Global military spending is still lower as a fraction of global GDP than it was during the Cold War, but it's the highest it's ever been in real terms and continuing to grow fast. That's largely due to Russia's invasion of Ukraine, but it's also because of China and Israel's war on Palestinians. While it may fall a little if and when Ukraine and Russia reach some kind of resolution, I doubt the trend will reverse over the long term. The world is becoming less stable as neoliberalism plays out.