- The Appropriations Defense Subcommittee cut $350 million from the Army’s procurement request for more than $400 million in fiscal 2023 for the Integrated Visual Augmentation System, a customized version of Microsoft Corp’s (NASDAQ:MSFT) HoloLens goggles, Bloomberg reports.
- The Senate panel cited unresolved technical concerns.
- The panel reserved concerns over IVAS’s continued software, hardware, and user-acceptance challenges.
- The panel saw potential in the device to improve soldiers’ battlefield capabilities while representing an essential step in the Pentagon’s efforts to “engage with non-traditional defense contractors” like Microsoft.
- The move coincided with Democrats’ release of a proposed $808.6 billion Pentagon spending bill for 2023, up from President Joe Biden’s request of $773 billion.
- The goggles enable commanders to project information onto a visor in front of a soldier’s face and incorporate features like night vision.
- Over a decade, the Army has projected spending up to $21.9 billion on 121,500 devices, triggering a debate with the Pentagon. A Pentagon inspector general saw the contract straining taxpayers’ funds.
- Price Action: MSFT shares traded higher by 0.53% at $277.87 in the premarket on the last check Friday.
Bitcoin, Ethereum Gain, Dogecoin Down After Fed Minutes: Analyst Says ‘Quiet Period For Crypto About To End’
Bitcoin and Ethereum were seen trading in the green on Wednesday evening as the global cryptocurrency market cap stayed largely flat at $921.5 billion at 9:16 p.m. EDT.
