Pakistan, June 30 -- As artillery thunders across Ukraine, drones stalk the skies above Gaza, and tensions simmer from East Asia to the Sahel, a different kind of battle is being fought in boardrooms and factories: the global race to supply the bullets of tomorrow. The world's arms industry has exploded into a $600+ billion powerhouse, with ammunition alone accounting for over $80 billion-and that number is rising at 5% annually.

From AI-guided shells and hypersonic missiles to autonomous drone swarms, ammunition is no longer just a commodity of war-it's the currency of power.

The United States remains the dominant arms producer, with defense juggernauts like Lockheed Martin, Raytheon, and General Dynamics generating $317 billion in def...