{
  "generatedAt": "2026-10-22T01:47:05Z",
  "url": "https://deepstack.ltd/glossary/",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "api": "https://deepstack.ltd/api/v1/glossary.json",
  "approvedBy": "Marco Cauduro",
  "approvedAt": "2026-10-12T17:16:00.481Z",
  "count": 53,
  "terms": [
    {
      "id": "remaining-performance-obligations",
      "term": "remaining performance obligations",
      "aliases": [
        "RPO"
      ],
      "short": "Contracted revenue a company has not yet recognized; the filing's name for backlog.",
      "long": "Remaining performance obligations are the revenue a company is contracted to deliver but has not yet recognized. Filings split them into the part due within twelve months and the part due later; the split is the near book and the far book of Part 11.",
      "parts": [
        11,
        14
      ],
      "url": "https://deepstack.ltd/glossary/#remaining-performance-obligations"
    },
    {
      "id": "treasury-international-capital",
      "term": "Treasury International Capital",
      "aliases": [
        "TIC"
      ],
      "short": "The Treasury's monthly report of foreign holdings of U.S. securities, including each country's Treasuries.",
      "long": "The Treasury International Capital system reports, with a lag of about six weeks, how much of U.S. securities foreign holders own, country by country. Its table of major foreign holders settles the question of whether Japan bought or sold Treasuries in a given month (test p07-t02).",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#treasury-international-capital"
    },
    {
      "id": "forward-multiple",
      "term": "forward multiple",
      "aliases": [
        "forward P/E",
        "forward earnings",
        "forward price-to-earnings",
        "times forward earnings"
      ],
      "short": "The share price divided by the next twelve months' expected earnings per share.",
      "long": "The forward multiple divides today's price by the earnings analysts expect over the next twelve months. It is a valuation, not a forecast: a lower multiple can mean a cheaper market or earnings expectations that have run ahead of what will be delivered, which is the denominator question of Part 10.",
      "parts": [
        10,
        11
      ],
      "url": "https://deepstack.ltd/glossary/#forward-multiple"
    },
    {
      "id": "residual-value-guarantee",
      "term": "residual-value guarantee",
      "aliases": [
        "residual value guarantee",
        "residual-value guarantees"
      ],
      "short": "A promise to make up the difference if an asset is worth less than expected at the end of a lease.",
      "long": "A residual-value guarantee is a commitment to cover the gap if a leased or partnered asset is worth less at the end of the term than the contract assumed. Meta's $28 billion guarantee on its data-center venture (Part 11) is a liability that lives outside the balance sheet until the asset's value is tested.",
      "parts": [
        8,
        11,
        17
      ],
      "url": "https://deepstack.ltd/glossary/#residual-value-guarantee"
    },
    {
      "id": "withdrawn-before-the-date",
      "term": "withdrawn before the date",
      "aliases": [
        "withdrawn"
      ],
      "short": "A question the house pulled before its date, with the reason; it counts for no one.",
      "long": "The house can withdraw a question before its date: when the rule turns out not to be readable against the source, when a mistake is found in the question, or when the owner vetoes a question within 24 hours of its approval. A withdrawn question is marked withdrawn before the date, with the reason, and counts for no one: no Brier score, no Points, no Edge vs the Call, no duel settled. A question is never withdrawn after its date, and a published result is corrected in the open, never removed.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#withdrawn-before-the-date"
    },
    {
      "id": "token",
      "term": "token",
      "aliases": [
        "tokens",
        "per million tokens",
        "price per million tokens"
      ],
      "short": "The unit a language model is priced by: a fragment of text, roughly three quarters of a word.",
      "long": "A token is the unit a language model reads and writes, about three quarters of an English word. Model prices are quoted per million tokens, input and output priced separately. When the price per token falls while usage rises, the question is whether the lab is paid for the token or for something else: Part 12.",
      "parts": [
        3,
        4,
        5,
        8,
        9,
        10,
        12
      ],
      "url": "https://deepstack.ltd/glossary/#token"
    },
    {
      "id": "option-adjusted-spread",
      "term": "option-adjusted spread",
      "aliases": [
        "OAS"
      ],
      "short": "A bond index's spread over Treasuries after adjusting for the options embedded in the bonds.",
