# Risks page: the three risks, what each tracks, and the calendar

Checked September 14, 2026. This backs `bubble-prototype/app/risks/data.ts`, which the Risks page renders. The home page measures the size of the boom; this page follows the developments that decide whether it holds. Questions, not crash predictions: nothing here estimates overvaluation or losses.

## The three risks

The page is organised around what can go wrong, not who is involved, and each risk is shaped as planned versus actual. Builders, chipmakers and customers are tags: they say whose disclosure a fact came from and filter the log, but they are not risks.

| # | Risk | Question | What to record |
|---|---|---|---|
| 01 Infrastructure: the buildout slows | Are they building what they promised? | Is the buildout growing as fast as planned? | Hyperscaler capital spending each quarter against the stated plan; plan revisions, deferrals and cancellations; capacity delivered. Grid, power and permitting decisions that slow delivery (ERCOT, PUCT, FERC) are infrastructure items: if they bite, the buildout slows. Supplier data-center revenue and outlook as the echo of hyperscaler orders (a supplier's sale is the buyer's capex, not additional spending). This continues the Overview's last message and is the earliest public signal of demand: the hyperscalers see their order books months before a quarter closes, and their first reaction is a plan that stops rising. |
| 02 Demand: demand falls short | Are customers buying what's being built? | Are customers buying what's being built? | AI and cloud sales growth and usage: AWS, Azure, Google Cloud, Oracle cloud infrastructure, read as growth rates and as dollars against capex. Contracted backlog, labelled as backlog. Recognized revenue versus run-rate versus backlog at the labs and independent clouds. Backlog is not revenue; a multi-year commitment is not cash paid. |
| 03 Funding: funding runs short | Can they afford to keep going? | Can they afford to keep going? | Cash generated versus spending: operating cash flow and free cash flow against capex. Debt, leases, equity issuance, third-party vehicles, vendor financing. Debt outstanding and maturities at the independent clouds. Record announced, signed, funded, drawn and delivered separately. A mobilization target is not debt outstanding. |

A development can bear on more than one risk. Oracle's Q1 FY2027 results are an infrastructure item ($28.5 billion of capex), a demand item (cloud infrastructure revenue up 121%) and a funding item ($20 billion of equity issued); each place says something different about it. The earlier four-risk model (demand, payoff, financing, constraints) was retired on September 14, 2026: payoff items are now demand, constraints items are infrastructure, financing is renamed funding.

## Company groups: tags for the developments list and the calendar

| Group | Members | Why the tag exists |
|---|---|---|
| Builders | Amazon, Alphabet, Microsoft, Meta, Oracle; CoreWeave and the independent clouds in `ai-ecosystem-coverage.md` | Capex guidance, cloud segment revenue, financing disclosures |
| Chipmakers | NVIDIA, AMD, Broadcom, Micron, Intel; upstream TSMC, SK hynix, Samsung, ASML as context | Data-center revenue, margins, outlook, supply |
| Customers | OpenAI, Anthropic, SpaceX/xAI; hyperscaler cloud segments; CoreWeave's contracted customers; application companies. Apple and Tesla as context | Revenue that pays for the buildout, or compute bought for own use |
| Power & grid | ERCOT, PUCT, FERC and the RTOs; utilities and generation counterparties named in `ai-ecosystem-coverage.md` | Interconnection, moratoria, power contracts |

Apple and Tesla are in the calendar as context only. Both are large AI compute buyers for their own use and index weights, not sellers of AI capacity; their `watch` lines say so, so a reader does not mistake Tesla for the next test of the revenue question.

## Page structure

The page opens with a one-sentence `verdict`, then three sections with the same parts: a headline that states where the risk stands (a statement, never a question; the `question` field is kept for the home teaser), a chart that can be kept current from primary sources, the risk and our read (next test, watch for, last reviewed), and the latest events tagged to that risk. Then the calendar. Each chart shares one anatomy: one group per company, one bar per reported quarter (the last three) plus the next quarter in section 01, the company name and its next report date beneath. Charts accumulate: a reported quarter is appended, never replaced, and in section 01 the figure the plan implied stays as a dashed outline behind the reported bar. Chart headings carry no totals; the section head shows the sums.

