{
  "model": "qwen/qwen3.6-35b-a3b",
  "started_at": "2026-05-22T08:49:23.569Z",
  "system_prompt": "You are Analyst, the thesis-judgment stage of an AI trade-ideas pipeline.\n\nScout has already gathered a JSON dossier of scoring_inputs. Your job is to\nSCORE the dossier against the methodology rubric and either draft an idea\n(if score ≥ 60) or skip.\n\nOPTION B (skip) IS THE EXPECTED DEFAULT. The pipeline publishes rarely and\nonly when something clears a high bar. Most dossiers should return\n{ \"skip\": true, \"reason\": \"...\", \"score\": <num> }. Mediocre publishes burn\nDevil's Advocate budget and create credibility risk on the public site.\n\nLOOK AT THE FULL STRUCTURE MENU. Even when Scout says 'no asymmetric long\nopportunity exists' (verdict=range_bound_or_income), there may be a clear\nINCOME structure (covered call against the high; strangle inside an IV-\nelevated band; CSP at a downside-defended strike). Don't reflex-skip just\nbecause long_stock isn't attractive. Read the dossier looking for what\nSHAPE OF TRADE fits, not just whether long is fits.\n\nSCORING RUBRIC (sum to max 100)\n\nA. SMART-MONEY CLUSTER (max 25) — from scoring_inputs.smart_money\n   • 10 pts if 3+ distinct insiders with open-market purchases (code P) in\n     last 90 days totaling ≥ $500K\n   • +3 pts if CEO is among the buyers\n   • +3 pts if CFO is among the buyers\n   • +2 pts if total purchases > $5M\n   • 5 pts for a known concentrated 13F initiation/add (Berkshire, Pershing\n     Square, Appaloosa, Greenlight, Scion, Polen, Pabrai, Tepper, etc.)\n   • +3 pts if it's in the manager's top-3 positions\n   • 2 pts for politician STOCK Act recent buy\n   • +1 pt if multiple unrelated members bought within 30 days\n   • Penalty: −10 pts if material insider SELLING > BUYING in dollars\n\nB. OPTIONS FLOW / UOA (max 10) — from scoring_inputs.options_flow\n   • 4 pts: whale_call_blocks_otm ≥ 2 with flow_directional_bias = bullish\n     and flow_strength ∈ {moderate, strong}\n   • 3 pts: bullish IV skew (call IV > put IV) consistent with thesis\n   • 2 pts: net_dollar_bias_pct > 30 (sustained call-side flow)\n   • 1 pt: large OI building at a defended price level\n   • Penalty: −5 pts if whale_put_blocks_otm ≥ 2 and bias is bearish\n     without a hedging explanation\n\nC. CATALYST (max 25) — from scoring_inputs.catalyst\n   • 10 pts: earnings within 90 days AND last 4 quarters' EPS surprise > 0%\n   • 8 pts: pending product launch / FDA / contract milestone in horizon\n   • 5 pts: recent guidance raise (last 90 days)\n   • 5 pts: quantifiable sector tailwind (named hyperscaler capex flowing\n     to this name in $)\n   Cap at 25 even if components add to more.\n\nD. MISPRICING (max 15) — from scoring_inputs.mispricing\n   • 5 pts: forward P/E ≥ 20% below sector median (with non-deteriorating\n     earnings)\n   • 4 pts: EV/EBITDA ≥ 30% below sector median\n   • 4 pts: FCF yield ≥ 7% with stable FCF\n   • 5 pts: SOTP gap ≥ 25% (replaces one of the above)\n   Cap at 15.\n\nE. QUALITY (max 15) — from scoring_inputs.quality\n   • 5 pts: ROIC ≥ 15% (or trending there)\n   • 5 pts: gross margin expanding ≥ 3pp YoY\n   • 5 pts: net debt / EBITDA ≤ 2x (or net cash)\n\nF. MOMENTUM/TECHNICAL (max 10) — from scoring_inputs.technical\n   • 3 pts: above both 50DMA and 200DMA\n   • 4 pts: 12-1 month price return positive AND beating sector\n   • 2 pts: RSI 14 in 40-65 zone\n   • 1 pt: MACD bullish cross in last 30 days\n\nRISK CLASS — choose one based on the dossier's market_cap field:\n   \"core\"        — market_cap > $5B. Standard methodology sizing.\n   \"asymmetric\"  — market_cap ≤ $5B (small-cap moonshot). 90%+ of these\n                   bets lose money or go to zero; the few that work pay\n                   for the rest. Position sizing is far more conservative\n                   to fit the variance.\n\nTHRESHOLDS — depend on risk_class\n\n  CORE risk_class:\n   ≥ 80    Publish, confidence 5, position size cap 4-5%\n   70-79   Publish, confidence 4, position size cap 2.5-3.0%\n   60-69   Publish, confidence 3, position size cap 1.5-2.0%\n   50-59   Skip unless catalyst <30d + insider cluster\n   < 50    Skip\n\n  ASYMMETRIC risk_class — strict sizing:\n   ≥ 80    Publish, confidence 5, position size cap 1.5%\n   70-79   Publish, confidence 4, position size cap 1.0%\n   60-69   Publish, confidence 3, position size cap 0.5%\n   < 60    Skip (no exception; small caps need a clear catalyst)\n   Structure must be long_stock (options structures are wrong shape for\n   moonshots; Compliance enforces this in code).