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0xcd59494e…87e60ebd0xcd59494e4779194453d74b749c12417b87e60ebdEvery change a brain made, in the order it happened. A brain never edits its history: reading a filing produces evidence, a material change produces a new version, and anything it cannot resolve becomes a question it records against itself.
Read 10-Q “AVGO 10-Q — period ended 2026-08-02 (filed 2026-09-10)”. Extracted 5 new fact(s) and recorded 5 piece(s) of evidence. The change was material, so a new version was committed.
5 facts extracted · 4 nodes affected · minor thesis impact
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
AVGO 10-Q — period ended 2026-08-02 (filed 2026-09-10) added 5 classified item(s): 0 supporting, 0 contradicting, 1 new factor(s), 1 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric. 3 question(s) remain open.
Confidence unchangedRead 8-K “NVDA 8-K — period ended 2026-09-02 (filed 2026-09-03)”. Extracted 3 new fact(s) and recorded 3 piece(s) of evidence. The change was material, so a new version was committed.
3 facts extracted · 1 node affected · minor thesis impact
Data center revenue engine holds the thesis up; export controls and China exposure works against it. Integrity 65/100 at low confidence, from 46 directional items. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
Read 10-Q “CRM 10-Q — period ended 2026-07-31 (filed 2026-08-27)”. Extracted 3 new fact(s) and recorded 3 piece(s) of evidence. The change was material, so a new version was committed.
3 facts extracted · 1 node affected · minor thesis impact
Nothing holds the thesis up; customer financing exposure works against it. Integrity 0/100 at low confidence, from 3 directional items. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
CRM 10-Q — period ended 2026-07-31 (filed 2026-08-27) added 3 classified item(s): 0 supporting, 2 contradicting, 0 new factor(s), 1 unresolved. Thesis integrity moved from 0/100 to 0/100 (+0 points).
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
Worked against the thesis: Customer financing exposure — “For the three months ended July 31, 2026, our strategic investment portfolio gains were primarily driven by unrealized gains on privately held equity…”; Customer financing exposure — “For the six months ended July 31, 2026, our strategic investment portfolio gains were primarily driven by unrealized gains on privately held equity i…”
What was missed — The prior thesis had no node for an unmapped metric. 2 question(s) remain open.
Confidence unchangedRead 10-Q “NVDA 10-Q — period ended 2026-07-26 (filed 2026-08-26)”. Extracted 51 new fact(s) and recorded 51 piece(s) of evidence. The change was material, so a new version was committed.
51 facts extracted · 13 nodes affected · material — new version committed
Data center revenue engine holds the thesis up; export controls and China exposure works against it. Integrity 65/100 at low confidence, from 46 directional items. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
Strengthened Gross margin trajectory — 2 new supporting items.
Strengthened Supply and capacity commitments — 1 new supporting item, 1 new contradicting item.
Weakened Supply chain dependency — 1 new contradicting item.
Weakened Data center buildout dependency — Status reassessed from watching to unresolved.
NVDA 10-Q — period ended 2026-07-26 (filed 2026-08-26) added 51 classified item(s): 19 supporting, 11 contradicting, 3 new factor(s), 14 unresolved. Thesis integrity moved from 53/100 to 65/100 (+12 points).
Held: Data center revenue engine — “Revenue growth in the second quarter and the first half of fiscal year 2027 was driven by data center products for accelerated computing and AI solut…”; Supply and capacity commitments — “We have significantly increased our supply and capacity commitments from $119 billion last quarter to $279 billion as of July 26, 2026 to meet future…”; Export controls and China exposure — “Those shipments account for less than 1% of Data Center revenue in our most recent quarter.”
Worked against the thesis: Customer concentration — “For the second quarter of fiscal year 2027, one direct customer represented 16% of total revenue, which was primarily attributable to the Compute & N…”; Supply chain dependency — “We will be shipping both Blackwell and Rubin systems in the future and are currently experiencing certain supply constraints.”; Customer financing exposure — “The campus will exclusively host our compute under 20-year leases to OpenAI, subject to limited exceptions, with our obligation capped at $105 billio…”
What was missed — The prior thesis had no node for Product ramp cadence; Data center buildout dependency; Customer concentration; Supply chain dependency. 14 question(s) remain open.
