{
  "report_rows": [
    {
      "kpi": "Q2 2026 Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$14.7B vs. cons $14.42B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.25 vs. cons $0.21",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Non-GAAP Gross Margin",
      "prediction": "BEAT",
      "answer": "pred ~40.0% vs. cons ~39.0%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Revenue Guidance",
      "prediction": "BETTER",
      "answer": "guide ~$14.9B vs. cons ~$14.6B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Non-GAAP Gross Margin Guidance",
      "prediction": "LOWER",
      "answer": "guide ~38.5% vs. cons ~39.5% (Q3 2026, memory/substrate cost inflation)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 CapEx / Free Cash Flow Outlook",
      "prediction": "UNCHANGED",
      "answer": "guide ~$18B capex flat YoY, reiterate positive FY FCF vs. cons ~$18.5B capex (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "Stock already ran +8.6% the session before print and is up 326% TTM, so even a clean beat-and-raise is largely priced in ('priced for perfection' per strategists, GuruFocus flagging ~273% overvaluation). A headline beat likely triggers an initial pop, but out-period math (persistent Foundry operating losses, rising memory/substrate costs flagged as a 2H headwind, and lack of a hard anchor customer commitment beyond Fortinet) gives sell-side room to trim FY26/FY27 margin and EPS estimates even after a Q2 beat, causing the initial move to fade over the following days as investors rotate out of a name with limited multiple upside left.",
  "day5_confidence": "LOW"
}