern boundary, incorporating new play facilities, to establish a buffer with the countryside and keep Woolavington distinct from the adjacent village of Cossington.

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Of the 150 properties earmarked for the site, 45 will be affordable, satisfying the council’s requirement of 30 per cent affordable housing for any new development of 10 homes or more within the former Sedgemoor area.

Beyond the new properties, Bloor Homes will supply more than £350,000 towards enhancements to public transport and the local cycling infrastructure (in addition to new connections being delivered by Agratas).

Just over £100,000 will also be allocated to the Polden Medical Centre, towards expanding either its Woolavington surgery (on Woolavington Road, near the primary school) or its Edington surgery (which already secured a share of £1.14m from central government to create additional space).

Local resident Joe Stradling voiced opposition to the proposals when the council’s planning committee north met in Bridgwater on 11 March.

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He said: “This is the wrong place for this development – no-one in Cossington or Woolavington supports this. There is no positive to be had here.

“Because of the Agratas battery plant, there is a rush to get houses built in this area. You should not approve this just because it’s the first application that’s come along. The number of new homes required at Woolavington is about 70 – this greatly exceeds that.

‘It’s unacceptable’

“Woolavington has got no pub, the school is over-subscribed, and the doctors’ surgery is struggling to cope. Traffic is already a problem in the area, and it’s going to get worse – we’re probably talking 300 cars from this. It’s unacceptable.”

Previously, Gladman Developments attempted to obtain planning permission for 125 homes on the same site, but this was rejected by the Planning Inspectorate in June 2021.

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Alan Sharp, chairman of Woolavington Parish Council, said: “The junction of the A39 and the B3141 is currently over capacity.

“No evidence has been presented to show how a ‘modal shift’ from cars to cycling or public transport can be achieved, to provide any alleviation of the vehicular impact on this junction.

“The implication is that the only alleviation would be no additional car movements from this development – which is extremely naive, as we are a rural community and need cars to get to places.”

Wainhomes Severn Valley had pledged to replace this junction with a new roundabout as part of a development of 175 homes west of Woolavington Hill; however, this permission expired in March 2025.

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Councillor Matt Martin, who represents the neighbouring King Alfred division, said: “I must pin my colours to the mast: I don’t generally make adverse comments on large-scale developments because I’m very cognisant of the five-year housing land supply situation, and I’m a realist – I understand how things work in the commercial world.

“However, in this instance I must say that I do think this is in the wrong place. I go through the A39 junction very frequently and it is always a sticking point.

“Cars want to get out and down to Bridgwater and onto the M5 quickly. We’re going to have construction traffic using that junction – it’s going to cause more problems.”

Councillor Alistair Hendry (Conservative, Highbridge and Burnham South) offered a different perspective, arguing: “The average number of cars for a three-bedroom house is not as much as people think – it’s about 1.4.

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“Not everybody drives to work – some do, some don’t, some work from home. Some people do the school run, some don’t – so not all these cars are going to approach a given junction at any one time.

“You cannot stop construction site traffic coming and going – the work has to be done.

“Our highways team are very technical, very educated and know exactly what they are doing – they say it’s safe and acceptable, and that’s good enough for me.”

Councillor Alan Bradford (Conservative, North Petherton) expressed his preference for a site visit prior to the meeting, suggesting the committee was “boxing blind” without one.

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He continued: “I’m 79, I’ve been on the A39 hundreds of times – I know the area very well.

“Traffic is always going to a problem in every development – but what are we going to do – go back to horse and cart?

“There’s no easy solution to the traffic problem – unless everybody starts working from home and if that happens they’ll want more parking spaces.”

Following nearly two hours of debate, the committee voted to approve the proposals by five votes to three, with one abstention.

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A reserved matters application, offering further detail on the design and layout of the proposed dwellings, is anticipated to be submitted before the year’s end.

The council will shortly deliver a decision on separate proposals for 170 homes south of Vicarage Road (neighbouring the Bloor Homes site, brought forward by South West Strategic Developments) and 85 homes south of Woolavington Road (lodged by Gladman Developments).

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Apogee Therapeutics: ‘Strong Buy’ As Zumilokibart Progresses To Next Q2 Milestone (APGE)

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Apogee Therapeutics: 'Strong Buy' As Zumilokibart Progresses To Next Q2 Milestone (APGE)

This article was written by

Terry Chrisomalis is a private investor in the Biotech sector with years of experience utilizing his Applied Science background to generate long term value from Healthcare. He is the author of the investing group Biotech Analysis Central which contains a library of 600+ Biotech investing articles, a model portfolio of 10+ small and mid-cap stocks with deep analysis for each, live chat, and a range of analysis and news reports to help Healthcare investors make informed decisions.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Anduril says it can mass-produce low-cost autonomous drones to counter Iran

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Anduril says it can mass-produce low-cost autonomous drones to counter Iran

Swarms of low-cost Iranian drones are rewriting the rules of war, but one U.S. defense contractor says it can mass-produce autonomous military systems to match them at a fraction of the traditional cost.

“Our adversaries are not coming at us with $10-plus million fighter planes, necessarily. They’re coming at us with very, very low-cost munitions,” Trae Stephens, co-founder and executive chairman of Anduril Industries, told “Mornings with Maria” Tuesday.

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The challenge, he said, is to “significantly” bring down the cost of engagement instead of firing off $2 million interceptors, noting that the company is doing so by “building… low-cost autonomous systems” that give U.S. forces the ability to “fight the wars of tomorrow, rather than the wars of yesterday.”

AMERICAN DRONE COMPANY CHALLENGES CHINESE DOMINANCE WHILE PREPARING TROOPS FOR SWARM ATTACKS

Soldier holding an Anduril drone

A solider checks an Anduril Industries Inc. Ghost-X reconnaissance drone at the National Training Center (NTC) in Fort Irwin, Calif., on Nov. 7, 2025. (Christopher Lee/Bloomberg via Getty Images)

“That’s been Anduril’s focus since the beginning…” he said.

Stephens detailed the company’s autonomous systems designed to collaborate on the battlefield. Some drones act as “hunters” that scout and identify targets, while others serve as “killers” capable of striking them.

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TRUMP SIGNS ORDER TO BLOCK DEFENSE COMPANIES FROM BUYING BACK STOCK UNTIL ARMS PRODUCTION IMPROVES

“You have drones that are going out and looking for other things, like our Ghost platform. You have loitering munitions that fly around looking for things, and then when they find those things, they can go and take kinetic action against them, and then you have platforms like our Barracuda 500 that are… missiles that are intended to go after targets directly,” he explained.

The aim is to replace Cold War-era technology with low-cost autonomous systems that can be mass-produced.

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“We’re leveraging the advances in manufacturing techniques, the advances and autonomy in the manufacturing system to produce at high, high scale at very low cost,” he said.

The company is already moving to scale up production, with a new manufacturing facility in Ohio set to produce these autonomous military systems at high volume as wartime demand grows.

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Home flippers see smallest profits since Great Recession, data firm says

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Home flippers see smallest profits since Great Recession, data firm says

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