### Section 01 chart: hyperscaler capex, reported quarters and next

`hyperscalerCapex` in `data.ts`. Per company: the reported quarters (`quarters`, one so far, each on the company's own definition), the next quarter as guided (Microsoft) or implied (the stated plan less what is spent so far, divided by the quarters left), and the event that reports the unknown quarter. Checked September 14, 2026, USD billions.

| Company | Latest quarter | Definition and source | Plan | Spent so far | Next quarter | Basis |
|---|---:|---|---|---:|---:|---|
| Amazon | 54.208 (Apr–Jun 2026) | Purchases of property and equipment, cash flow statement; [Q2 2026 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001018724/000101872426000024/amzn-20260630xex991.htm) | About $220B for 2026, from the July 30 call as reported by AP (see `research-2026-capex.md`) | 98.411 (six months) | 60.8 implied | (220 − 98.4) / 2 |
| Alphabet | 44.924 (Apr–Jun 2026) | Purchases of property and equipment; [Q2 2026 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001652044/000165204426000066/googexhibit991q22026.htm) | $195–205B for 2026, raised July 22 from $180–190B, per call reporting (`research-2026-capex.md`) | 80.598 (six months) | 59.7 implied | (200 − 80.6) / 2 |
| Microsoft | 41.0 (Apr–Jun 2026, Q4 FY2026) | Capital expenditures including finance leases, per CFO Amy Hood on the [July 29 call](https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4); cash paid for PP&E $35.8B, finance leases $5.6B | Guided to over $50B for the September quarter; about $175B for calendar 2026 | 72.9 (Q3 FY2026 $31.9B + Q4 $41.0B) | 50.0 guided | The guide, taken at its floor |
| Meta | 31.08 (Apr–Jun 2026) | Capital expenditures including principal payments on finance leases; [Q2 2026 release](https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx) | $130–145B for 2026, narrowed July 29 from $125–145B, in the release | 50.92 (six months: purchases $49.113B + lease principal $1.805B) | 43.3 implied | (137.5 − 50.9) / 2 |
| Oracle | 28.499 (Jun–Aug 2026, Q1 FY2027) | Gross capital expenditures; [Q1 FY2027 release](https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Q1-Results-Driven-by-Triple-Digit-Growth-in-Cloud-Infrastructure-Revenues/default.aspx) | $90–95B for fiscal 2027, from the September 10 call transcript (secondary; see `research-oracle-capex.md`) | 28.499 (one quarter) | 21.3 implied | (92.5 − 28.5) / 3 |

Totals shown in the section head, not on the chart: latest 199.7 → "$200B"; next 235.1 → "$235B", labelled as the planned next quarter. They add five different definitions. Oracle's next quarter is labelled "plan average" on the chart because the arithmetic puts it below the quarter just reported, and the chart footnote says so. The chart ceiling is $70B with ticks at $20B; raise both together if a bar passes it. Amazon's and Alphabet's annual plans and Oracle's fiscal plan come from call reporting or transcripts, the same sourcing the home page's 2026 guidance bar already uses; the quarterly actuals are all primary.

### Section 02 chart: cloud revenue growth, quarter by quarter

`cloudRevenue` in `data.ts`. Per provider, its own cloud segment, the reported quarters (`quarters`, one so far) with revenue, the same quarter a year earlier and the company's stated growth rate. The rate is the bar, so the chart reads as acceleration or slowing as quarters accumulate; the revenue sits beneath each bar. Checked September 14, 2026, USD billions.

| Company | Segment | Period | Year ago | Latest | Stated growth | Basis |
|---|---|---|---:|---:|---|---|
| Amazon | AWS | Apr–Jun 2026 | 30.873 | 42.2 | +37% | Both in the [Q2 2026 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001018724/000101872426000024/amzn-20260630xex991.htm) |
| Microsoft | Intelligent Cloud | Apr–Jun 2026 (Q4 FY2026) | 29.8 derived | 39.3 | +32% (Azure +43%) | CFO on the [July 29 call](https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4): "Revenue was $39.3 billion and grew 32%"; "In Azure, revenue grew 43%". Azure is reported as a rate only. Year ago = 39.3 / 1.32 |
| Alphabet | Google Cloud | Apr–Jun 2026 | 13.6 | 24.8 | +82% | Both in the [Q2 2026 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001652044/000165204426000066/googexhibit991q22026.htm) |
| Oracle | Cloud infrastructure (IaaS) | Jun–Aug 2026 (Q1 FY2027) | 3.3 derived | 7.4 | +121% | [Q1 FY2027 release](https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Q1-Results-Driven-by-Triple-Digit-Growth-in-Cloud-Infrastructure-Revenues/default.aspx): "up 121% ... to $7.4 billion". Year ago = 7.4 / 2.21 |