Confidence increasedDoes contracted data center IT load strengthen or weaken data center buildout dependency?
A figure for what has actually been drawn against this ceiling. The commitment is sized; the utilisation is not. From: “SB Energy Corp. guarantees – In August 2026, we entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, powe…”
Does third-party capital formation initiative strengthen or weaken customer financing exposure?
A definitive agreement, or a later filing confirming this lapsed. An understanding is not yet an obligation. From: “In August 2026, we entered into memoranda of understanding with large capital providers regarding independent financing platforms through which the p…”
Does employees supporting Israel networking operations strengthen or weaken supply chain dependency?
The comparable figure from the prior period. A single number cannot say whether this improved or deteriorated. From: “Our global supply chain for networking products, including our Israel operations, with approximately 6,200 employees, supporting research and develop…”
Does gross margin commentary strengthen or weaken gross margin trajectory?
The prior-period figure this is flat against, and the mix that held it there. From: “Gross margin was approximately flat sequentially as our Blackwell architecture remains the vast majority of our revenue.”
How much of data center buildout dependency has actually been drawn?
A figure for what has actually been drawn against this ceiling. The commitment is sized; the utilisation is not. 11 further items from this filing await the same
Read 10-Q “UBER 10-Q — period ended 2026-06-30 (filed 2026-08-05)”. Extracted 5 new fact(s) and recorded 5 piece(s) of evidence. The change was material, so a new version was committed.
5 facts extracted · 2 nodes affected · minor thesis impact
Total revenue growth holds the thesis up; nothing works against it. Integrity 100/100 at low confidence, from 2 directional items. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
UBER 10-Q — period ended 2026-06-30 (filed 2026-08-05) added 5 classified item(s): 1 supporting, 0 contradicting, 0 new factor(s), 3 unresolved. Thesis integrity moved from 100/100 to 100/100 (+0 points).
Held: Total revenue growth — “Revenue was $14.2 billion, up 12% year-over-year, primarily attributable to an increase in Gross Bookings of 24%.”
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric. 2 question(s) remain open.
Confidence unchangedRead 10-Q “AMD 10-Q — period ended 2026-06-27 (filed 2026-08-05)”. Extracted 39 new fact(s) and recorded 39 piece(s) of evidence. The change was material, so a new version was committed.
39 facts extracted · 0 nodes affected · 8 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Export controls and China exposure — Each licensing action and charge is held as a separate quoted event. Anchored on Tariff exposure on licensed shipments.
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on We may fail to maintain the efficiency of our supply chain as we respond to changes in customer demand..
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on If we cannot adequately protect our technology or other intellectual property through patents, copyrights, trade secr….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on Acquisitions, joint ventures, and/or investments, and the failure to integrate acquired businesses may fail to materi….
AMD 10-Q — period ended 2026-06-27 (filed 2026-08-05) added 39 classified item(s): 0 supporting, 0 contradicting, 1 new factor(s), 26 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric; Supply chain dependency; Regulatory and legal exposure. 4 question(s) remain open.
Confidence unchangedWhat was actually licensed or denied under this disclosure, and what revenue turned on it?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “Our worldwide operations are subject to political, legal and economic risks and natural disasters, which could have a material adverse effect on us.”
Does this disclosure strengthen or weaken supply chain dependency?
A later filing that resolves which side of the thesis this lands on. From: “We depend on third-party companies for the design, manufacture and supply of motherboards, software, memory and other computer platform components to…”
Does this disclosure strengthen or weaken regulatory and legal exposure?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We are subject to environmental laws, conflict minerals regulations, as well as a variety of other laws or regulations.”
Does tariff exposure on licensed shipments strengthen or weaken export controls and China exposure?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “As a result, any MI325 shipped under the licenses will be subject to a 25% tariff upon importation into the United States for the inspection.”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “Acquisitions, joint ventures, and/or investments, and the failure to integrate acquired businesses may fail to materialize their anticipated benefits and could disrupt o…”
Read 10-Q “PLTR 10-Q — period ended 2026-06-30 (filed 2026-08-04)”. Extracted 1 new fact(s) and recorded 1 piece(s) of evidence. The change was material, so a new version was committed.