\n\nANTI-SIGNAL GATES (any one of these forces skip regardless of score):\n   • Going-concern audit qualification\n   • Pending material litigation (DOJ/SEC enforcement, class action with merit)\n   • Customer concentration > 30%\n   • Convertible/warrant overhang creating dilution > 10% of float\n   • Accounting irregularities (restatements, auditor changes)\n   • Avg daily volume < $5M (liquidity gate)\n   • Pump-and-dump signals (sudden volume + chat-room mentions)\n\nIf scoring_inputs has anti_signals_present non-empty, treat each entry as a\ngate; skip unless you can articulate WHY it doesn't apply to this case.\n\nEDGE CHECK (philosophical, not numeric)\n\nAfter scoring, ask: \"What does this idea say that the market doesn't already\nknow?\" If the answer is generic (it's cheap, AI is a tailwind, technicals\nlook great), the score is misleading — skip even if numerical score is 65.\nReal edge means a specific data point or interpretation the market missed.\n\nSCOUT VERDICT → STRUCTURE GUIDANCE\n\nRead scoring_inputs and Scout's verdict together. The verdict tells you\nWHICH structures Scout thinks are in scope for this name:\n\n  verdict='promising'              → long_stock | csp (for asymmetric long)\n  verdict='range_bound_or_income'  → cc | strangle | csp on pullback\n                                     (DON'T default to long_stock — Scout\n                                      already said this isn't an asymmetric\n                                      long. Look at IV elevated → strangle;\n                                      stock at 52w high, fundamentals healthy\n                                      → cc against implicit long; pullback\n                                      thesis with cash → csp)\n  verdict='bearish_setup'          → naked_call (rarely; respect ceiling)\n\nIf Scout supplied structure_hints[], they're a starting point. You can\noverride with reasoning, but if you go OUTSIDE the verdict's natural set,\nexplain why in thesis_long.\n\nSTRUCTURE SELECTION — full menu:\n\n   long_stock   — multi-quarter asymmetric thesis, IV not elevated, want\n                  full upside participation\n   csp          — bullish, want to own at strike, IV elevated, ann yield ≥15%\n   cc           — range-bound or mildly bullish, IV elevated, on top of long\n                  stock leg, if-called return ≥15% ann\n   strangle     — RANGE-BOUND thesis with elevated IV. Sell OTM call + OTM\n                  put. Need: comfortable owning at put_strike, no parabolic\n                  upside expectation. Ann yield ≥12%. Compute and emit\n                  breakeven_high (call_strike + total_premium) and\n                  breakeven_low (put_strike - total_premium).\n   naked_put    — same setup as CSP but using margin. ~2x yield, margin call\n                  risk. Only for margin-equipped accounts. Note explicitly.\n   naked_call   — bearish setup with elevated IV. UNCAPPED loss if rally.\n                  Confidence ceiling 4 (Compliance enforces). Requires\n                  explicit upside-shock thesis + defense plan in conditions.\n\nMatch the structure to the thesis shape — don't reach for naked options\njust because the premium is fatter. Most candidates are best as long_stock\nor CSP. Strangles only when you have a clear range thesis backed by IV\nand fundamentals.\n\nIF YOU SKIP — output exactly:\n  {\n    \"skip\": true,\n    \"score\": <0-100 composite>,\n    \"score_breakdown\": {\n      \"smart_money\": <0-25>, \"options_flow\": <0-10>, \"catalyst\": <0-25>,\n      \"mispricing\": <0-15>, \"quality\": <0-15>, \"technical\": <0-10>\n    },\n    \"reason\": \"1-2 sentences why this dossier doesn't support a thesis.\"\n  }\n\nIF YOU PROCEED — output a draft idea matching this schema (this is the same\nschema the published site renders from):\n\n{\n  \"skip\": false,\n  \"score\": <0-100 composite>,\n  \"score_breakdown\": {\n    \"smart_money\": <0-25>, \"options_flow\": <0-10>, \"catalyst\": <0-25>,\n    \"mispricing\": <0-15>, \"quality\": <0-15>, \"technical\": <0-10>\n  },\n  \"draft\": {\n    \"slug\": \"YYYY-MM-DD-symbol-keyphrase\",\n    \"symbol\": \"TICKER\",\n    \"company\": \"Full name\",\n    \"sector\": \"semis-ai-infra\" | \"small-cap-asymmetric\",\n    \"risk_class\": \"core\" | \"asymmetric\",\n    \"headline\": \"Punchy 1-line — the news angle on the thesis\",\n    \"thesis_short\": \"1 sentence — why this trade exists.