{
  "schema": "kyzen-memo/1",
  "rotation": 0,
  "month": "2026-10",
  "executesAt": 1793629800,
  "bottleneck": "memory",
  "bottleneckLabel": "HBM",
  "weightsBps": {
    "design": 1548,
    "memory": 2903,
    "fab": 2065,
    "equipment": 1548,
    "power": 1936
  },
  "rulebook": "v1",
  "scorecard": {
    "dryRun": true,
    "readings": [
      {
        "input": "dram-contract",
        "reading": 3,
        "note": "Dry-run reading: a test value, not an assessment. The source publishes DRAM contract prices.",
        "sources": [
          "https://www.trendforce.com/price/dram/dram_contract"
        ]
      },
      {
        "input": "hbm-contract",
        "reading": 4,
        "note": "Dry-run reading: a test value, not an assessment. The sources report on HBM supply and pricing.",
        "sources": [
          "https://news.skhynix.com/tag/hbm/",
          "https://www.trendforce.com/research/dram"
        ]
      },
      {
        "input": "hbm-lead",
        "reading": 4,
        "note": "Dry-run reading: a test value, not an assessment. The source reports HBM production and shipments.",
        "sources": [
          "https://news.skhynix.com/tag/hbm/"
        ]
      },
      {
        "input": "cowos-lead",
        "reading": 3,
        "note": "Dry-run reading: a test value, not an assessment. The source covers advanced packaging capacity.",
        "sources": [
          "https://www.trendforce.com/research/semiconductors"
        ]
      },
      {
        "input": "fab-capacity",
        "reading": 2,
        "note": "Dry-run reading: a test value, not an assessment. The source reports fab and packaging capacity announcements.",
        "sources": [
          "https://www.trendforce.com/presscenter/news"
        ]
      },
      {
        "input": "equipment-orders",
        "reading": 2,
        "note": "Dry-run reading: a test value, not an assessment. The source publishes an equipment maker's quarterly results.",
        "sources": [
          "https://investor.lamresearch.com/"
        ]
      },
      {
        "input": "power",
        "reading": 3,
        "note": "Dry-run reading: a test value, not an assessment. The sources analyse datacenter electricity demand.",
        "sources": [
          "https://www.iea.org/reports/energy-and-ai",
          "https://www.iea.org/energy-system/buildings/data-centres-and-data-transmission-networks"
        ]
      },
      {
        "input": "calls-design",
        "reading": 2,
        "note": "Dry-run reading: a test value, not an assessment. The source holds a chip designer's earnings calls.",
        "sources": [
          "https://ir.amd.com/financial-information/quarterly-results"
        ]
      },
      {
        "input": "calls-memory",
        "reading": 4,
        "note": "Dry-run reading: a test value, not an assessment. The source holds a memory maker's earnings releases.",
        "sources": [
          "https://news.skhynix.com/category/ir/"
        ]
      },
      {
        "input": "calls-fab",
        "reading": 3,
        "note": "Dry-run reading: a test value, not an assessment. The source holds a chipmaker's earnings calls, its foundry included.",
        "sources": [
          "https://www.intc.com/financial-info/financial-results"
        ]
      },
      {
        "input": "calls-equipment",
        "reading": 2,
        "note": "Dry-run reading: a test value, not an assessment. The source holds an equipment maker's earnings calls.",
        "sources": [
          "https://investor.lamresearch.com/"
        ]
      },
      {
        "input": "calls-power",
        "reading": 2,
        "note": "Dry-run reading: a test value, not an assessment. The source holds a power equipment maker's earnings calls.",
        "sources": [
          "https://www.gevernova.com/investors"
        ]
      }
    ]
  },
  "writer": "rulebook",
  "text": "Dry run: test readings, not a market assessment.\n\nRotation 1 reads the chip supply chain for October 2026. Bottleneck: HBM, in memory.\n\nEach reading is a whole number from 0 to 4: 0 slack, 1 easing, 2 balanced, 3 tight, 4 binding. A stage scores the mean of its readings.\n\n- Design: 2 of 4, from 1 reading.\n- Memory: 3.75 of 4, from 4 readings.\n- Fab: 2.67 of 4, from 3 readings.\n- Equipment: 2 of 4, from 2 readings.\n- Power: 2.5 of 4, from 2 readings.\n\nWeights are proportional to the scores under rulebook v1. No cap binds. Weights are rounded to basis points and sum to 100%.\n\nMemory to 29.03%. Design to 15.48%. Fab to 20.65%. Equipment to 15.48%. Power to 19.36%.\n\nThe rotation executes 2 November 2026 at 14:30 UTC. From then on the Reserve's purchases follow these weights. The rulebook sets the weights; this memo explains the read. It reads constraints and names no stock."
}