{
  "report_rows": [
    {
      "kpi": "Q2'26 Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$3.47B vs. cons $3.45B (+0.6%, within guide midpoint)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$3.62 vs. cons $3.54 (~+2.3%)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2'26 Non-GAAP Gross Margin",
      "prediction": "IN-LINE",
      "answer": "pred ~58.2% vs. cons 58.0%",
      "confidence": "HIGH"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3'26 Revenue guide",
      "prediction": "BETTER",
      "answer": "guide ~$3.60B vs. cons ~$3.57B (Q3'26, up sequentially confirming 2H accel)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3'26 Non-GAAP EPS guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.74 vs. cons ~$3.73 (Q3'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3'26 Non-GAAP Gross Margin guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~58.5% vs. cons ~58.5% (Q3'26, utilization mid-80s in 2H)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "2026 Data-center revenue outlook",
      "prediction": "BETTER",
      "answer": "guide ~$550M+ vs. prior >$500M (FY2026, control-plane ramp)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 3.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "FADE",
  "day5_rationale": "Stock derisked ~19% off the May high into the print, so a modest EPS beat plus an up-sequential Q3 guide and stronger data-center/2H narrative drives an initial relief pop (+~3% day 1). But out-period math is the drag: with the guide already known and Street EPS fractionally above it, a Q3 guide only slightly ahead implies limited upward FY revisions, and any conservatism on the un-guided 2H means implicit estimate trims. Combined with the sector-wide beat-and-fade pattern set by TXN and STM (both sold off on elevated expectations/valuation), the gain partially gives back over 5 days as sell-side digests the conservative out-period framing.",
  "day5_confidence": "LOW"
}