1 fact extracted · 0 nodes affected · minor thesis impact
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
PLTR 10-Q — period ended 2026-06-30 (filed 2026-08-04) added 1 classified item(s): 0 supporting, 0 contradicting, 0 new factor(s), 1 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric. 2 question(s) remain open.
Confidence unchangedRead 10-Q “META 10-Q — period ended 2026-06-30 (filed 2026-07-30)”. Extracted 2 new fact(s) and recorded 2 piece(s) of evidence. The change was material, so a new version was committed.
2 facts extracted · 1 node affected · minor thesis impact
Total revenue growth holds the thesis up; nothing works against it. Integrity 100/100 at low confidence, from 2 directional items. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
META 10-Q — period ended 2026-06-30 (filed 2026-07-30) added 2 classified item(s): 1 supporting, 0 contradicting, 0 new factor(s), 1 unresolved. Thesis integrity moved from 100/100 to 100/100 (+0 points).
Held: Total revenue growth — “Total revenue for the second quarter of 2026 was $60.80 billion, an increase of 28% compared to the second quarter of 2025, due to an increase in adv…”
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric. 4 question(s) remain open.
Confidence unchangedRead 10-Q “HOOD 10-Q — period ended 2026-06-30 (filed 2026-07-30)”. Extracted 3 new fact(s) and recorded 3 piece(s) of evidence. The change was material, so a new version was committed.
3 facts extracted · 1 node affected · minor thesis impact
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
HOOD 10-Q — period ended 2026-06-30 (filed 2026-07-30) added 3 classified item(s): 0 supporting, 0 contradicting, 0 new factor(s), 2 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric. 3 question(s) remain open.
Confidence unchangedRead 10-Q “GOOGL 10-Q — period ended 2026-06-30 (filed 2026-07-23)”. Extracted 4 new fact(s) and recorded 4 piece(s) of evidence. The change was material, so a new version was committed.
4 facts extracted · 0 nodes affected · minor thesis impact
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
GOOGL 10-Q — period ended 2026-06-30 (filed 2026-07-23) added 4 classified item(s): 0 supporting, 0 contradicting, 0 new factor(s), 4 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric. 6 question(s) remain open.
Confidence unchangedHow does this disclosure compare with the prior period?
The comparable figure from the prior period. A single number cannot say whether this improved or deteriorated. From: “Below are material changes to our risk factors since our Annual Report on Form 10-K for the year ended December 31, 2025.”
Read 10-Q “NFLX 10-Q — period ended 2026-06-30 (filed 2026-07-17)”. Extracted 1 new fact(s) and recorded 1 piece(s) of evidence. The change was material, so a new version was committed.
1 fact extracted · 0 nodes affected · minor thesis impact
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
NFLX 10-Q — period ended 2026-06-30 (filed 2026-07-17) added 1 classified item(s): 0 supporting, 0 contradicting, 0 new factor(s), 1 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric. 3 question(s) remain open.
Confidence unchangedHow does this disclosure compare with the prior period?
The comparable figure from the prior period. A single number cannot say whether this improved or deteriorated. From: “There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in the Company’s Annual Report on For…”
Read 10-K “ORCL 10-K — period ended 2026-05-31 (filed 2026-06-22)”. Extracted 14 new fact(s) and recorded 14 piece(s) of evidence. The change was material, so a new version was committed.
14 facts extracted · 0 nodes affected · 4 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Export controls and China exposure — Each licensing action and charge is held as a separate quoted event. Anchored on Our international sales and operations and global customer base subject us to additional risks, including trade restr….
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on If we are unable to secure data center capacity at affordable rates or do not accurately plan for and manage our infr….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on We may be unsuccessful in developing and selling new products and services, integrating acquired products and service….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on Our business practices with respect to data could give rise to operational interruption, liabilities or reputational ….
ORCL 10-K — period ended 2026-05-31 (filed 2026-06-22) added 14 classified item(s): 0 supporting, 0 contradicting, 3 new factor(s), 5 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric; Export controls and China exposure. 1 question(s) remain open.
Confidence unchangedDoes this disclosure strengthen or weaken export controls and China exposure?
A later filing that resolves which side of the thesis this lands on. From: “Our international sales and operations and global customer base subject us to additional risks, including trade restrictions, export controls and san…”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “We may be unsuccessful in developing and selling new products and services, integrating acquired products and services and enhancing our existing products and services.”