      "long": "The option-adjusted spread is the spread of a bond or index over the Treasury curve after removing the value of embedded options such as early redemption. ICE BofA publishes it daily for its indices, and FRED carries the series, which is why the Docket uses it to settle questions about investment-grade credit.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#option-adjusted-spread"
    },
    {
      "id": "days-sales-outstanding",
      "term": "days sales outstanding",
      "aliases": [
        "DSO"
      ],
      "short": "How many days of sales sit unpaid in receivables; longer terms raise it.",
      "long": "Days sales outstanding measures how long customers take to pay: receivables divided by daily sales. When a supplier stretches terms from 90 days to a year, as Nvidia did for its best-rated customers (Part 11), the number rises and the quarter's revenue arrives in cash much later.",
      "parts": [
        11,
        16
      ],
      "url": "https://deepstack.ltd/glossary/#days-sales-outstanding"
    },
    {
      "id": "depreciation",
      "term": "depreciation",
      "aliases": [
        "useful life",
        "useful lives",
        "depreciation schedule"
      ],
      "short": "The accounting charge that spreads an asset's cost over the years it is assumed to last.",
      "long": "Depreciation spreads the cost of a long-lived asset over its assumed useful life. The assumption is a choice: a server depreciated over six years looks more profitable each year than the same server over three. When chips go obsolete faster than the schedule says, reported profits flatter the economics; that is the argument of Parts 03, 05 and 10.",
      "parts": [
        1,
        3,
        5,
        6,
        10,
        14
      ],
      "url": "https://deepstack.ltd/glossary/#depreciation"
    },
    {
      "id": "capacity-auction",
      "term": "capacity auction",
      "aliases": [
        "Base Residual Auction",
        "capacity price",
        "capacity auctions"
      ],
      "short": "The auction in which a grid operator buys commitments to be available in a future year; its clearing price lands on every bill.",
      "long": "In a capacity auction a grid operator such as PJM buys commitments from power plants to be available in a delivery year three years out. The clearing price, set by the last unit needed, is paid on every customer's load. A price cap limits it; whether the December 9, 2026 auction clears below the cap is a test on the Docket.",
      "parts": [
        13
      ],
      "url": "https://deepstack.ltd/glossary/#capacity-auction"
    },
    {
      "id": "capital-spending",
      "term": "capital spending",
      "aliases": [
        "capex",
        "capital expenditure",
        "capital expenditures"
      ],
      "short": "Cash a company spends on long-lived assets: data centers, chips, networks, power.",
      "long": "Capital spending, or capex, is the cash a company puts into assets that last years: land, buildings, servers, chips, grid connections. It leaves the cash-flow statement at once and reaches the income statement slowly, through depreciation. The AI buildout is measured in capex because that is where the money moves first.",
      "parts": [
        1,
        3,
        4,
        5,
        6,
        7,
        8,
        10,
        11,
        12,
        14,
        15,
        17
      ],
      "url": "https://deepstack.ltd/glossary/#capital-spending"
    },
    {
      "id": "new-issue-concession",
      "term": "new-issue concession",
      "aliases": [
        "concession",
        "concessions"
      ],
      "short": "The extra yield a borrower offers on a new bond, above where its existing bonds trade, to get the deal done.",
      "long": "A new-issue concession is the extra yield a borrower pays on a new bond relative to its outstanding bonds, so that buyers absorb the supply. Widening concessions mean lenders are charging more scrutiny; DeepStack reads them as evidence, and settles tests on public spread series instead.",
      "parts": [
        1,
        3,
        4
      ],
      "url": "https://deepstack.ltd/glossary/#new-issue-concession"
    },
    {
      "id": "credit-default-swap",
      "term": "credit default swap",
      "aliases": [
        "CDS"
      ],
      "short": "Insurance on a borrower's debt, priced in basis points a year; a higher price means a riskier borrower.",
      "long": "A credit default swap pays the buyer if a borrower defaults. Its price, in basis points a year, is the market's running estimate of that risk: Oracle's five-year CDS at a record 227 basis points (Part 08) said lenders had started to charge for the buildout.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#credit-default-swap"
    },
    {
      "id": "pjm",
      "term": "PJM",
      "aliases": [
        "PJM Interconnection"
      ],
      "short": "The grid operator for thirteen states and the District of Columbia, from New Jersey to Illinois.",
      "long": "PJM Interconnection runs the wholesale electricity market and the transmission grid for about 65 million people across thirteen states and the District of Columbia. Its capacity auctions set the price every household in the region pays for reliability, which is the mechanism of Part 13.",
