Lockheed Martin CEO Jim Taiclet told Jim Cramer on Tuesday that the US needs to invest in digital technology to prepare for the future.
“What we’re trying to do at our company is be a little bit of a pathfinder in terms of bringing 21st century digital technologies into our armed forces and national defence,” Taiclet said. “We really need to bring together and marshal, if you will, all of American industry to work on this.”
Taiclet added that Lockheed has formed alliances with companies such as Nvidia, Microsoft and Intel to bring digital technology into the defence sector more quickly.
Lockheed shares rose in October after the company reported a better-than-expected quarter and geopolitical tensions boosted demand for its military equipment. The Biden administration is seeking a $105 billion security assistance package to support the security needs of allies such as Ukraine and Israel.
According to Taiclet, Lockheed is capable of doubling the number of F35s with the right investment from the government and its suppliers, but it could take a few years. He also said the company was asked a few years ago to double production of some of the systems that have been effective in Ukraine – such as the Patriot missile – adding that it is in the process of increasing those munitions by about 60%.
“We want to be offensive and defensive and use the latest technology to actually make that happen,” he said.