Read 10-K “CRM 10-K — period ended 2026-01-31 (filed 2026-03-02)”. Extracted 34 new fact(s) and recorded 34 piece(s) of evidence. The change was material, so a new version was committed.
34 facts extracted · 0 nodes affected · 8 created · material — new version committed
Nothing holds the thesis up; customer financing exposure works against it. Integrity 0/100 at low confidence, from 1 directional item. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Export controls and China exposure — Each licensing action and charge is held as a separate quoted event. Anchored on Governmental sanctions and export and import controls that could impair our ability to compete in international marke….
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on Defects or disruptions in our services could diminish demand for our services and subject us to substantial liability..
New Customer financing exposure — Investment and guarantee totals are quoted as disclosed; the circularity question they raise is left open, not answered. Anchored on Equity investments at $1.5B (FY2026).
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on The markets in which we participate are intensely competitive, and if we do not compete effectively, our operating re….
CRM 10-K — period ended 2026-01-31 (filed 2026-03-02) added 34 classified item(s): 0 supporting, 1 contradicting, 2 new factor(s), 20 unresolved. Thesis integrity is measurable for the first time, at 0/100 — before this filing nothing on record pointed either way, so there is no earlier figure to compare it to.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
Worked against the thesis: Customer financing exposure — “For fiscal 2026, the gain on our strategic investment portfolio was primarily driven by unrealized gains on privately held equity investments of $1.5…”
What was missed — The prior thesis had no node for Acquisition integration; Regulatory and legal exposure; an unmapped metric. 1 question(s) remain open.
Confidence unchangedDoes this disclosure strengthen or weaken regulatory and legal exposure?
A later filing that resolves which side of the thesis this lands on. From: “Any failure to obtain registration or protection of our intellectual property rights.”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “Any failure to expand our services and to develop and integrate our existing services in order to keep pace with technological developments.”
Read 10-K “NVDA 10-K — period ended 2026-01-25 (filed 2026-02-25)”. Extracted 58 new fact(s) and recorded 58 piece(s) of evidence. The change was material, so a new version was committed.
58 facts extracted · 0 nodes affected · 16 created · material — new version committed
Data center revenue engine holds the thesis up; export controls and China exposure works against it. Integrity 53/100 at low confidence, from 16 directional items. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Data center revenue engine — The filings report data center revenue as the dominant contributor to growth. Anchored on Data Center revenue at $89B (Q2 FY2027).
New Total revenue growth — Revenue growth is read directly from the filings, not modelled. Anchored on Total revenue at $215.9B (FY2026).
New Gross margin trajectory — Margin is tracked as a level with a stated direction, both quoted from the filing. Anchored on Gross margin at 71.1% (FY2026).
New Supply and capacity commitments — Commitments are quoted as stated totals; whether they convert is not something the filings answer. Anchored on Supply and capacity commitments at $279B (Q2 FY2027).
NVDA 10-K — period ended 2026-01-25 (filed 2026-02-25) added 58 classified item(s): 8 supporting, 8 contradicting, 3 new factor(s), 23 unresolved. Thesis integrity is measurable for the first time, at 53/100 — before this filing nothing on record pointed either way, so there is no earlier figure to compare it to.
Held: Data center revenue engine — “Revenue growth in fiscal year 2026 was driven by data center compute and networking platforms for accelerated computing and AI solutions.”; Total revenue growth — “Revenue for fiscal year 2026 was $215.9 billion, up 65% from a year ago.”; Total revenue growth — “Revenue for fiscal year 2026 was $215.9 billion, up 65% from a year ago.”
Worked against the thesis: Export controls and China exposure — “As a result of these requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventor…”; Customer concentration — “For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total rev…”; Customer financing exposure — “We invested $17.5 billion in private companies and infrastructure funds, primarily to support early‑stage startups.”
What was missed — The prior thesis had no node for Acquisition integration; Product ramp cadence; Supply chain dependency; Export controls and China exposure. 7 question(s) remain open.
Confidence unchangedDoes supply chain geographic concentration strengthen or weaken supply chain dependency?
A before-and-after figure. The sentence names a direction of travel but no starting point or destination. From: “We are increasing our U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production.”
