{
  "report_rows": [
    {
      "kpi": "Azure growth (cc)",
      "prediction": "BEAT",
      "answer": "pred ~41% vs. cons 40%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue",
      "prediction": "BEAT",
      "answer": "pred ~$88.6B vs. cons $87.7B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$4.42 vs. cons $4.30",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "CY2026 capex (incl. leases)",
      "prediction": "LOWER",
      "answer": "guide ~$195B vs. cons $190B (CY2026) \u2014 a raise is negative for the stock",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Azure growth (cc) next quarter",
      "prediction": "BETTER",
      "answer": "guide ~40% vs. cons ~39% (FQ1 2027), with H2 CY26 acceleration reaffirmed",
      "confidence": "LOW"
    },
    {
      "kpi": "FQ1'27 total revenue",
      "prediction": "BETTER",
      "answer": "guide ~$79.5B vs. cons ~$78.5B (FQ1 2027)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2027 revenue/operating income growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~double-digit / ~13-14% vs. cons ~13% (FY2027) reaffirmed",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -0.5,
  "day5_path": "FADE",
  "day5_rationale": "A June-quarter beat (Azure ~41%, EPS ~$4.42) plus a washed-out, low-expectations setup (stock -17% YTD) drives a modest day-1 relief pop. But the fade thesis dominates over 5 days: the near-certain CY26 capex raise (~$195B vs $190B on memory/component pricing) reignites the ROI/FCF overhang that just punished Alphabet despite its own beat+accel; FCF is compressing (~$16B/qtr) with no clear balance path (Evercore's Materne). Out-period math is mixed \u2014 Azure/Copilot revisions tick up but capex and depreciation cuts pull FY27 EPS estimates down, so the initial gain gives back most of itself as capex scrutiny reasserts.",
  "day5_confidence": "LOW"
}