\",\n    \"thesis_long\": [\n      \"Opening paragraph framing the setup.\",\n      \"## Catalyst\",\n      \"Detailed catalyst narrative.\",\n      \"## Why the market is mispricing this\",\n      \"Edge explanation, citing dossier facts.\",\n      \"## Numbers\",\n      \"- Bullet 1 with concrete numbers from the dossier\",\n      \"- Bullet 2\",\n      \"## Risk\",\n      \"Honest description of what could go wrong.\"\n    ],\n    \"structure\": {\n      \"type\": \"long_stock\" | \"csp\" | \"cc\" | \"strangle\" | \"naked_put\" | \"naked_call\",\n      \"long_stock\":   { \"entry_zone_low\": <num>, \"entry_zone_high\": <num>, \"shares_per_unit\": 100 },\n      \"csp\":          { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"annualized_yield_pct\": <num>, \"if_assigned_basis\": <num> },\n      \"cc\":           { \"underlying_basis\": <num>, \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"if_called_return_pct\": <num> },\n      \"strangle\":     { \"call_strike\": <num>, \"put_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"call_premium_target\": <num>, \"put_premium_target\": <num>, \"total_premium_target\": <num>, \"breakeven_high\": <num>, \"breakeven_low\": <num>, \"annualized_yield_pct\": <num>, \"max_loss_note\": \"...\" },\n      \"naked_put\":    { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"annualized_yield_pct\": <num>, \"max_loss_per_contract\": <num>, \"margin_estimate_per_contract\": <num>, \"warning\": \"...\" },\n      \"naked_call\":   { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"annualized_yield_pct\": <num>, \"max_loss\": \"UNLIMITED\", \"warning\": \"...\" }\n    },\n    \"entry\": {\n      \"price_at_idea\": <last_close from dossier>,\n      \"conditions\": \"How/when to enter — e.g., 'Open starter on pullback to MA50.'\"\n    },\n    \"exit\": {\n      \"target_price\": <num or null for options structures>,\n      \"time_horizon_months\": <int 3-12>,\n      \"stop_conditions\": \"Specific signal(s) that trigger a close.\"\n    },\n    \"risk\": {\n      \"bear_case\": \"Honest, specific bear case (not generic 'market could fall').\",\n      \"what_breaks_thesis\": \"Specific event/data that invalidates the call.\",\n      \"position_size_pct\": <0.5 to 5.0, conviction-weighted>\n    },\n    \"sources\": [\n      { \"label\": \"...\", \"url\": \"...\" }\n    ],\n    \"confidence\": <1-5, conservative>,\n    \"analyst\": \"research-desk\",\n    \"scout_model\": \"minimax/minimax-m2.7\",\n    \"analyst_model\": \"qwen/qwen3.6-35b-a3b\",\n    \"devils_advocate_verdict\": null\n  }\n}\n\nONLY ONE STRUCTURE TYPE. Pick long_stock, csp, OR cc and only fill that\nsub-object. Leave the others null/omitted.\n\nALL NUMBERS must be drawn from the dossier or computable from it. Do not\ninvent prices, strikes, premiums.\n\nOUTPUT ONLY VALID JSON. No surrounding prose, no markdown fences.",
  "user_prompt": "Here is the dossier from Scout. Decide: skip or draft.\n\n\nLESSONS LEARNED: none yet.\n\nDOSSIER:\n{\n  \"symbol\": \"QBTS\",\n  \"company\": \"D-Wave Quantum Inc.\",\n  \"investigation_summary\": \"D-Wave is a pre-profitability commercial quantum computing company (annealing + gate-model) with massive government endorsement via a CHIPS Act LOI for $100M in funding announced May 21, 2026. The stock surged +33% that day on the headline catalyst. However, Q1 2026 revenue collapsed to $2.9M from $15.0M YoY (system sales timing), net loss widened to -$18.4M vs -$5.4M prior year due largely to Quantum Circuits acquisition costs, and the CHIPS funding requires issuing ~$100M in dilutionary shares — creating a significant anti-signal alongside the bullish catalyst. Form 4 filings show no open-market insider purchases (F=tax withholding on RSU vesting); all recent transactions are routine compensation events with one director sale of $176K via pre-set 10b5-1 plan. Options flow is directionally bullish but the chain has near-zero OI and suspicious IV numbers suggesting thin/illiquid market. No compelling asymmetric long setup exists at current elevated post-spike prices, but elevated IV makes an income strategy viable.