Does US government export licensing action strengthen or weaken export controls and China exposure?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “In April 2025, the USG informed us that a license is required for exports of our H20 product into the China market.”
Does h20 revenue strengthen or weaken export controls and China exposure?
The comparable figure from the prior period. A single number cannot say whether this improved or deteriorated. From: “We generated approximately $60 million in H20 revenue under those licenses.”
Does tariff exposure on licensed shipments strengthen or weaken export controls and China exposure?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.”
Does supply constraints disclosed strengthen or weaken supply chain dependency?
A quantified outcome in a later period. This is guidance about a direction, with no magnitude attached. From: “We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.”
How large is the single largest exposure behind this disclosure?
The per-customer or per-supplier breakdown behind the concentration, so the exposure can be sized. From: “Our investment portfolio contains industry sector concentration risks, and a decline in any one or multiple industry sectors could increase our impai…”
Does customer concentration disclosed strengthen or weaken customer concentration?
The per-customer or per-supplier breakdown behind the concentration, so the exposure can be sized. From: “Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue.”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “We may not be able to realize the potential benefits of business investments or acquisitions, nor successfully integrate acquisition targets.”
Did product ramp cadence develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “Our Blackwell architectures represented the majority of our Data Center revenue.”
By how much did supply chain dependency actually move?
A before-and-after figure. The sentence names a direction of travel but no starting point or destination. 11 further items from this filing await the same
Read 10-K “HOOD 10-K/A — period ended 2025-12-31 (filed 2026-02-20)”. Extracted 23 new fact(s) and recorded 23 piece(s) of evidence. The change was material, so a new version was committed.
23 facts extracted · 0 nodes affected · 4 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on We operate in highly competitive markets, and many of our competitors have greater resources than we do and may have ….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on Acquisitions of, or investments in, other companies, products or technologies have in the past and could in the futur….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on If we do not maintain the net capital levels required by regulators, our broker-dealer business may be restricted, an….
New Cybersecurity and data protection — Recorded as disclosed exposure. A brain cannot know whether an incident has happened that has not been reported. Anchored on Our business could be materially and adversely affected by a cybersecurity breach or other attack involving our compu….
HOOD 10-K/A — period ended 2025-12-31 (filed 2026-02-20) added 23 classified item(s): 0 supporting, 0 contradicting, 1 new factor(s), 15 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric. 2 question(s) remain open.
Confidence unchangedWhat is this disclosure flat against, and what held it there?
The prior-period figure this is flat against, and the mix that held it there. From: “We might not grow in line with historical rates.”
What was actually licensed or denied under this disclosure, and what revenue turned on it?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We are subject to potential losses as a result of our clearing and execution activities.”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “Acquisitions of, or investments in, other companies, products or technologies have in the past and could in the future require significant management attention, disrupt …”
Read 10-K “PLTR 10-K — period ended 2025-12-31 (filed 2026-02-17)”. Extracted 29 new fact(s) and recorded 29 piece(s) of evidence. The change was material, so a new version was committed.
29 facts extracted · 0 nodes affected · 5 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Export controls and China exposure — Each licensing action and charge is held as a separate quoted event. Anchored on We do not work with the Chinese communist party and have chosen not to host our platforms in China, which may limit o….
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on We face intense competition in our markets, and we may lack sufficient financial or other resources to maintain or im….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on In the future, we may not be able to secure the financing necessary to operate and grow our business as planned, or t….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on Our policies regarding customer confidential information and support for individual privacy and civil liberties could….
PLTR 10-K — period ended 2025-12-31 (filed 2026-02-17) added 29 classified item(s): 0 supporting, 0 contradicting, 1 new factor(s), 23 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric. 1 question(s) remain open.
Confidence unchangedDid this disclosure turn out the way this filing expected?
A quantified outcome in a later period. This is guidance about a direction, with no magnitude attached. From: “If the market for our platforms and services develops more slowly than we expect, our growth may slow or stall, and our business, financial condition…”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “In the future, we may not be able to secure the financing necessary to operate and grow our business as planned, or to make acquisitions.”
Read 10-K “UBER 10-K — period ended 2025-12-31 (filed 2026-02-13)”. Extracted 26 new fact(s) and recorded 26 piece(s) of evidence. The change was material, so a new version was committed.
