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Agent run #123

research_ladder success manual

claude-sonnet-5 · started 2026-09-30T13:50:21 · finished 2026-09-30T13:53:31

Steps

Tool calls

Input tokens

74469

Output tokens

3075

Cost

$0.3900

Input summary

TSM L2: 6 scans plus the internal fact pack

Final memo

Deep report for Taiwan Semiconductor Manufactur written from 6 scans and the fact pack; every section landed.

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

Step 1 tool_use 6980 in / 424 out · 24.4s

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

→ perplexity_search 9.66s

Tool input

{
  "query": "Taiwan Semiconductor Manufactur (TSM) recent developments (30d)",
  "topic": "recent"
}

Result

{
  "snippets": 7,
  "source_key": "pplx:24663:854447189383",
  "sources_kept": 3
}

Step 2 tool_use 5859 in / 356 out · 36.0s

Scan — Competition & industry: the peer set is small and scaled; the differentiator is process leadership and the capital it takes to keep it.

→ perplexity_search 13.17s

Tool input

{
  "query": "Taiwan Semiconductor Manufactur (TSM) competition \u0026 industry",
  "topic": "competition"
}

Result

{
  "snippets": 9,
  "source_key": "pplx:24663:433304021506",
  "sources_kept": 6
}

Step 3 tool_use 4917 in / 612 out · 18.8s

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

→ perplexity_search 7.89s

Tool input

{
  "query": "Taiwan Semiconductor Manufactur (TSM) management \u0026 insiders",
  "topic": "management"
}

Result

{
  "snippets": 8,
  "source_key": "pplx:24663:390621054595",
  "sources_kept": 5
}

Step 4 tool_use 8996 in / 463 out · 29.9s

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 2.60s

Tool input

{
  "query": "Taiwan Semiconductor Manufactur (TSM) guidance \u0026 consensus",
  "topic": "guidance"
}

Result

{
  "snippets": 7,
  "source_key": "pplx:24663:604332332150",
  "sources_kept": 4
}

Step 5 tool_use 9764 in / 294 out · 28.3s

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

→ perplexity_search 1.34s

Tool input

{
  "query": "Taiwan Semiconductor Manufactur (TSM) events \u0026 catalysts",
  "topic": "catalysts"
}

Result

{
  "snippets": 8,
  "source_key": "pplx:24663:823815552057",
  "sources_kept": 2
}

Step 6 tool_use 10421 in / 188 out · 16.3s

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

→ perplexity_search 5.59s

Tool input

{
  "query": "Taiwan Semiconductor Manufactur (TSM) short interest \u0026 governance",
  "topic": "short_governance"
}

Result

{
  "snippets": 9,
  "source_key": "pplx:24663:854914382008",
  "sources_kept": 5
}

Step 7 end_turn 13384 in / 370 out · 21.0s

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

→ write_memo 1.28s

Tool input

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

Result

{
  "citations": 11,
  "memo_id": null,
  "words": 1643
}