\",\n  \"verdict\": \"range_bound_or_income\",\n  \"confidence_in_data\": 4,\n  \"structure_hints\": [\n    \"csp\",\n    \"cc\"\n  ],\n  \"business_snapshot\": \"D-Wave Quantum Inc. is the world's first commercial supplier of quantum computing systems and the only company offering both annealing and gate-model platforms following its January 2026 acquisition of Quantum Circuits, Inc. (QCI) for $538.5M in cash + equity. The company generates revenue from three streams: cloud-based QCaaS via its Leap service, professional services for implementation, and on-premises quantum system sales. Q1 FY2026 financials show severe revenue compression ($2.9M vs $15.0M YoY) due to timing of system deals; however the balance sheet is strong with ~$338M cash, no meaningful debt, and an SIF loan conditionally repayable against revenues. The company recently launched Advantage2 (4400+ qubits, 6th-gen annealing system) and plans to make a dual-rail gate-model system generally available in 2026. Key customers include blue-chip enterprises across pharma, manufacturing, logistics, and defense.\",\n  \"scoring_inputs\": {\n    \"smart_money\": {\n      \"insider_open_market_purchases_90d\": [],\n      \"insider_open_market_total_usd_90d\": 0,\n      \"distinct_insider_buyers_90d\": 0,\n      \"ceo_buy_present\": false,\n      \"cfo_buy_present\": null,\n      \"material_insider_selling_90d_usd\": 176168,\n      \"notable_13f_holders\": [\n        \"pending — v2\"\n      ],\n      \"politician_recent_buys\": [\n        \"pending — v2\"\n      ]\n    },\n    \"catalyst\": {\n      \"next_earnings_date\": \"2026-08-06\",\n      \"recent_eps_surprise_pattern\": \"Most recent Q (Q1 2026): beat by +46% surprise (-$0.0412 actual vs -$0.076 estimate). Prior quarter missed by -45.9%. Mixed recent record.\",\n      \"guidance_raise_in_last_90d\": false,\n      \"named_catalysts\": [\n        {\n          \"type\": \"regulatory\",\n          \"description\": \"CHIPS and Science Act LOI — U.S. Dept of Commerce signed letter of intent May 21, 2026 for $100M in funding to accelerate annealing and gate-model quantum system development at facilities including a planned Boca Raton FL R&D center.\",\n          \"date_or_window\": \"May 21, 2026 (LOI signed); definitive award documents TBD\",\n          \"source_urls\": [\n            \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000066/qbts-20260521.htm\"\n          ],\n          \"directional_bias\": \"bullish\"\n        },\n        {\n          \"type\": \"m&a\",\n          \"description\": \"QCI acquisition closed Jan 20, 2026 — brings dual-rail qubit technology for gate-model error correction; $538.5M total consideration.\",\n          \"date_or_window\": \"January 20, 2026 (closed)\",\n          \"source_urls\": [\n            \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000059/qbts-20260331.htm\"\n          ],\n          \"directional_bias\": \"ambiguous\"\n        },\n        {\n          \"type\": \"product\",\n          \"description\": \"Advantage2 quantum computing system full launch May 2025 — 4400+ qubits, 20-way connectivity, 40% higher energy scale vs prior gen. Gate-model dual-rail system planned for general availability in 2026.\",\n          \"date_or_window\": \"May 2025 (full launch); gate-model TBD 2026\",\n          \"source_urls\": [\n            \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000026/qbts-20251231.htm\"\n          ],\n          \"directional_bias\": \"bullish\"\n        },\n        {\n          \"type\": \"earnings\",\n          \"description\": \"Q1 2026 revenue collapsed to $2.9M (vs $15M Q1 2025) due to system sales timing; net loss -$18.4M vs -$5.4M YoY driven by QCI acquisition costs.\",\n          \"date_or_window\": \"May 12, 2026 (10-Q filed); earnings next August 6\",\n          \"source_urls\": [\n            \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000059/qbts-20260331.htm\"\n          ],\n          \"directional_bias\": \"bearish\"\n        }\n      ]\n    },\n    \"mispricing\": {\n      \"forward_pe\": -67.99,\n      \"sector_median_forward_pe\": null,\n      \"ev_to_ebitda\": -64.69,\n      \"sector_median_ev_to_ebitda\": null,\n      \"fcf_yield_pct\": -0.665,\n      \"sotp_gap_pct\": null,\n      \"narrative\": \"Standard valuation metrics are uninformative for a pre-profitability quantum computing company with $12M TTM revenue and ~$9.5B market cap. EV/Revenue of 721x reflects speculative premium; FCF yield is deeply negative. Market appears to be pricing strategic optionality from government backing, not fundamentals.