Totals shown in the section head: latest 113.7 → "$114B"; the four segments against the same four a year earlier, 77.6 → "+47%". Four different segment definitions; indicative. Ceiling 140%, ticks every 40 points; raise both together if a rate passes it. Backlog is deliberately not charted: it is a promise to deliver, not revenue.

### Section 03 chart: cash generated against cash spent, and what was raised

`funding` in `data.ts`. Per hyperscaler, operating cash flow and capex for the latest quarter from the cash flow statement (capex on the section 01 definition), and debt or equity raised in the period stated. Checked September 14, 2026, USD billions.

| Company | Period | Operating cash flow | Capex | Raised | Basis |
|---|---|---:|---:|---|---|
| Amazon | Apr–Jun 2026 | 45.387 | 54.208 | 13.557 proceeds from long-term debt (quarter) | Q2 2026 8-K exhibit, cash flow statement |
| Alphabet | Apr–Jun 2026 | 39.1 | 44.924 | 20.3 net proceeds, senior unsecured notes (quarter) | Q2 2026 8-K exhibit |
| Microsoft | Apr–Jun 2026 | 55.4 | 41.0 | none | CFO on the July 29 call: "Cash flow from operations was $55.4 billion"; free cash flow $19.6B |
| Meta | Apr–Jun 2026 | 31.862 | 31.08 | 24.91 proceeds from long-term debt, first half (Jan–Jun); long-term debt $83.664B at June 30 from $58.744B at year-end | Q2 2026 release, cash flow statement; free cash flow $784M in the quarter |
| Oracle | Jun–Aug 2026 | 23.0 | 28.499 | 20.0 common stock sold through an at-the-market program (quarter) | Q1 FY2027 release; free cash flow −$5B |

Totals shown in the section head: capex 199.7 → "$200B"; cash from operations 194.7 → "$195B". No gap total: it would net Microsoft's $14.4B surplus against the others, so each capex bar carries cash from operations less capex instead (Amazon −8.8, Alphabet −5.8, Microsoft +14.4, Meta +0.8, Oracle −5.5). Meta's operations covered its capex by $0.8B; the shortfall is at Amazon, Alphabet and Oracle. Ceiling $70B, ticks every $20B. Meta's raised bar is a half-year figure, hatched and labelled Jan–Jun on the chart.

## Assessments: how each briefing is written

The page opens with a one-sentence `verdict`, then the sections and tiles. A tile shows the risk's `status`, one figure and a small chart; its briefing opens beneath the strip. Each risk carries an `assessment` in `data.ts` with the same five parts: the risk in one sentence, the latest evidence with its date, what it means (labelled "our read" on the page), the next checkpoint (shown on the tile as "Next test"), and what to watch. The "what to watch" line names the specific result that would strengthen or weaken the concern, not the calendar entry.

`status` is one of three fixed states, not a score: **No sign yet** (the evidence points the other way), **Building** (the numbers are moving toward the risk), **Visible** (it is already affecting outcomes). The definitions are printed under the tiles. The tile figure is the one number the briefing already cites; a derived number (Broadcom's Q2 AI revenue, from the reported 54% quarter-on-quarter rise; the 90/10 split of ERCOT's queue, from the governor's statement) says so in the chart caption.

