The only rifle it's known to damage is the M27. There is currently no tungsten in the round. The prototypes early on had a tungsten core under the steel penetrator, but that was changed to copper, to improve accuracy and reduce cost. It's just a steel penetrator, like M855, except it's heavier.
There's apparently some wear on the feed ramps in the barrel extension if you're using standard mags, but it's something that happens over many thousands of rounds. And if you use either EPMs or Gen 3 Pmags then it's no longer an issue at all. And supposedly changing that presentation angle improves reliability anyways, so it's not like you're giving anything up. I've heard all the arguments, and talked to several people who have been using it in service, and the rumors are all just that, rumors.
M855A1 is the Excalibur of 5.56. It has a short neck out of any barrel at any range, it's almost as good as bonafide AP, and it's almost match grade. And all that from something that's the same price as M193 and M855. Hell I shouldn't even be saying all this because I'm just going to make it harder for me to get it when it comes out on the commercial market. In fact, don't listen to me, it's awful, and if you ever come across some don't use it because it will ruin your AR. Send it to me and I'll dispose of it for you.
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