\"\n    },\n    \"quality\": {\n      \"roic_pct\": null,\n      \"gross_margin_trend_pp_yoy\": 66.3,\n      \"net_debt_to_ebitda\": null,\n      \"balance_sheet_grade\": \"A\"\n    },\n    \"technical\": {\n      \"above_50dma\": true,\n      \"above_200dma\": null,\n      \"rsi_14\": 64.1,\n      \"macd_recent_bullish_cross\": false,\n      \"12_1_momentum_vs_sector_pct\": 44.93\n    }\n  },\n  \"price_context\": {\n    \"last_close\": 25.74,\n    \"ytd_return_pct\": 44.93,\n    \"from_52w_high_pct\": -44.96\n  },\n  \"filings_reviewed\": [\n    {\n      \"form\": \"10-K\",\n      \"filed\": \"2026-02-26\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000026/qbts-20251231.htm\",\n      \"key_takeaways\": [\n        \"FY2025 revenue $12.4M, down ~81% YoY; gross margin 66.3%; operating loss widened significantly.\",\n        \"$588M cash at year-end 2025; strong balance sheet with minimal debt.\",\n        \"CHIPS Act LOI for $100M was not yet in 10-K (subsequent event filed May 21 8-K).\",\n        \"QCI acquisition terms: Agreement signed Jan 6 2026, closed Jan 20 2026, $538.5M consideration.\"\n      ]\n    },\n    {\n      \"form\": \"10-Q\",\n      \"filed\": \"2026-05-12\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000059/qbts-20260331.htm\",\n      \"key_takeaways\": [\n        \"Q1 2026 revenue $2.858M vs $15.001M Q1 2025 — massive drop from system sales timing.\",\n        \"Net loss widened to -$18.357M (-$0.05/share) vs -$5.421M YoY, partly due to $12M acquisition costs and expanded headcount post-QCI.\",\n        \"Cash: $338M; intangible assets $215M (QCI developed tech/trademarks); Goodwill $342M from QCI acquisition.\",\n        \"Stockholders equity $1.124B with 370M shares outstanding at March 31, 2026.\"\n      ]\n    },\n    {\n      \"form\": \"8-K\",\n      \"filed\": \"2026-05-21\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000066/qbts-20260521.htm\",\n      \"key_takeaways\": [\n        \"CHIPS and Science Act LOI for $100M grant + $100M in shares issued to Dept of Commerce.\",\n        \"Funding accelerates annealing/gate-model development including planned Boca Raton FL facility.\"\n      ]\n    }\n  ],\n  \"options_context\": {\n    \"expiries_examined\": [\n      \"2026-06-26\"\n    ],\n    \"iv_summary\": \"Chain data shows anomalous IV values (near-zero IV for deep ITM calls/puts, suggesting data quality issues from thin market). ATM-ish strikes show IV ~3-25% but open interest is essentially zero across all strikes — the options chain is extremely illiquid. Real UOA feed would be needed to assess true IV environment.\",\n    \"notable_skew_or_flow\": \"Call/Put ratio 0.42 (bullish), net dollar bias +$762K toward calls at near-term expiry. No whale blocks detected via yfinance V/OI screener.\"\n  },\n  \"competitive_landscape\": \"D-Wave competes with IonQ (IONQ), Rigetti Computing (RGTI), IBM, Google, and startups in gate-model quantum computing; D-Wave holds a first-mover advantage in annealing but the TAM is contested. The CHIPS Act funding also benefiting IONQ and RGTI reduces differentiation from government backing alone.\",\n  \"key_risks\": [\n    \"Revenue collapsed 81% YoY — system sales are lumpy and unpredictable, making financial forecasting nearly impossible\",\n    \"CHIPS grant requires issuing ~$100M in dilutionary shares at a time when the stock just spiked +33% on the news itself\",\n    \"Post-QCI acquisition, goodwill of $342M and intangibles of $215M face potential impairment risk if integration fails or revenue does not materialize\",\n    \"Cash burn is severe: Q1 FCF was -$44.96M cash used in operations; at current burn rate ~$180-250M annually, runway is 18-24 months without new revenue or financing\",\n    \"Dilution from multiple ATM offerings (historical pattern) and upcoming CHIPS share issuance creates persistent headwind to intrinsic value\",\n    \"Gate-model systems promised 'generally available' in 2026 — technology execution risk for a company that has never shipped a gate-model commercial product\",\n    \"Government funding is conditional on milestones and appropriation; if admin priorities shift, the award could be suspended or terminated\"\n  ],\n  \"what_the_market_might_be_missing\": \"The CHIPS Act LOI ($100M grant + equity stake) represents an unprecedented government endorsement of D-Wave's quantum computing technology with national security implications — a strategic moat that competitors lack. However, the market may be underweighting the dilution from $100M in new share issuance and the near-certainty that revenue will remain extremely lumpy given the enterprise sales cycle for multi-million-dollar quantum systems. The real edge is not directional; it's structural: IV is elevated post-spike, making covered calls or cash-secured puts on pullbacks attractive income plays.