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Agent run #107

research_ladder success manual

claude-sonnet-5 · started 2026-10-05T09:50:21 · finished 2026-10-05T09:53:31

Steps

Tool calls

Input tokens

67751

Output tokens

3209

Cost

$0.3710

Input summary

MSFT L2: 6 scans plus the internal fact pack

Final memo

Deep report for Microsoft Corporation written from 6 scans and the fact pack; every section landed.

Reasoning trace — step-by-step, tool calls inline

Step 1 tool_use 2108 in / 534 out · 27.4s

Scan — Recent developments (30d): the month's items were the quarter and routine coverage; nothing in them moved the standing read.

→ perplexity_search 11.06s

Tool input

{
  "query": "Microsoft Corporation (MSFT) recent developments (30d)",
  "topic": "recent"
}

Result

{
  "snippets": 9,
  "source_key": "pplx:24663:133368050431",
  "sources_kept": 3
}

Step 2 tool_use 4964 in / 223 out · 18.2s

Scan — Competition & industry: the peer set is small and scaled; the differentiator is the installed base and the switching cost that comes with it.

→ perplexity_search 4.71s

Tool input

{
  "query": "Microsoft Corporation (MSFT) competition \u0026 industry",
  "topic": "competition"
}

Result

{
  "snippets": 5,
  "source_key": "pplx:24663:347409709704",
  "sources_kept": 5
}

Step 3 tool_use 9262 in / 388 out · 23.2s

Scan — Management & insiders: insider activity over six months was routine option-related selling; the board and the compensation plan are conventional.

→ perplexity_search 2.49s

Tool input

{
  "query": "Microsoft Corporation (MSFT) management \u0026 insiders",
  "topic": "management"
}

Result

{
  "snippets": 10,
  "source_key": "pplx:24663:593361599618",
  "sources_kept": 6
}

Step 4 tool_use 6324 in / 489 out · 22.5s

Scan — Guidance & consensus: the consensus sits a little above the company's own framework; the gap is the growth the market is paying for.

→ perplexity_search 2.48s

Tool input

{
  "query": "Microsoft Corporation (MSFT) guidance \u0026 consensus",
  "topic": "guidance"
}

Result

{
  "snippets": 10,
  "source_key": "pplx:24663:518438020348",
  "sources_kept": 6
}

Step 5 tool_use 10492 in / 650 out · 30.4s

Scan — Events & catalysts: the next scheduled item is the quarterly report; the rest of the calendar is industry events.

→ perplexity_search 5.82s

Tool input

{
  "query": "Microsoft Corporation (MSFT) events \u0026 catalysts",
  "topic": "catalysts"
}

Result

{
  "snippets": 9,
  "source_key": "pplx:24663:163999687757",
  "sources_kept": 5
}

Step 6 tool_use 10990 in / 424 out · 20.3s

Scan — Short interest & governance: short interest is a small share of the float and governance items are routine.

→ perplexity_search 7.19s

Tool input

{
  "query": "Microsoft Corporation (MSFT) short interest \u0026 governance",
  "topic": "short_governance"
}

Result

{
  "snippets": 10,
  "source_key": "pplx:24663:230979929794",
  "sources_kept": 3
}

Step 7 end_turn 13567 in / 218 out · 32.8s

Writing the deep report for MSFT from the scans and the internal fact pack.

→ write_memo 12.71s

Tool input

{
  "level": 2,
  "sections": [
    "scan_recent",
    "scan_competition",
    "scan_management",
    "scan_guidance",
    "scan_catalysts",
    "scan_short_governance",
    "report"
  ]
}

Result

{
  "citations": 13,
  "memo_id": null,
  "words": 2142
}