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The US Air Force and Navy plan to increase purchases of Lockheed Martin's (LMT) F-35 fighter jet over five years, despite criticism from Elon Musk and others that the aircraft is becoming obsolete, Bloomberg reports

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Air Force procurement would rise from 38 jets in FY2027 to 42 in FY2028, 46 in FY2029, and 48 in both FY2030 and FY2031.

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