\",\n  \"anti_signals_present\": [\n    \"dilution\",\n    \"accounting\",\n    \"low_liquidity\"\n  ],\n  \"sources\": [\n    {\n      \"label\": \"10-K FY2025\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000026/qbts-20251231.htm\"\n    },\n    {\n      \"label\": \"10-Q Q1 2026\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000059/qbts-20260331.htm\"\n    },\n    {\n      \"label\": \"8-K CHIPS Act LOI May 21, 2026\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000190798226000066/qbts-20260521.htm\"\n    },\n    {\n      \"label\": \"Form 4 - Alan Baratz (CEO) April RSU Grant\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000109823126000007/xslF345X06/wk-form4_1777928537.xml\"\n    },\n    {\n      \"label\": \"Form 4 - Rohit Ghai (Director) March Sale\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000162828026018928/xslF345X05/wk-form4_1773783291.xml\"\n    },\n    {\n      \"label\": \"Form 4 - Diane Nguyen (CLO) May Tax Withholding\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1907982/000197477726000010/xslF345X06/wk-form4_1778793277.xml\"\n    }\n  ],\n  \"unfetched_signals\": [\n    \"13f_deltas\",\n    \"politician_trades\",\n    \"sentiment_score\"\n  ]\n}\n\nOutput ONLY the decision JSON described in the system prompt. Do NOT\ninclude <think>...</think> reasoning blocks — they eat the output token\nbudget and produce truncated, unparseable decisions.",
  "completions": [
    {
      "ts": "2026-05-22T08:50:07.868Z",
      "raw_content": "<think>The user wants me to score the dossier for QBTS (D-Wave Quantum Inc.) and decide whether to skip or draft a trade idea.\nI need to follow the scoring rubric, check risk class, thresholds, anti-signal gates, and edge check.\nThen output only the decision JSON.\n\nLet's score QBTS based on the rubric.\nA. SMART-MONEY CLUSTER (max 25)\n- insider_open_market_purchases_90d: [] (0)\n- distinct_insider_buyers_90d: 0\n- CEO/CFO buy: false/null\n- material_insider_selling: 176168 (directors sale via 10b5-1, not huge but present)\n- 13F/politician: pending\nScore: 0. (No buys, some selling. Penalty? -10 if material selling > buying. Selling is $176k, buying is $0. So -10. But score can't go below 0? The rubric says penalty -10. I'll score 0 for this section.)\n\nB. OPTIONS FLOW / UOA (max 10)\n- options_context: IV anomalous/thin, OI near-zero. Call/Put ratio 0.42. Net dollar bias +$762K. No whale blocks.\nScore: 0. (No whale blocks, thin OI, low liquidity.)\n\nC. CATALYST (max 25)\n- next_earnings_date: 2026-08-06 (within 90 days? Depends on current date, but dossier says May 2026 timeframe. So yes.)\n- recent_eps_surprise: Mixed (beat last, missed prior). Not >0% for last 4 quarters.\n- guidance_raise: false\n- quantifiable sector tailwind: CHIPS Act LOI $100M grant. But it's company-specific, not sector.\n- product launch: Advantage2 launched May 2025. Gate-model planned 2026.\nScore: 5 pts for recent product launch / pending milestone (gate-model 2026). Or maybe 0 for catalyst since earnings surprise is mixed and CHIPS is already priced in (+33% spike). Let's give it 5 for pending gate-model availability / CHIPS funding milestone. Actually, CHIPS is a regulatory catalyst. I'll give 5 pts. Max cap 25.\n\nD. MISPRICING (max 15)\n- forward_pe: -67.99 (negative)\n- ev/ebitda: -64.69 (negative)\n- fcf_yield: -0.665%\n- sotp: null\nScore: 0. (Unprofitable, metrics uninformative.)\n\nE. QUALITY (max 15)\n- roic: null\n- gross_margin_trend: 66.3 pp YoY (expanding significantly) -> 5 pts\n- net_debt/ebitda: null (balance sheet grade A, cash $338M, no debt) -> 5 pts\nScore: 10.\n\nF. MOMENTUM/TECHNICAL (max 10)\n- above 50DMA: true -> 3 pts\n- above 200DMA: null\n- 12-1 momentum vs sector: 44.93% positive -> 4 pts\n- RSI 14: 64.1 -> 2 pts\n- MACD bullish cross: false\nScore: 9.\n\nTotal Score: 0 + 0 + 5 + 0 + 10 + 9 = 24.\nWait, let's re-evaluate Catalyst. CHIPS Act LOI is a major catalyst. But it was announced May 21 and stock surged +33%. It's already priced in. The dossier says \"no compelling asymmetric long setup exists at current elevated post-spike prices\".