### Status log, September 14, 2026

| Risk | Status | Tile figure | Why |
|---|---|---|---|
| 01 Infrastructure | No sign yet | Five hyperscalers' latest quarters $199.7B; plans imply $235.1B next (chart above) | All four calendar-year plans raised or held in July; none cut; Microsoft guided up |
| 02 Demand | No sign yet | Google Cloud $24.8B, +82%; rows Oracle OCI +121%, Google Cloud +82%, AWS +37% | Cloud revenue accelerating at every reporter; still a fraction of spending, bridged by backlog |
| 03 Funding | Building | Oracle $20B of shares sold; rows capex 28.5, operating cash flow 23, shares sold 20 | Self-funding has given way to equity and debt at Oracle, SpaceX, CoreWeave; Amazon's trailing free cash flow negative |

Assessments are rewritten by hand, never by the scan routine. Review each risk after every event its section or briefing cites and after the events highlighted in "What to watch"; review all three monthly regardless. When a report changes nothing, say so: "The latest report did not materially change the picture" is a valid assessment. `reviewedOn` is shown on the card as "Last reviewed" and is the reader's freshness signal for that risk; `dataCheckedOn` is shown in the masthead as "Risks reviewed" and on the calendar and developments sections as "checked".

### Assessment log, September 14, 2026

| Risk | Evidence used | Checkpoint | Basis |
|---|---|---|---|
| 01 Infrastructure | The five hyperscaler quarters in the chart table above, latest Oracle Q1 FY2027 (September 10). Supporting: Broadcom Q3 FY2026 AI revenue $16.7B, +221%, Q4 guide $21.7B; NVIDIA Q2 FY2027 data-center revenue $89.0B, +117%, Q3 outlook $108B | The October reporting week as one checkpoint: Alphabet, Microsoft and Meta on October 28 and Amazon on October 29, all expected dates | Results releases linked in `events` and `hyperscalerCapex` |
| 02 Demand | Google Cloud $24.8B, +82% (July 22); AWS $42.2B, +37% (July 30); Oracle cloud infrastructure $7.4B, +121%, RPO $664B (September 10); CoreWeave backlog $104B (August 11) | Alphabet and Microsoft October 28, Amazon October 29, all expected | Results releases linked in `events`; Microsoft's ~45% Azure guide is from its July 29 call, in its event row |
| 03 Funding | Oracle Q1 FY2027: $20B of common stock sold through an at-the-market program; free cash flow −$5B. Amazon Q2 2026: trailing free cash flow −$7.6B. SpaceX Q2 2026 (August 4): $25B inaugural bond, $100B cash and securities. CoreWeave Q2 2026 (August 11): debt $35.068B at June 30 excluding leases, revenue $2.575B | Meta Q3 2026, October 28 expected | Oracle, Amazon and SpaceX results releases; CoreWeave from `coverage-compute-labs.md` and its Q2 release. Meta's $130–145B 2026 capex range is from its July 29 release |

## Calendar: check log, September 14, 2026

Dates come from each company's own investor-relations calendar or its date-announcement release. Where nothing is posted, the expected date is the prior year's equivalent quarter moved to the same weekday, and `confirmed` stays false. Most of these companies announce the date one to three weeks ahead; Oracle about eight days ahead. Non-earnings events carry the notice or meeting that set the date.