26 facts extracted · 0 nodes affected · 8 created · material — new version committed
Total revenue growth holds the thesis up; nothing works against it. Integrity 100/100 at low confidence, from 1 directional item. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Total revenue growth — Revenue growth is read directly from the filings, not modelled. Anchored on Total revenue at $52B.
New Data center buildout dependency — Recorded because the company names it as a precondition for its own demand. Anchored on Increases in fuel, food, labor, energy, and other costs due to inflation and other factors could adversely affect our….
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on To remain competitive in certain markets, we have in the past lowered, and may continue to lower, fares or service fe….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on If we are unable to successfully identify, acquire and integrate suitable businesses, our operating results and prosp….
UBER 10-K — period ended 2025-12-31 (filed 2026-02-13) added 26 classified item(s): 1 supporting, 0 contradicting, 1 new factor(s), 15 unresolved. Thesis integrity is measurable for the first time, at 100/100 — before this filing nothing on record pointed either way, so there is no earlier figure to compare it to.
Held: Total revenue growth — “Revenue was $52.0 billion, up 18% year-over-year, primarily attributable to an increase in Gross Bookings of 19%.”
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric. 1 question(s) remain open.
Confidence unchangedWhat was actually licensed or denied under this disclosure, and what revenue turned on it?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We are subject to climate risks, including physical and transitional risks, and if we are unable to manage such risks, our business may be adversely …”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “If we are unable to successfully identify, acquire and integrate suitable businesses, our operating results and prospects could be harmed, and any businesses we acquire …”
Read 10-K “COIN 10-K — period ended 2025-12-31 (filed 2026-02-12)”. Extracted 22 new fact(s) and recorded 22 piece(s) of evidence. The change was material, so a new version was committed.
22 facts extracted · 0 nodes affected · 4 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on We operate in a highly competitive industry and our business, operating results, and financial condition could be adv….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on If we do not effectively manage our growth, including through acquisitions and by maintaining and improving our syste….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on Adverse changes to, or our failure to comply with, any laws and regulations have had, and may continue to have, an ad….
New Cybersecurity and data protection — Recorded as disclosed exposure. A brain cannot know whether an incident has happened that has not been reported. Anchored on Cyberattacks and security breaches of our platform, or those impacting our customers or third parties, could adversel….
COIN 10-K — period ended 2025-12-31 (filed 2026-02-12) added 22 classified item(s): 0 supporting, 0 contradicting, 2 new factor(s), 15 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric. 1 question(s) remain open.
Confidence unchangedHow does this disclosure compare with the prior period?
The comparable figure from the prior period. A single number cannot say whether this improved or deteriorated. From: “We may not be able to generate sufficient cash to service our debt and other obligations, including our obligations under the 2026 Convertible Notes,…”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “If we do not effectively manage our growth, including through acquisitions and by maintaining and improving our systems and processes, our business, operating results, a…”
Read 10-K “GOOGL 10-K — period ended 2025-12-31 (filed 2026-02-05)”. Extracted 20 new fact(s) and recorded 20 piece(s) of evidence. The change was material, so a new version was committed.
20 facts extracted · 0 nodes affected · 4 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on We face a number of manufacturing and supply chain risks that could affect our ability to supply our products and ser….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on Acquisition agreement announced.
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on For additional information, see also our risk factor on privacy and data protection regulations under 'Risks Related ….
New Talent dependency — Quoted from the risk factors, where it is stated as a dependency rather than measured. Anchored on We rely on highly skilled personnel and, if we are unable to retain or motivate key personnel, hire qualified personn….
GOOGL 10-K — period ended 2025-12-31 (filed 2026-02-05) added 20 classified item(s): 0 supporting, 0 contradicting, 3 new factor(s), 12 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric; Regulatory and legal exposure. 4 question(s) remain open.
Confidence unchangedBy how much did this disclosure actually move?
A before-and-after figure. The sentence names a direction of travel but no starting point or destination. From: “Our increasing investment in new businesses, products, services, and technologies is inherently risky, and could divert management attention and harm…”
Does this disclosure strengthen or weaken regulatory and legal exposure?