\nScore is low. Risk class: market_cap is ~$9.5B? Wait, dossier says \"EV/Revenue of 721x reflects speculative premium; FCF yield is deeply negative.\" and \"$12M TTM revenue and ~$9.5B market cap\". So market cap > $5B. Risk class: core.\nThresholds for core: <50 Skip.\nAnti-signal gates: `anti_signals_present`: [\"dilution\", \"accounting\", \"low_liquidity\"].\n\"low_liquidity\" -> Avg daily volume < $5M? The dossier says options chain has near-zero OI and suspicious IV, suggesting thin market. It also says \"low_liquidity\" in anti_signals.\n\"dilution\" -> CHIPS grant requires issuing ~$100M in dilutionary shares. This is a direct hit to the anti-signal gate.\n\"accounting\" -> accounting irregularities? The dossier says \"accounting\" in anti_signals. I should check if it applies. The 10-Q mentions acquisition costs, but maybe there's a restatement or auditor change? The dossier flags it.\nGiven the low score (24) and explicit anti-signal gates (dilution, low_liquidity), this is a clear SKIP.\nI will output the skip JSON.\n\nLet's double check the scoring to be safe.\nA: 0\nB: 0\nC: 5\nD: 0\nE: 10\nF: 9\nTotal: 24.\nScore breakdown matches.\nReason: \"Score of 24 falls well below the 50-point skip threshold. The dossier flags critical anti-signal gates (dilution from CHIPS share issuance, low liquidity, and accounting flags) that override any technical momentum or balance sheet strength. Additionally, the primary catalyst (CHIPS LOI) is already priced into a +33% spike, leaving no clear asymmetric or income entry at current levels.\"\n\nCheck structure:\n{\n  \"skip\": true,\n  \"score\": 24,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 5,\n    \"mispricing\": 0,\n    \"quality\": 10,\n    \"technical\": 9\n  },\n  \"reason\": \"Score of 24 falls well below the 50-point skip threshold. The dossier flags critical anti-signal gates (dilution from CHIPS share issuance, low liquidity, and accounting flags) that override any technical momentum or balance sheet strength. Additionally, the primary catalyst (CHIPS LOI) is already priced into a +33% spike, leaving no clear asymmetric or income entry at current levels.\"\n}\n\nWait, the rubric says for ASYMMETRIC: <60 Skip. For CORE: <50 Skip.\nQBTS has ~$9.5B market cap, so it's CORE. Threshold <50 is Skip.\nThe anti-signal gates explicitly list \"dilution\" and \"low_liquidity\". The prompt says: \"If scoring_inputs has anti_signals_present non-empty, treat each entry as a gate; skip unless you can articulate WHY it doesn't apply to this case.\"\nI will articulate why they apply or why they force a skip. Dilution is real ($100M shares). Low liquidity is real (thin options, potentially low stock volume). Accounting flag is present. So skip is correct.\n\nI will generate the JSON exactly as requested.\nOne minor thing: I should ensure the score breakdown matches the rubric exactly.\nsmart_money: 0\noptions_flow: 0\ncatalyst: 5\nmispricing: 0\nquality: 10\ntechnical: 9\nTotal: 24.\n\nCheck quality points: gross margin expanding 66.3 pp YoY -> 5 pts. net debt/ebitda <= 2x or net cash -> cash $338M, no debt -> 5 pts. Total 10. Correct.\nCheck technical points: above 50DMA -> 3. 12-1 momentum positive -> 4. RSI 40-65 -> 2. Total 9. Correct.\nCatalyst: 5 for product/milestone. Correct.\nTotal 24.\n\nAll good. Output matches schema.\nI will produce the JSON now. \nOne detail: \"accounting\" in anti_signals might refer to restatements or auditor changes. The dossier doesn't elaborate, but it's flagged. I'll just state it as a gate trigger.\nThe prompt says: \"ONLY ONE STRUCTURE TYPE. Pick long_stock, csp, OR cc and only fill that sub-object. Leave the others null/omitted.\" -> This applies to PROCEED. For SKIP, I just output the skip object.\nI will follow the SKIP schema exactly.\nReady. \nOutput matches request.✅\nProceeds. \nSelf-Correction/Verification during thought:\nWait, market cap is ~$9.5B. That's >$5B, so risk_class is \"core\".\nThreshold for core: <50 Skip.\nScore is 24.\nAnti-signal gates: dilution, accounting, low_liquidity.\nReason is solid.\nOutput matches exactly.\nDone. \nGenerating. \n```json\n{\n  \"skip\": true,\n  \"score\": 24,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 5,\n    \"mispricing\": 0,\n    \"quality\": 10,\n    \"technical\": 9\n  },\n  \"reason\": \"Score of 24 falls well below the 50-point skip threshold. The dossier flags critical anti-signal gates (dilution from CHIPS share issuance, low liquidity, and accounting flags) that override any technical momentum or balance sheet strength. Additionally, the primary catalyst (CHIPS LOI) is already priced into a +33% spike, leaving no clear asymmetric or income entry at current levels.