{
  "rules": [
    {
      "name": "AI capex acceleration",
      "signal": "bullish",
      "weight": "high",
      "thesis": "Sustained AI infrastructure capex can support revenue growth and pricing power for leading compute and semiconductor firms.",
      "conditions": [
        "Management guides for rising AI-related backlog or enterprise demand.",
        "Gross margin remains resilient while capex grows."
      ],
      "rationale": "Use this rule when the company is a direct beneficiary of AI infrastructure demand and execution quality remains strong."
    },
    {
      "name": "Valuation stretch under slowing growth",
      "signal": "bearish",
      "weight": "high",
      "thesis": "If valuation stays elevated while growth momentum decelerates, downside risk increases materially.",
      "conditions": [
        "Forward growth guidance is revised down.",
        "Multiple expansion outpaces earnings revision."
      ],
      "rationale": "Use this rule as a cautionary overlay when expectations appear richer than operating reality."
    },
    {
      "name": "Balance sheet resilience",
      "signal": "bullish",
      "weight": "medium",
      "thesis": "Net cash, high operating cash flow, and low refinancing pressure improve resilience during drawdowns.",
      "conditions": [
        "Net cash or modest leverage profile.",
        "Healthy free cash flow conversion."
      ],
      "rationale": "This factor matters most when macro conditions tighten and investors reward durability."
    }
  ]
}