People stand behind a board displaying the chart of Germany's share index DAX during the initial public offering (IPO) of German defence supplier Vincorion at the stock exchange in Frankfurt am Main, western Germany, on March 20, 2026. Vincorion's shares jumped on its IPO, underscoring investor appetite for the arms industry as Europe races to re-build its militaries. Investments into the weapons sector have surged as the continent overhauls its long-neglected armies to face a hostile Russia and as worries grow about US security commitments. Vincorion develops power supply systems and other technology for tanks and aircraft. (Photo by Jean-Philippe LACOUR / AFP via Getty Images)