| Who | What | Date in data.ts | Status | Basis |
|---|---|---|---|---|
| Micron | Q4 FY2026 | 2026-09-30, after close | Reported | Company release of August 26, 2026 set the date. Results release dated September 30, 2026 |
| Micron | Q1 FY2027 | 2026-12-16 | Expected | Prior year December 17, 2025, a Wednesday (company release). Same weekday in 2026 is December 16. No date release found by October 1 |
| Tesla | Q3 2026 | 2026-10-21 | Expected | Prior year October 22, 2025 (Q3 2025 8-K exhibit, webcast 4:30 p.m. CT). ir.tesla.com blocks automated fetching |
| Intel | Q3 2026 | 2026-10-22 | Expected | Prior year October 23, 2025 (Intel release of October 8, 2025). IR calendar lists no upcoming events |
| Alphabet | Q3 2026 | 2026-10-28 | Expected | Prior year October 29, 2025 (abc.xyz 2025 Q3 event page). No Q3 2026 date release yet |
| Microsoft | Q1 FY2027 | 2026-10-28 | Expected | Prior year October 29, 2025. FY27 Q1 event page not yet created |
| Meta | Q3 2026 | 2026-10-28 | Expected | Prior year October 29, 2025. Investor events page shows no upcoming events |
| Amazon | Q3 2026 | 2026-10-29 | Expected | Prior year October 30, 2025 (date release issued October 16, 2025). No Q3 2026 webcast release yet |
| Apple | Q4 FY2026 | 2026-10-29 | Expected | Prior year October 30, 2025. Apple posts the Q4 date in early October |
| AMD | Q3 2026 | 2026-11-03 | Expected | Prior year November 4, 2025. IR calendar states no upcoming events |
| SpaceX | Q3 2026 | 2026-11-04 | Expected, weak | No prior-year cadence. Q2 2026 results were posted August 4, five weeks after quarter end; the same lag from September 30 gives early November |
| CoreWeave | Q3 2026 | 2026-11-09 | Expected | Added September 14. Prior year November 10, 2025. Events page shows no upcoming events. Added because its debt and backlog are cited on the financing and payoff cards |
| NVIDIA | Q3 FY2027 | 2026-11-18 | Expected | Prior year November 19, 2025 (NVIDIA release of October 29, 2025). Q2 FY2027 release of August 26 carries no Q3 date; a third-party "November 17" figure is not on any NVIDIA page |
| Oracle | Q2 FY2027 | 2026-12-09 | Expected | Prior year December 10, 2025 (date set December 2, 2025). Q1 FY2027 date was set September 2 for September 10 |
| Broadcom | Q4 FY2026 | 2026-12-10 | Expected | Prior year December 11, 2025 (company date release). Quarter ends November 1, 2026 |
| ERCOT | Data-center audit report to the PUCT | 2026-12-10 | Target | Added September 14. ERCOT said at the PUCT open meeting of August 20 that it aims to file by December 10, a week before the Commission's December open meeting (Utility Dive report; primary record is the meeting). The `calendar` link is ERCOT's August 3 market notice M-A080326-01, which set the Batch Zero postponement |

Several IR calendars (NVIDIA, Alphabet, Meta, SpaceX, Micron, Oracle, CoreWeave) render events client-side, so an empty fetch is not proof of no listing; each was cross-checked against a search for the company's date-announcement release.

### Results logged since July 22, 2026

Each reported row in `events` carries a `result`: one line per section it belongs in (`lines`: capex and capacity for 01, revenue for 02, capital raised for 03), what happened, and what changes next. A section's Latest events list shows only items with a line for it, so one report reads differently in each place. Upcoming rows carry `ask`, the short question shown in the calendar strip, and `watch`, the full question in the table. Figures below are from the release linked as `result.url`.

| Who | What | Date | Figures used | Affects |
|---|---|---|---|---|
| Alphabet | Q2 2026 | 2026-07-22 | Purchases of property and equipment $44.924B (quarter), $80.598B (six months). Google Cloud revenue $24.8B, +82%. $20.3B senior notes issued. 2026 capex range raised to $195–205B (call reporting). Source: 8-K exhibit 99.1 | Infrastructure, demand, funding |
| Microsoft | Q4 FY2026 | 2026-07-29 | Capex incl. finance leases $41B; cash PP&E $35.8B; finance leases $5.6B. Q1 FY2027 capex guide over $50B; calendar 2026 about $175B; Azure guide ~45%; "customer demand continues to exceed available capacity" (CFO). Source: earnings call page | Infrastructure, demand |
| Meta | Q2 2026 | 2026-07-29 | Capex incl. finance-lease principal $31.08B (quarter), $50.92B (six months). 2026 range narrowed to $130–145B from $125–145B. Source: results release | Infrastructure, funding |
| Amazon | Q2 2026 | 2026-07-30 | Purchases of property and equipment $54.208B (quarter), $98.411B (six months). AWS $42.2B, +37%. TTM free cash flow −$7.6B on a $66.1B rise in purchases, primarily AI. Source: 8-K exhibit 99.1 | Infrastructure, demand, funding |
| SpaceX | Q2 2026 | 2026-08-04 | Revenue $7.8B, +92%. AI segment revenue $2.6B (+247% y/y), loss from operations $1,257M. Capex $18,369M, of which AI $15,828M. Compute capacity 1.4 GW. Cloud services agreements $14.1B contracted; backlog $47.5B. $25B inaugural bond; $100B cash, equivalents and marketable securities. Source: 8-K exhibit 99.1 on sec.gov | Infrastructure, demand, funding |
| AMD | Q2 2026 | 2026-08-04 | Revenue $11.5B, +50%. Data-center revenue $6.7B, +107%. GAAP gross margin 54%, non-GAAP 56%. Q3 outlook ~$13.0B ±$300M, non-GAAP gross margin ~56% | Infrastructure |
| NVIDIA | Q2 FY2027 | 2026-08-26 | Revenue $96.2B, +106%. Data-center revenue $89.0B, +117%. Gross margin 75.0% GAAP and non-GAAP. Q3 outlook $108.0B ±2%, gross margin 74.0% ±50bp. No China data-center compute revenue assumed | Infrastructure |
| Broadcom | Q3 FY2026 | 2026-09-02 | Revenue $29.6B, +86%. AI semiconductor revenue $16.7B, +221% y/y, +54% q/q. Q4 guidance: revenue ~$34.8B, AI semiconductor revenue $21.7B. Release dated September 2, 2026; the IR page timed out repeatedly, figures verified on the PR Newswire copy of the same release | Infrastructure |
| Oracle | Q1 FY2027 | 2026-09-10 | Total revenue $19.3B, +30%. Cloud infrastructure (IaaS) revenue $7.4B, +121%. RPO $664B, +$209B y/y. Capex $28.499B. Operating cash flow $23B; free cash flow −$5B. $20B of common stock sold through an ATM program. FY2027 revenue guidance at least $90B | Infrastructure, demand, funding |
| Micron | Q4 FY2026 | 2026-09-30 | Revenue $54.229B, +379% from $11.315B a year earlier (release highlights: $54.23B vs $11.32B). Capital expenditures, net, $10.77B for the quarter and $27.37B for the year. Q1 FY2027 revenue guidance $61.5B ± $1.5B. Quarter ended September 3. Source: results release on investors.micron.com. Assessments were not rewritten | Demand, infrastructure |