\"\n}\n```\nMatches requirements. No extra text. Valid JSON. Proceeds. \nAll constraints met. Output matches exactly.\nDone. \n[Output Generation] -> *Proceeds*\n*(Self-Correction/Refinement during generation prep)*: I should verify the scoring rubric for Quality: \"gross margin expanding ≥ 3pp YoY\" -> 5 pts. \"net debt / EBITDA ≤ 2x (or net cash)\" -> 5 pts. Total 10. Correct.\nTechnical: \"above both 50DMA and 200DMA\" -> only above 50DMA is true. So 3 pts. \"12-1 month price return positive AND beating sector\" -> 44.93% vs sector positive -> 4 pts. \"RSI 14 in 40-65 zone\" -> 64.1 -> 2 pts. Total 9. Correct.\nCatalyst: 5 pts for product/milestone. Correct.\nTotal 24. Correct.\nAnti-signal gates are explicitly listed. Skip is mandatory unless I can articulate why they don't apply. Dilution is real ($100M shares). Low liquidity is real. Accounting flag is present. So skip is correct.\nOutput matches.✅\nProceeds. \n[Final Check of the Prompt]\n\"IF YOU SKIP — output exactly: { \"skip\": true, ... }\"\n\"ONLY ONE STRUCTURE TYPE...\" applies to PROCEED.\nAll good.\nOutput matches. \nProceeds. \n[Output Generation] (matches the refined JSON)\n```json\n{\n  \"skip\": true,\n  \"score\": 24,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 5,\n    \"mispricing\": 0,\n    \"quality\": 10,\n    \"technical\": 9\n  },\n  \"reason\": \"Score of 24 falls well below the 50-point skip threshold. The dossier flags critical anti-signal gates (dilution from CHIPS share issuance, low liquidity, and accounting flags) that override any technical momentum or balance sheet strength. Additionally, the primary catalyst (CHIPS LOI) is already priced into a +33% spike, leaving no clear asymmetric or income entry at current levels.\"\n}\n```\nDone. \nProceeds. \n*(Self-Correction/Note during thought)*: I should make sure the JSON is strictly valid and matches the schema exactly. The prompt says \"output exactly: { ... }\". I will provide just that. No markdown fences if possible, but the prompt says \"OUTPUT ONLY VALID JSON. No surrounding prose, no markdown fences.\" I will follow that strictly.\nReady. \nOutput Generation. \n[Done] \n*(Final Output Generation)* -> *Proceeds*\n</think>\n\n{\n  \"skip\": true,\n  \"score\": 24,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 5,\n    \"mispricing\": 0,\n    \"quality\": 10,\n    \"technical\": 9\n  },\n  \"reason\": \"Score of 24 falls well below the 50-point skip threshold. The dossier flags critical anti-signal gates (dilution from CHIPS share issuance, low liquidity, and accounting flags) that override any technical momentum or balance sheet strength. Additionally, the primary catalyst (CHIPS LOI) is already priced into a +33% spike, leaving no clear asymmetric or income entry at current levels.\"\n}",
      "cleaned_content": "{\n  \"skip\": true,\n  \"score\": 24,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 5,\n    \"mispricing\": 0,\n    \"quality\": 10,\n    \"technical\": 9\n  },\n  \"reason\": \"Score of 24 falls well below the 50-point skip threshold. The dossier flags critical anti-signal gates (dilution from CHIPS share issuance, low liquidity, and accounting flags) that override any technical momentum or balance sheet strength. Additionally, the primary catalyst (CHIPS LOI) is already priced into a +33% spike, leaving no clear asymmetric or income entry at current levels.\"\n}",
      "tool_calls": null,
      "finish_reason": "stop"
    }
  ],
  "tool_results": [],
  "final_message": "{\n  \"skip\": true,\n  \"score\": 24,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 5,\n    \"mispricing\": 0,\n    \"quality\": 10,\n    \"technical\": 9\n  },\n  \"reason\": \"Score of 24 falls well below the 50-point skip threshold. The dossier flags critical anti-signal gates (dilution from CHIPS share issuance, low liquidity, and accounting flags) that override any technical momentum or balance sheet strength. Additionally, the primary catalyst (CHIPS LOI) is already priced into a +33% spike, leaving no clear asymmetric or income entry at current levels.\"\n}",
  "tool_calls_total": 0,
  "walltime_ms": 44300,
  "stop_reason": "stop",
  "completed_at": "2026-05-22T08:50:07.869Z"
}