EU defence stock already dead?

“US-Ukraine talks will be held in Saudi Arabia next week, President Volodymyr Zelensky has said, expressing hopes that it will be "a meaningful meeting". The Ukrainian leader, who will be in the Gulf kingdom but not take part in the talks, said Kyiv was working to reach a "fast and lasting" peace. US President Donald Trump's special envoy, Steve Witkoff, said the American team wanted to discuss a "framework" for peace to try to end the Russia-Ukraine war. Last Friday, Zelensky and Trump were involved in a public clash at the White House - during which Trump said Zelensky was not ready to end the fighting. The US proceeded to pause military aid to Ukraine and stop sharing intelligence. The Ukrainian president has expressed regret about the incident and tried to repair relations with the US - the country's biggest military supplier. On Thursday, Witkoff said Trump had received a letter from Zelensky that included an "apology" and "sense of gratitude". "Hopefully, we get things back on track with the Ukrainians, and everything resumes," Witkoff said. Zelensky has been under strong US pressure to make concessions ahead of any peace talks, while the Ukrainian president has been pushing for firm security guarantees for Kyiv.”

https://www.bbc.co.uk/news/live/cly28qvp83pt

Well, I guess Eu Defense stocks going down now , I dont think buying high PE defense stocks is the play , I already had that feeling that if it was too obvious, rich investors were already on it. Idk though