A US–Iran peace-deal rotation split the drone basket Thursday — edge-AI compute led the chip rally while the defense primes that own the sensor and effector chokepoints sold off.

Lattice Semiconductor (LSCC) rose 9.9% to $153.72, the basket's top gainer, with no single company headline — it rode a broad semiconductor rally as money rotated out of defense and into chips on Thursday's interim US–Iran peace deal (an MOU framed June 14 and signed today). For drones, Lattice sits at the autonomy-compute chokepoint: low-power FPGAs are the programmable glue inside flight controllers and edge-AI payloads, the on-platform compute that has to scale as airframes get more autonomous. The same chokepoint carried Ambarella (AMBA +6.2%, $69.97), the edge vision-SoC name, Qualcomm (QCOM +6.2%) and Nvidia (NVDA +3.0%).

L3Harris (LHX) fell 5.9% to $294.82, the basket's worst, leading a defense-prime selloff as the peace framework pushed oil and yields lower and investors rotated out of the names most levered to geopolitical tension. CACI (−5.8%), Elbit (ESLT −4.1%), RTX (−3.6%) and Kratos (KTOS −3.5%) followed. These are the sensor, RF/EW and effector chokepoints of the drone stack — the counter-UAS interceptors and electronic-warfare payloads — and a de-escalation read compresses the threat premium the market had been paying for them. The order books behind those programs did not change Thursday; the discount on the geopolitics did.

Away from the rotation, the materials and battery chokepoints firmed: Energy Fuels (UUUU +8.2%) extended its rare-earth/uranium run and Amprius (AMPX +7.8%) led the high-energy-density cell names that gate flight time, while MP Materials (MP +0.1%) was roughly flat ahead of its own catalysts. The split tape — autonomy-compute and materials up, primes down — is the cleanest expression yet of a basket whose chokepoints don't all trade on the same macro.

The near-term calendar is dense. AeroVironment reports FQ4/FY2026 on June 23, the first full year folding in BlueHalo — the read on whether the loitering-munition and counter-UAS effector backlog is converting. RTX's Q2 lands July 28 (the Coyote interceptor framework) and MP Materials' Q2 on August 6. Two policy clocks frame the magnet chokepoint: the FAA's Part 108 BVLOS final rule is now slated for September 30, and China's suspension of its gallium/germanium/antimony export ban expires November 27 — the latent supply shock under every rare-earth and sensor name in the basket.