A public research surface · updated continuously
The drone war will be won by whoever owns the chokepoints.
Magnets, batteries, seekers, jammers, silicon. Drone Bottlenecks maps the physical supply chain behind every drone and counter-drone system — and the listed companies that own each choke. Own the strait, not the tanker.
48 names tracked · 10 chokepoints · free, no login
The chokepoints
I
Rare-earth magnets & motors
NdFeB magnets are a China-controlled chokepoint sitting inside every drone motor.
MP · USAR · LYSCF · UUUU · UMAC · AREC · VULCAN
II
Batteries & energy density
Flight time is payload math; silicon-anode cells and non-Chinese LiPo supply are the unlock.
AMPX · ENVX · ENS · ULBI · LYTEN · NANOTECH
III
EO/IR & thermal sensors
Every ISR payload and interceptor seeker needs germanium optics and thermal cores.
TDY · DRS · LPTH · LHX · ESLT · MRCY · UMICY
IV
RF, EW & detection
The counter-UAS kill chain starts with detect/track; jamming is the cheap kill.
DRSHF · AVAV · KTOS · LHX · CACI · ANDURIL · EPIRUS
V
Autonomy compute
GPS-denied autonomy needs edge AI silicon that fits drone power budgets.
NVDA · AMBA · QCOM · LSCC · LTRX · HAILO · SHIELDAI
VI
Airframes & primes
The visible layer: platform makers and program-of-record winners.
AVAV · KTOS · RCAT · ONDS · DPRO · ANDURIL · SHIELDAI
VII
Comms, datalinks & PNT
Anti-jam GPS and resilient datalinks decide whether anything works in a contested environment.
IRDM · MSI · BAESY · LHX · MOB · NN · DOODLELABS
VIII
NDAA-compliant supply chain
The anti-DJI choke: Blue UAS framework components and the reshoring of small-drone parts.
AVAV · MOB · NEROS · ONDS · RCAT · SHIELDAI · UMAC
IX
Interceptors & effectors
The $1k-drone-vs-$1M-missile cost asymmetry forces new kinetic and directed-energy effectors.
RTX · AVAV · KTOS · DRSHF · ONDS · ANDURIL · EPIRUS
X
Private giants & exposure vehicles
Anduril, Shield AI, Skydio, Epirus, Neros — the names that define the sector without tickers, and the listed funds that hold them.
ANDURIL · SHIELDAI · EPIRUS · VCX · DXYZ · ARKVX · XOVR
Latest brief · 2026-07-28
Monday split the drone stack by chokepoint — batteries, rare-earth magnets and defense primes caught a risk-on bid while autonomy silicon sank with the trillion-dollar chip rout.
Enovix led the quotable basket, up 7.1% to $4.23 — but with no company-specific news before its Q2 report on July 29, the move belonged to a broad bid across the battery chokepoint rather than anything Enovix did. Amprius rose 5.1% to $9.71 beside it. On a session when a trillion-dollar semiconductor selloff dominated every AI-linked tape, the drone basket's leaders were the low-multiple, domestically-sourced inputs — batteries and rare-earth magnets — that sit furthest from the leading-edge silicon being sold.
Nvidia was the laggard, down 5.0% to $196.51, and effectively the only material decliner in the basket. Nvidia anchors the autonomy-compute chokepoint — the perception-class silicon inside modern airframes — and it fell as part of a broad semiconductor rout that erased more than $1 trillion in market value after a Wall Street Journal report that Nvidia is in talks to guarantee roughly $250 billion of financing for an OpenAI data-center buildout, reviving fears about the scale and circularity of AI-infrastructure spending. Lattice, the other autonomy-silicon name, fell 4.3% to $122.91. The chokepoint framing is intact — drones still need the chips — but the tape treated the whole AI-silicon complex as one position to cut.
Away from silicon, the basket was green. The rare-earth-magnet chokepoint led the risk-on: USA Rare Earth rose 5.5% to $14.93, Unusual Machines 6.4% to $20.60, MP Materials 4.4% to $43.13 — on the standing US-supply-chain-independence theme (Defense Department backing, the Stillwater magnet plant ramping this year) rather than a single Monday catalyst. Defense held its bid: RTX up 2.6% to $218.42 into its Tuesday print, Kratos 4.4% to $49.45, AeroVironment 3.2% to $154.24, Motorola Solutions 1.4% to $423.80. The basket's largest nominal move, the Fundrise Innovation Fund (VCX, −31% to $38.35), was not a drone signal at all: it was a premium unwind in a thinly-traded interval fund ahead of an accelerated August 13 lockup, mechanically disconnected from the private-tech names it holds.
The print calendar opens immediately. RTX and Iridium report Q2 today (July 28), Enovix on July 29, then Amprius on August 5 and MP Materials and Motorola — with Silvus-integration color — on August 6. The vertical's hard dated catalyst remains the Pentagon's "Gauntlet II" Drone Dominance final competition and production down-select in late August (around August 24), which decides real program dollars and reprices the airframe and NDAA-supply chokepoints regardless of the tape. Nvidia's own Q2 (August 26) will retest the autonomy-compute chokepoint that led Monday's decline.