      "parts": [
        6,
        13
      ],
      "url": "https://deepstack.ltd/glossary/#pjm"
    },
    {
      "id": "real-yield",
      "term": "real yield",
      "aliases": [
        "TIPS",
        "inflation-protected",
        "real yields"
      ],
      "short": "The yield on a Treasury whose principal rises with inflation: the price of money after inflation.",
      "long": "A real yield is the yield on Treasury Inflation-Protected Securities, whose principal follows the consumer price index. It is the cost of borrowing after inflation, the number a lender financing a data center locks in. The nominal 10-year yield minus the real yield is the breakeven inflation the bond market prices.",
      "parts": [
        7,
        10,
        15
      ],
      "url": "https://deepstack.ltd/glossary/#real-yield"
    },
    {
      "id": "the-readers-median",
      "term": "the readers’ median",
      "aliases": [
        "readers’ median",
        "readers median"
      ],
      "short": "The middle of the latest numbers signed-in readers gave a test, printed from 25 readers with the count beside it.",
      "long": "Every signed-in reader can give a pending test a number from 1 to 99, the chance of the yes answer. The readers’ median is the middle of each reader’s latest number on the test: half gave more, half gave less. It prints on the Docket, under “What to watch” and on the Result from 25 readers, always with the count, and it is scored as one forecaster on the Scorecard beside the Call.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#the-readers-median"
    },
    {
      "id": "the-call-s-number",
      "term": "the Call’s number",
      "aliases": [
        "Call’s number",
        "callProbability"
      ],
      "short": "The chance, from 0 to 100, that the Call gives the yes answer to a test’s question, recorded before the test’s date.",
      "long": "Every pre-specified test on the Docket can carry the Call’s number: the chance the house gives the yes answer to the test’s question, written into the record with the words of the test and before its date, so it cannot be set in hindsight. It prints on the Docket, in the Part’s list of tests, on the home strip and on the Result, on one line from 0 (no) to 100 (yes), with the readers’ median beside it once 25 readers have given a number. It is DeepStack’s reading, not a market price and not advice; from the tenth result it feeds the Brier score.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#the-call-s-number"
    },
    {
      "id": "interconnection",
      "term": "interconnection",
      "aliases": [
        "grid connection",
        "interconnections"
      ],
      "short": "The physical and contractual link that lets a site draw power from the grid; the queue to get one can take years.",
      "long": "Interconnection is the connection of a load or a generator to the transmission grid, with the studies, upgrades and approvals it requires. A contracted megawatt is not a connected megawatt until the interconnection is energized, which is why Parts 06 and 13 separate the two.",
      "parts": [
        6
      ],
      "url": "https://deepstack.ltd/glossary/#interconnection"
    },
    {
      "id": "edge-vs-the-call",
      "term": "Edge vs the Call",
      "aliases": [],
      "short": "The Call’s mean Brier score minus the player’s, over the resolved questions both answered; shown from five.",
      "long": "Edge vs the Call measures a player against the house, never against another player and never against a market. On the resolved questions that both the player and the Call answered, it is the mean of the Call’s Brier scores minus the mean of the player’s: positive when the player was closer to the answers, negative when the house was. It shows from five such questions, with the count beside it, and leaves out any question on which the Call gave no number. It is a reading of past questions, not a forecast of future ones.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#edge-vs-the-call"
    },
    {
      "id": "free-cash-flow",
      "term": "free cash flow",
      "aliases": [
        "free cash flows"
      ],
      "short": "Operating cash flow minus capital spending: the cash left after the company has paid for its own buildout.",
      "long": "Free cash flow is the cash from operations minus capital spending. A company with strong profits and negative free cash flow is funding its buildout from outside: debt, leases, partners or investors. Alphabet's first negative quarter since its IPO (Part 04) is the example DeepStack keeps coming back to.",
      "parts": [
        1,
        3,
        4,
        5,
        8,
        9,
        11,
        14,
        16,
        17
      ],
      "url": "https://deepstack.ltd/glossary/#free-cash-flow"
    },
    {
      "id": "earnings-yield",
      "term": "earnings yield",
      "aliases": [
        "earnings yields"
      ],
      "short": "Expected earnings divided by price: the inverse of the forward multiple, comparable in shape to a bond yield.",
