{
  "report_rows": [
    {
      "kpi": "Google Cloud revenue (YoY growth)",
      "prediction": "BEAT",
      "answer": "pred ~$22.8B (+~64%) vs. cons ~$21.8B (+~57%)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Google Search & other revenue",
      "prediction": "BEAT",
      "answer": "pred ~$64.8B (+~18%) vs. cons ~$63.5B (+~16%)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Consolidated operating margin",
      "prediction": "BEAT",
      "answer": "pred ~33.0% (op inc ~$39B) vs. cons ~31.7% (op inc ~$37B)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 capex guidance",
      "prediction": "LOWER",
      "answer": "guide raised to ~$190B vs. cons ~$185B (FY2026) \u2014 higher spend, FCF headwind",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Google Cloud backlog (RPO)",
      "prediction": "BETTER",
      "answer": "pred ~$520B vs. prior ~$462B (Q2 2026, +sequential) vs. Street ~$490B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Gemini 3.5 Pro / frontier-model roadmap commentary",
      "prediction": "UNKNOWN",
      "answer": "flagship 3.5 Pro launch slips to ~Q3 2026 vs. teased ~June 2026; mgmt likely says 'landing soon' \u2014 0 hard number",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 3.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "Clean beat on Cloud (+~64%, still capacity-constrained), high-teens Search and ~33% operating margin against a beaten-down, low-expectations setup (~$347, down ~13% from May high) drive a positive day-1 pop. Out-period math is mixed: upward Cloud/Search revenue revisions are offset by a capex raise to ~$190B that cuts FCF/EPS via depreciation, and the unresolved Gemini 3.5 Pro delay caps follow-through. Net effect: the initial gain largely holds rather than compounds \u2014 hence stabilize.",
  "day5_confidence": "MEDIUM"
}