{
  "rules": [
    {
      "name": "AI capex acceleration",
      "signal": "bullish",
      "weight": "high",
      "thesis": "AI infrastructure demand can support revenue growth and pricing power.",
      "conditions": [
        "Backlog continues to rise",
        "Margins remain stable while capex increases"
      ],
      "rationale": "Use this rule when the company is a direct beneficiary of AI infrastructure demand."
    },
    {
      "name": "Valuation stretch under slowing growth",
      "signal": "bearish",
      "weight": "high",
      "thesis": "If valuation remains elevated while growth decelerates, downside risk increases.",
      "conditions": [
        "Forward growth guidance is revised lower",
        "Multiple expansion outpaces earnings revisions"
      ],
      "rationale": "Use this as a cautionary overlay when expectations look richer than fundamentals."
    },
    {
      "name": "Balance sheet resilience",
      "signal": "neutral",
      "weight": "medium",
      "thesis": "Net cash and strong free cash flow 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 durability is rewarded."
    }
  ]
}