      "long": "The earnings yield is expected earnings divided by price, the forward multiple turned upside down. At 19 times forward earnings the yield is about 5.3%. It is compared with the 10-year Treasury as a valuation sensitivity, not as a like-for-like return: earnings are not contractual, and the two assets differ in duration, growth and risk.",
      "parts": [
        10
      ],
      "url": "https://deepstack.ltd/glossary/#earnings-yield"
    },
    {
      "id": "private-credit",
      "term": "private credit",
      "aliases": [],
      "short": "Loans made by funds rather than banks or public bond markets, usually to one borrower at a time.",
      "long": "Private credit is lending by investment funds outside banks and public bond markets, often secured on specific assets such as chips or data centers. It financed the compute platforms of Part 01 and the facilities of Part 03; its terms are rarely public, which is why DeepStack reads them from filings and dated reports.",
      "parts": [
        1,
        3,
        16
      ],
      "url": "https://deepstack.ltd/glossary/#private-credit"
    },
    {
      "id": "results-night",
      "term": "Results Night",
      "aliases": [
        "Results Nights"
      ],
      "short": "The evening the answers land: a page per day that follows the questions closing that day, result by result.",
      "long": "Results Night is the evening the answers land. Each night has a page that follows the questions closing that day: the countdown, the three numbers, and each result as it is read, with the Brier score of every number beside it. When the source is a quarterly filing, the reading from the company’s release is shown first as provisional; the official result is recorded from the document the rule names, and that is the reading that scores.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#results-night"
    },
    {
      "id": "spread",
      "term": "spread",
      "aliases": [
        "credit spread",
        "spreads"
      ],
      "short": "The extra yield a borrower pays above a Treasury of the same maturity, in basis points.",
      "long": "A credit spread is the yield on a bond minus the yield on a Treasury of the same maturity. It is the market's price for the risk that the borrower does not pay. Spreads are quoted in basis points; a wider spread means dearer credit. DeepStack reads spreads on FRED series and in filings, never from a dealer's note.",
      "parts": [
        3,
        6,
        7,
        8,
        10,
        13,
        14,
        15,
        17
      ],
      "url": "https://deepstack.ltd/glossary/#spread"
    },
    {
      "id": "eia-861m",
      "term": "EIA-861M",
      "aliases": [
        "Form EIA-861M"
      ],
      "short": "The federal monthly survey of electricity sales and revenue by state and customer class.",
      "long": "Form EIA-861M is the U.S. Energy Information Administration's monthly survey of electricity sales, revenue and customers by state and customer class. Revenue divided by sales gives the average price per kilowatt-hour; DeepStack computes the household price from it, as first published, for the tests of Part 13.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#eia-861m"
    },
    {
      "id": "call-informed",
      "term": "Call informed",
      "aliases": [],
      "short": "A result on a test where the Call expected either answer: the result informs the Call and is not scored.",
      "long": "When a specification records that either answer fits the Call, the result is read as Call informed: it changes what the Call knows without counting as held or missed. The Call’s number on such a test still prints and still enters the Brier score.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#call-informed"
    },
    {
      "id": "hyperscaler",
      "term": "hyperscaler",
      "aliases": [
        "hyperscalers"
      ],
      "short": "One of the largest cloud and platform companies that build data centers at continental scale.",
      "long": "A hyperscaler is one of the handful of companies, Microsoft, Alphabet, Amazon, Meta and Oracle among them, that build and run data centers at a scale measured in gigawatts and tens of billions of dollars a quarter. Their capital budgets, backlogs and cash flows are the largest single inputs to the AI economy.",
      "parts": [
        1,
        3,
        4,
        5,
        6,
        7,
        8,
        10,
        11,
        12,
        14,
        15,
        16,
        17
      ],
      "url": "https://deepstack.ltd/glossary/#hyperscaler"
    },
    {
      "id": "open-weights",
      "term": "open weights",
      "aliases": [
        "open-weight",
        "open-weights",
        "open weight"
      ],
      "short": "A model whose trained parameters are published, so anyone can run it without paying the lab.",
      "long": "An open-weight model publishes its trained parameters. Anyone can download and run it, which puts a ceiling on what a closed model can charge for comparable capability. The gap in months between the best open model and the frontier is one of the numbers DeepStack tracks.",
      "parts": [
