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U.S. has used nearly all its stockpile of long-range missiles, sources say

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Washington — The U.S. has used nearly all of its global stockpile of long-range precision missiles during the war with Iran, two sources with direct knowledge of the matter tell CBS News.

Specifically, the U.S. has used virtually all of its Army Tactical Missile Systems, known as ATACMS, and Precision Strike Missiles, the sources said. Reuters was first to report that the U.S. had used “virtually all” of its long-range precision missiles during Operation Epic Fury. 

CBS News has previously reported that the U.S. has dwindling stockpiles of defensive interceptors and long-range missiles, which has become a pressure point within the administration, and that the U.S. cannot sustain the rate at which it expended precision munitions early in the war with Iran. 

U.S. officials said there are limited inventories of the ATACMS and Precision Strike Missiles, and that the most pressing concern involves the number of Patriot and Terminal High Altitude Area Defense (THAAD) interceptors, which have been used faster than the industry can replace them. 

A July report from the Center for Strategic and International Studies estimated that before the war began, the U.S. had 2,330 Patriots, and at the end of July, was down to between 759 and 827 of them. The report also estimated that before the war, the U.S. had 452 THAAD interceptors, and as of July 27, was down to between 234 and 278. Another recent CSIS report estimates it could take until at least mid-2029 to return to pre-war inventory levels for both.

Chief Pentagon spokesperson Sean Parnell said in a statement to CBS News:  “America’s military is the most powerful in the world and has everything it needs to execute at the time and place of the President’s choosing. We have executed multiple successful operations across combatant commands while ensuring the U.S. military possesses a deep arsenal of capabilities to protect our people and our interests.”

Defense Secretary Pete Hegseth has previously dismissed concerns about the U.S. stockpile.

“That is a manufactured story that the media wants to peddle and ultimately our stockpiles are great, and they’re only getting stronger,” Hegseth said on “Face the Nation with Margaret Brennan” on June 14. 

U.S. strikes on Iran are paused again so that diplomacy efforts can continue over the Strait of Hormuz, according to President Trump. But the president is still threatening to resume large-scale attacks on Iran if U.S. terms are not met. 

“I want to give them every last chance before decapitation,” the president said in the Oval Office Monday. 

Nvidia set to report earnings as AI bubble fears loom

Nvidia's logo is displayed at their headquarters on Aug. 26, 2026, in Santa Clara, California. Nvidia's second-quarter earnings are expected to be released after markets close on Wednesday. (Benjamin Fanjoy/Getty Images)(NEW YORK) -- Nvidia is set to report earnings on Wednesday as a data center boom drives demand for the company's advanced artificial intelligence chips, despite political backlash and looming concern about a financial bubble.In recent years, the California-based behemoth has defied skeptics with blockbuster revenue quarter after quarter.Rip-roaring growth transformed Nvidia from an ascendant AI player into the world's most valuable company. Investors will be eager to see whether the firm continued to deliver staggering revenue gains over the three months ending in July.The results hold implications well beyond Nvidia. Many analysts view the company as a bellwether for the stock market and the overall economy, which have both come to rely in part on massive spending on AI.Nvidia is expected to report second quarter revenue of $92 billion, which would amount to a 96% jump from the same period a year earlier, Bloomberg estimates showed.As big-tech names spend hundreds of billions on chips and data centers necessary for the energy-intensive technology, however, the financial benefits remain uncertain.The earnings reported by Nvidia will gauge demand for a key building block of AI, showing whether appetite for the technology remains at a fever pitch.Before the earnings report, Karan Girotra, a professor of operations, technology and innovation at Cornell Tech, said investors would watch whether the company has retained its dominance in chip manufacturing.As opposed to the highly competitive markets for AI models and enterprise products, the chip sector has given way to a clear winner.Nvidia "does not face a serious challenger at its layer of the stack and is probably the best chance for public market investors to profit from the AI boom," Girotra said.Fears of an AI bubble persisted ahead of Nvidia’s previous earnings report, but the company rebuked naysayers. Nvidia recorded $81.6 billion in sales over three months ending in April, which beat analyst expectations of $79.2 billion. The jump in revenue marked 85% growth compared to the same quarter a year earlier.Despite Nvidia's continued expansion, investors have proven jittery in recent months. Shares have climbed 13% so far this year after soaring nearly 39% in 2025.The company boasts a market cap of $5.1 trillion, making it roughly equivalent to the GDP of Japan or Germany. Nvidia expanded at a breakneck pace after an AI craze set off by the release of OpenAI’s ChatGPT in 2022, soaring nearly 700% over the ensuing two years.Copyright © 2026, ABC Audio. All rights reserved.
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