{
  "report_rows": [
    {
      "kpi": "Revenue (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$61.5B vs. cons $60.2B",
      "confidence": "HIGH"
    },
    {
      "kpi": "EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$7.75 vs. cons $7.20",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Advertising revenue (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$60.4B vs. cons $59.0B",
      "confidence": "HIGH"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 capex guide",
      "prediction": "LOWER",
      "answer": "guide ~$135-150B vs. cons $125-145B (FY2026) \u2014 a raise, bearish",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 revenue guide (midpoint)",
      "prediction": "BETTER",
      "answer": "guide ~$63-66B vs. cons $63.5B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 total expense guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$162-169B vs. cons ~$166B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2027 capex framing / out-year signpost",
      "prediction": "LOWER",
      "answer": "pred another step-up flagged ~$150B+ vs. cons no formal number ~$140B (FY2027)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 3.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "Q2 revenue/EPS beat and a ~13% de-rate into the print (META $681\u2192$593) set a low bar for a relief pop on day 1. But a memory-price-driven FY26 capex raise plus a soft 2027 framing forces out-period EPS estimates lower (higher depreciation, interest expense, financing dilution, RL losses), so the initial bounce fades as revisions reset the ROI/margin narrative against an Alphabet-capex-panned tape.",
  "day5_confidence": "LOW"
}