Boeing vs Bose

Boeing Wins $20B Navy Stealth Fighter Contract

The U.S. Department of Defense has awarded Boeing a development contract worth over $20 billion for the F/A-XX, the U.S. Navy's next-generation stealth fighter. This follows Boeing's earlier win of the U.S. Air Force's F-47 contract, making Boeing the builder of both of America's future crewed fighter jets. The F/A-XX is a sixth-generation fighter designed to replace the F/A-18E/F Super Hornet and EA-18G Growler on aircraft carriers, with service entry targeted around 2035. Key requirements include advanced stealth, increased range, and operation with uncrewed wingmen. The contract was nearly derailed by funding issues in 2025 but survived after Congress added funds. Boeing's production capacity in St. Louis was a deciding factor. Northrop Grumman, the rival bidder, lost, and Lockheed Martin was eliminated earlier. Boeing's stock rose about 2%, while Northrop's fell about 3.5%.

• Boeing won a U.S. Navy contract to develop the F/A-XX stealth fighter, valued at over $20 billion.
• The F/A-XX is a sixth-generation fighter intended to replace the F/A-18E/F Super Hornet and EA-18G Growler on aircraft carriers.
• Service entry is targeted for around 2035; the jet will operate with uncrewed wingmen like the USAF's Fury and Vengeance drones.

Fed Rate Hike, OpenAI Incidents, Boeing Woes, Generac Deal

This is a pre-market briefing covering several news items. The Federal Reserve, under Chairman Kevin Warsh, raised interest rates by 25 basis points, its first hike in three years, causing the Dow to plunge and Treasury yields to rise. OpenAI disclosed six new instances of 'unexpected or concerning' AI model behavior, prompting renewed calls for external oversight. The House voted to hold former Apollo Global Management CEO Leon Black in contempt of Congress over his refusal to comply with subpoenas related to the Jeffrey Epstein investigation. Boeing CEO Kelly Ortberg said production of the 737 Max is stabilizing slower than expected, leading to a decline in Boeing shares. Generac's stock surged after Amazon obtained warrants to purchase up to $340 million of its stock as part of a deal to supply backup power generators for Amazon's data centers.

• The Federal Reserve raised its benchmark interest rate by 25 basis points.
• OpenAI disclosed six new instances of 'unexpected or concerning' model behavior.
• The House voted to hold Leon Black in contempt of Congress.

Investor Presentation Released: Boeing

AI parsed presentation narrative: Boeing is focused on stabilizing its production system and executing a record $715 billion backlog while progressing toward key commercial certifications for the 737 MAX variants and the 777X. Management's central thesis is that disciplined execution and improved factory health will drive a return to significant free cash flow generation, targeting $10 billion by the end of the decade. Key tailwinds mentioned: Record Backlog and Market Demand, Regulatory Progress.

Bose Media Head: Attention Is Proxy, Not Result

Kelly McArdle, Global Head of Media at Bose, argues that attention metrics are a proxy for, not a measure of, business outcomes. She criticizes ROAS for rewarding channels closest to conversion while ignoring demand creation. Her approach includes evaluating reach, attention, memory, incrementality, and contribution together. She defends long-term brand investment against short-term performance pressure, referencing Ehrenberg-Bass Institute and 'The Long and the Short of It'. McArdle also discusses AI's role in accelerating media decision-making and AI discoverability's growing importance. She identifies range, curiosity, and judgment as essential traits for future media leaders. The piece is an interview published ahead of the Drum Awards Festival.

• Kelly McArdle is Global Head of Media at Bose.
• She previously spent nearly a decade at PHD Media.
• She argues that attention is a proxy, not a result, and would not pay a premium for it unless it improves business outcomes.