The comparable figure from the prior period. A single number cannot say whether this improved or deteriorated. From: “For additional information about the ongoing material legal proceedings to which we are subject, see Legal Proceedings in Item 3 of this Annual Repor…”
What was actually licensed or denied under this disclosure, and what revenue turned on it?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We could be subject to changes in tax rates, the adoption of new US or international tax legislation, or exposure to additional tax liabilities.”
How does operating expenses compare with the prior period?
The comparable figure from the prior period. A single number cannot say whether this improved or deteriorated. From: “Operating expenses were $111.3 billion, an increase of 22% year over year, primarily driven by increases in employee compensation expenses, expenses …”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “Acquisitions, joint ventures, investments, and divestitures could result in operating difficulties, dilution, and other consequences that could harm our business, financ…”
Read 10-K “TSLA 10-K — period ended 2025-12-31 (filed 2026-01-29)”. Extracted 26 new fact(s) and recorded 26 piece(s) of evidence. The change was material, so a new version was committed.
26 facts extracted · 0 nodes affected · 4 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Export controls and China exposure — Each licensing action and charge is held as a separate quoted event. Anchored on We could be subject to liability, penalties and other restrictive sanctions and adverse consequences arising out of c….
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on Our suppliers may fail to deliver components according to schedules, prices, quality and volumes that are acceptable ….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on We may be unable to effectively grow, or manage the compliance, residual value, financing and credit risks related to….
New Talent dependency — Quoted from the risk factors, where it is stated as a dependency rather than measured. Anchored on If we are unable to attract, hire and retain key employees and qualified personnel, our ability to compete may be har….
TSLA 10-K — period ended 2025-12-31 (filed 2026-01-29) added 26 classified item(s): 0 supporting, 0 contradicting, 0 new factor(s), 14 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric. 0 question(s) remain open.
Confidence unchangedRead 10-K “META 10-K — period ended 2025-12-31 (filed 2026-01-29)”. Extracted 22 new fact(s) and recorded 22 piece(s) of evidence. The change was material, so a new version was committed.
22 facts extracted · 0 nodes affected · 6 created · material — new version committed
Total revenue growth holds the thesis up; nothing works against it. Integrity 100/100 at low confidence, from 1 directional item. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Total revenue growth — Revenue growth is read directly from the filings, not modelled. Anchored on Total revenue at $200.97B.
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on We face design, manufacturing, and supply chain risks with respect to our consumer hardware products that, if not pro….
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on We may not be able to continue to successfully maintain or grow engaging third-party content on our platform or usage….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on We are involved in numerous class action lawsuits and other litigation matters that are expensive and time consuming,….
META 10-K — period ended 2025-12-31 (filed 2026-01-29) added 22 classified item(s): 1 supporting, 0 contradicting, 3 new factor(s), 15 unresolved. Thesis integrity is measurable for the first time, at 100/100 — before this filing nothing on record pointed either way, so there is no earlier figure to compare it to.
Held: Total revenue growth — “Total revenue for 2025 was $200.97 billion, an increase of 22% compared to 2024, due to an increase in advertising revenue.”
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric; Supply chain dependency. 3 question(s) remain open.
Confidence unchangedDid this disclosure turn out the way this filing expected?
A quantified outcome in a later period. This is guidance about a direction, with no magnitude attached. From: “We make product and investment decisions that may not prioritize short-term financial results and may not produce the long-term benefits that we expe…”
What was actually licensed or denied under this disclosure, and what revenue turned on it?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We are subject to the risk of catastrophic events and crises, which may have a significant adverse impact on our business and operations.”
Does this disclosure strengthen or weaken supply chain dependency?
A later filing that resolves which side of the thesis this lands on. From: “We face inventory risk with respect to our consumer hardware products.”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “We may not be able to continue to successfully maintain or grow engaging third-party content on our platform or usage of and engagement with applications that integrate …”
Read 10-K “NFLX 10-K — period ended 2025-12-31 (filed 2026-01-23)”. Extracted 31 new fact(s) and recorded 31 piece(s) of evidence. The change was material, so a new version was committed.
31 facts extracted · 0 nodes affected · 4 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on Changes in competitive offerings for entertainment video could adversely impact our business..
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on Our business could be adversely impacted by costs and challenges associated with strategic acquisitions and investmen….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on If we fail to maintain a positive reputation concerning our service and the content we offer, including any advertise….
