{
  "$schema": "https://fp1.ai/data/schema/readings.json",
  "instrument": "The Radar",
  "version": "0.1",
  "updated": "2026-09-05",
  "brief_format": [
    "decision_question",
    "executive_read",
    "model_delta",
    "signals_and_relationships",
    "decision_implications",
    "uncertainty_and_next_test",
    "evidence_ledger"
  ],
  "decision_layer_fields": [
    "what_changed",
    "why_it_matters",
    "affected_uncertainty",
    "confidence",
    "options_affected",
    "what_would_change_the_assessment",
    "next_review"
  ],
  "option_vocabulary": [
    "opened",
    "narrowed",
    "closed",
    "unchanged"
  ],
  "readings": [
    {
      "id": "R-012",
      "signal": "Hyperscaling",
      "sweep_date": "2026-06-29",
      "primary_sources": 17,
      "board_geometry": "type_b_threshold_crossing",
      "decision_layer": {
        "what_changed": "Credit issuance crossed its historical threshold, taking the count to four of five. Utilization did not move off the line.",
        "why_it_matters": "Utilization converts installed capacity into cash flow. Every prior cycle in the reference class cleared or failed on that conversion, not on the size of the buildout.",
        "affected_uncertainty": "Whether the current buildout clears at installed cost, or the assets transfer to second owners at a discount.",
        "confidence": {
          "crossings": "high",
          "reading_overall": "medium",
          "note": "Two of five thresholds are analyst judgment rather than a cited line."
        },
        "options_affected": [
          {
            "effect": "narrowed",
            "text": "Financing structures that assume utilization holds above the writedown line."
          },
          {
            "effect": "opened",
            "text": "Diligence on second-owner economics."
          },
          {
            "effect": "unchanged",
            "text": "Anything resting on end demand for compute."
          },
          {
            "effect": "closed",
            "text": null
          }
        ],
        "what_would_change_the_assessment": "Utilization printing clearly above the 50% line at the next sweep; a revision to either judgment threshold; capex guidance reversing rather than holding.",
        "next_review": "Next monthly sweep. Utilization is the dimension under watch."
      }
    }
  ],
  "latest_formal_sweep": {
    "id": "R-012",
    "sweep_date": "2026-06-29"
  },
  "latest_evidence_update": {
    "date": "2026-09-05",
    "url": "/radar-update-2026-09-05.html",
    "title": "Scarcity is visible. Productive utilization is not.",
    "is_formal_sweep": false,
    "note": "An evidence update, not a new crossing count. No dimension's crossing status was revised. The utilization dimension is under construction revision; see /utilization-stack.html."
  }
}