{
  "report_rows": [
    {
      "kpi": "Google Cloud Revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$21.8B (~60% y/y) vs. cons ~$21.3B (~57% y/y)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Search & Other Revenue (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$61.5B (~13.5% y/y) vs. cons ~$60.9B (~12.4% y/y)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EPS (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$3.05 vs. cons ~$2.90",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Capex Guidance",
      "prediction": "LOWER",
      "answer": "guide ~$200B vs. cons ~$190B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2027 Capex Outlook Commentary",
      "prediction": "LOWER",
      "answer": "guide ~25-30% y/y increase vs. cons ~15-20% y/y increase (FY2027)",
      "confidence": "LOW"
    },
    {
      "kpi": "Cloud Growth Trajectory / Backlog Conversion (Q3 2026)",
      "prediction": "BETTER",
      "answer": "guide ~mid-50s% cloud growth vs. cons ~50% growth (Q3 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.0,
  "day5_path": "FADE",
  "day5_rationale": "Even with likely beats on Cloud/Search/EPS, another capex guidance raise plus reiteration of a 'significantly higher' 2027 spend forces analysts to cut out-year FCF and margin estimates; the asymmetric reaction function (capex dominates over growth beats) plus unresolved Gemini 3.5 Pro delay/competitive overhang means initial relief on numbers fades as revision cycle catches down FCF/EPS estimates over the following days, consistent with the stock's pattern of selling off on AI-capex headlines in the two weeks pre-print.",
  "day5_confidence": "LOW"
}