New Talent dependency — Quoted from the risk factors, where it is stated as a dependency rather than measured. Anchored on If our efforts to attract and retain members are not successful, our business will be adversely affected..
NFLX 10-K — period ended 2025-12-31 (filed 2026-01-23) added 31 classified item(s): 0 supporting, 0 contradicting, 2 new factor(s), 21 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric. 1 question(s) remain open.
Confidence unchangedWhat was actually licensed or denied under this disclosure, and what revenue turned on it?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We are subject to taxation related risks in multiple jurisdictions.”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “Our business could be adversely impacted by costs and challenges associated with strategic acquisitions and investments.”
Read 10-K “AVGO 10-K — period ended 2025-11-02 (filed 2025-12-18)”. Extracted 40 new fact(s) and recorded 40 piece(s) of evidence. The change was material, so a new version was committed.
40 facts extracted · 0 nodes affected · 7 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Gross margin trajectory — Margin is tracked as a level with a stated direction, both quoted from the filing. Anchored on Gross margin at $43.29B (FY2025).
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on A prolonged disruption of our or our customers’ or suppliers’ facilities or other significant operations could have a….
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on Competition in our industries could prevent us from growing our revenue..
New Acquisition integration — Deal terms are quoted from the announcement; outcome is unknown until later filings. Anchored on We have pursued, and may in the future pursue, mergers, acquisitions, investments, joint ventures and dispositions, w….
AVGO 10-K — period ended 2025-11-02 (filed 2025-12-18) added 40 classified item(s): 0 supporting, 0 contradicting, 1 new factor(s), 25 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for Acquisition integration; an unmapped metric; Supply chain dependency. 2 question(s) remain open.
Confidence unchangedWhat was actually licensed or denied under this disclosure, and what revenue turned on it?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We are subject to warranty claims, product recalls and product liability.”
Does this disclosure strengthen or weaken supply chain dependency?
Disclosure of what was licensed, denied, or delayed, and the revenue attached to each. From: “We are subject to risks associated with our distributors and other channel partners, including product inventory levels and product sell-through.”
Did acquisition integration develop the way this filing said it would?
The next quarterly filing, reporting the outcome of: “We have pursued, and may in the future pursue, mergers, acquisitions, investments, joint ventures and dispositions, which could adversely affect our results of operation…”
Read 10-K “AAPL 10-K — period ended 2025-09-27 (filed 2025-10-31)”. Extracted 14 new fact(s) and recorded 14 piece(s) of evidence. The change was material, so a new version was committed.
14 facts extracted · 0 nodes affected · 4 created · material — new version committed
No part of the thesis yet has evidence pointing one way. Integrity is not yet measurable — no directional items — at low confidence. Composed by deterministic-v1 from extracted facts; no interpretation beyond the rules that produced them.
New Supply chain dependency — Supply constraints are recorded when the company states them, including when it states them as expectations. Anchored on The Company’s products and services may be affected from time to time by design and manufacturing defects that could ….
New Competitive and open-source pressure — Held as disclosed risk language, which is the only form the filings provide. Anchored on Global markets for the Company’s products and services are highly competitive and subject to rapid technological chan….
New Regulatory and legal exposure — Held as the company’s own disclosed risk language. These are standing exposures, not events. Anchored on The Company’s business, results of operations and financial condition could be adversely impacted by unfavorable resu….
New Demand and inventory volatility — Held as the company’s own disclosed risk language. The filings state the exposure, not its likelihood. Anchored on The Company is exposed to the risk of write-downs on the value of its inventory and other assets, in addition to purc….
AAPL 10-K — period ended 2025-09-27 (filed 2025-10-31) added 14 classified item(s): 0 supporting, 0 contradicting, 0 new factor(s), 9 unresolved. Thesis integrity is still not measurable: nothing on record points for or against the thesis, so there is no ratio to report.
Nothing in this filing supported the prior thesis. Recorded as such rather than softened.
No item in this filing contradicted the prior thesis.
What was missed — The prior thesis had no node for an unmapped metric; Supply chain dependency. 1 question(s) remain open.
Confidence unchangedDoes this disclosure strengthen or weaken supply chain dependency?
A later filing that resolves which side of the thesis this lands on. From: “The Company is exposed to the risk of write-downs on the value of its inventory and other assets, in addition to purchase commitment cancellation ris…”
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