President Donald Trump is set to speak at a defense technology summit at the U.S. Army War College on Wednesday, where he is expected to highlight major investments in military technology as the recent conflict with Iran has significantly reduced U.S. stockpiles of key missiles.
The summit, held in Carlisle, Pennsylvania, is being organized by Republican Senator David McCormick. It has brought together top military, intelligence and business leaders, including Defense Secretary Pete Hegseth, Chairman of the Joint Chiefs of Staff Gen. Dan Caine, Army Secretary Dan Driscoll, CIA Director John Ratcliffe and U.S. Ambassador to the United Nations Mike Waltz.
The White House said the event aims to bring together senior defense officials and leading global investors to discuss national security priorities and explore investment opportunities in the defense sector.
Among those attending are JPMorgan CEO Jamie Dimon, Blackstone President Jon Gray, Lockheed Martin CEO Jim Taiclet, General Dynamics CEO Phebe Novakovic, Boeing CEO Kelly Ortberg, SpaceX director Antonio Gracias and Palantir Chief Technology Officer Shyam Sankar.
Trump has made frequent visits to Pennsylvania, a key political battleground, including a trip last month to a Mack Trucks factory near Allentown to support Republican Congressman Ryan Mackenzie's reelection campaign.
Although McCormick is not facing reelection this year, Republicans are increasingly concerned about the political impact of the Iran conflict, the continuing high cost of living and Trump's low approval ratings as they seek to retain control of Congress in November's midterm elections.
Trump spoke at a similar summit hosted by McCormick in Pittsburgh last year, where the senator announced $90 billion in pledged investments for energy technology and robotics projects across Pennsylvania.
This year's summit began on Tuesday. Ahead of Trump's address, Pennsylvania-based artificial intelligence company ZeroEyes announced plans to invest $10 million in AI and machine learning research and development.
Pittsburgh-based Gecko Robotics also announced plans to open a new 10,000-square-foot manufacturing facility to expand the use of robotics in defense production and strengthen the country's defense industrial base.
The summit comes as concerns grow over U.S. weapons supplies. A report released in May found that defense contractors may need at least three years to rebuild stockpiles of Tomahawk cruise missiles, Patriot air defense missiles and THAAD interceptors, which have been heavily used in military operations, including recent strikes on Iran.
The shrinking inventory has raised concerns that the U.S. could face shortages if a future conflict breaks out with China.
China has said it wants its military to be capable of taking Taiwan by force, if necessary, by 2027, although experts view that timeline as an ambition rather than a fixed deadline. During Trump's recent visit to Beijing, Chinese President Xi Jinping warned that poor handling of U.S.-Taiwan relations could increase tensions and potentially lead to direct conflict between the two countries.
Trump has also pledged to allow Ukraine to produce Patriot air defense systems under license, although experts say it could take years before such production becomes operational.
To strengthen U.S. military capabilities, Trump has proposed a record $1.5 trillion defense budget for 2027. However, the spending package remains stalled in Congress, and even if approved, expanding production capacity for advanced weapons would take considerable time.
Jake Loosararian, co-founder and CEO of Gecko Robotics, said U.S. defense manufacturers need to significantly strengthen supply chains to speed up production of advanced military technologies.
"President Trump uniquely understands the importance of pragmatic impact today," Loosararian said. "He also understands big, beautiful things for tomorrow."