Hundreds of billions of dollars have poured into defense tech over the past several years. As a result, new defense-tech companies are launching every day. Whenever that much capital chases a single sector, you create the conditions for a bubble.And as many have commented, that’s exactly what’s happening right now.You have defense-tech startups raising Series A rounds at $300 million or $400 million valuations with no recurring revenue, no meaningful long-term contracts, and, in many cases, litt...