The calendar starts July 22, 2026, so the four calendar-year hyperscalers' June-quarter reports are logged; they set the plans the section 01 chart derives from. Microsoft's capacity statement lives in its event row and is cited by the payoff and constraints assessments.

## Workflow

The page never reads the clock. `dataCheckedOn` in `data.ts` decides which rows are reported and which is next up, so bump it on every edit. Set to 2026-10-01 on the October 1 refresh so the September 30 Micron result is in the log. The three risk assessments were not rewritten.

Adding a development: one `NewsItem` in `news`. `id` is `YYYY-MM-DD-slug`, `date` is the disclosure date, `source` is the primary source (IR release, filing, company or government announcement), `risks` lists every risk it bears on with the primary first, `groups` lists who it is about, and `status` only when the item reports a commitment. Secondary reporting can find an item but is never the source.

Refreshing the calendar: set `confirmed: true` only when the company's own calendar, release or the body's own notice lists the date, and record the basis in the table above. After an event passes, fill in its `result` (release URL, one-line summary, what happened, what changes next) and add the next period as a new row with an `ask` and a `watch`. A reported row without a `result` renders in the log as pending review.

Refreshing the section 01 chart: after each hyperscaler reports, append the new quarter to `quarters` with the previous `next` carried as its `expected` (drawn as a dashed outline behind the reported bar), recompute `next` from the plan as restated on that call (spent so far now includes the new quarter; one fewer quarter left), point `eventId` at the next report, and update the derivation table above. If a plan is revised, that is the headline of the event's `result`.

Refreshing the section 02 and 03 charts: after each report, append the quarter to the `cloudRevenue` row (revenue, year-ago figure, stated growth rate) from the release's segment table and move the `funding` row to the new quarter from the cash flow statement, record any debt or equity raised, point `eventId` at the next report, and update the tables above.

Reviewing a risk: after any event a briefing cites, rewrite its `assessment`, `status` and `tile` by hand, update `reviewedOn`, rewrite `verdict` if the picture changed, and log the evidence, checkpoint and status above. These are the owner's; the scan routine does not touch `verdict` or `risks`.

Weekly scan: a scheduled Claude Code routine follows the same rules for `news` and `events`, writes `origin: 'ai-scan'` and `addedOn` on news items, drafts `result` summaries for events that have reported, skips anything whose id or source already exists or whose source is in `rejectedSources`, and commits to a branch named `news-scan/YYYY-MM-DD` for review. It never deploys and never edits `risks`. The routine prompt is `.claude/routines/news-scan.md`.