Lockheed Martin announced that it had received a contract from the U.S. Army worth potentially $4.94 billion to manufacture Precision Strike Missiles (PrSM). The increasing demand for weapons in the defense industry is fueled by global conflicts. The Pentagon is focusing on acquiring the PrSM to replace the Army Tactical Missile (ATACM). The PrSM is Lockheed's advanced long-range precision strike missile, with the capability to engage targets over 400 kilometers away. Lockheed's stock prices increased by over 1% following the contract news. This development follows U.S. President Donald Trump's recent decision to award Boeing a contract exceeding $20 billion to supply the U.S. Air Force with fighter jets, thereby replacing Lockheed's F-22 Raptor.