        5,
        12
      ],
      "url": "https://deepstack.ltd/glossary/#open-weights"
    },
    {
      "id": "basis-point",
      "term": "basis point",
      "aliases": [
        "basis points",
        "bp",
        "bps"
      ],
      "short": "One hundredth of a percentage point: 25 basis points is 0.25%.",
      "long": "A basis point is one hundredth of one percent. Yields and spreads move in basis points because the differences that matter are small: a 10-year Treasury moving from 5.00% to 5.31% has risen 31 basis points.",
      "parts": [
        7,
        8,
        10,
        15,
        17
      ],
      "url": "https://deepstack.ltd/glossary/#basis-point"
    },
    {
      "id": "term-premium",
      "term": "term premium",
      "aliases": [
        "term premia"
      ],
      "short": "The extra yield investors demand to hold a long bond instead of rolling short ones.",
      "long": "The term premium is the part of a long-dated yield that compensates for holding duration rather than rolling short bills. When the Fed raises short rates and long yields rise more, the market is charging for time: supply, deficits and a thinner buyer base, as Part 07 argues.",
      "parts": [
        7,
        15
      ],
      "url": "https://deepstack.ltd/glossary/#term-premium"
    },
    {
      "id": "large-load",
      "term": "large load",
      "aliases": [
        "large loads",
        "large-load"
      ],
      "short": "A customer, typically a data center, whose demand is big enough to need its own grid rules.",
      "long": "A large load is a single customer whose electricity demand is large enough that grid operators and regulators write rules for it: deposits, batch studies, requirements to bring its own capacity. Data centers are the large loads of this cycle.",
      "parts": [
        13
      ],
      "url": "https://deepstack.ltd/glossary/#large-load"
    },
    {
      "id": "brier-score",
      "term": "Brier score",
      "aliases": [
        "Brier"
      ],
      "short": "The mean of the squared gap between the chance the Call gave the yes answer and what happened; 0 is perfect and 0.25 is what a coin flip earns.",
      "long": "DeepStack prints the Brier score on the Scorecard from the tenth result whose test carried a number recorded before the date. For each such result the gap is the Call’s number as a fraction minus one when the answer was yes, or minus zero when it was no, squared; the score is the mean of the gaps. A Call that said 85% and was right adds 0.02; one that said 15% and was wrong adds 0.72. Lower is better, 0.25 is what a coin flip earns, and the score punishes confidence the source did not reward. Since 20 October 2026 a reader who signs in and gives a number is scored by the same rule on the same tests.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#brier-score"
    },
    {
      "id": "your-number",
      "term": "Your number",
      "aliases": [],
      "short": "The chance from 1 to 99 a signed-in reader gives the yes answer to a pending test, saved beside the Call’s number.",
      "long": "Your number is the control under a pending test on the Docket and under “What to watch”: a slider from 1 to 99 and a Save button, open to a reader who signed in by email. It can change as often as the reader likes until 00:00 UTC on the test’s date; the last number before then is the one the Brier score reads when the test resolves.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#your-number"
    },
    {
      "id": "calibration",
      "term": "calibration",
      "aliases": [],
      "short": "Whether a forecaster’s numbers come true as often as they say: of the 70s, about seven in ten.",
      "long": "Calibration sorts a forecaster’s resolved numbers into ten bands of ten points and asks, for each band, how often the answer was yes. A calibrated forecaster’s 70s come true about seven times in ten and their 20s about two in ten, so the bars climb along the diagonal. A reader’s page and the readers’ table draw it; it rewards honest numbers, not bold ones.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#calibration"
    },
    {
      "id": "call-missed",
      "term": "Call missed",
      "aliases": [],
      "short": "A result that came in against what the Call expected.",
      "long": "The reading against the Call when the answer is the one the Call did not expect. It sits beside the test’s own answer (yes or no) and counts in the hit rate from the tenth result.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#call-missed"
    },
    {
      "id": "provisional",
      "term": "provisional",
      "aliases": [],
      "short": "A result read from a company’s release before the filing the rule names; shown with the word on it, and not the reading that scores.",
      "long": "When the source of a question is a quarterly filing, the company’s release comes first and the filing follows, usually within ten days. On Results Night the reading from the release is shown as provisional, with that word on it. The official result is recorded from the document the rule names, and that is the reading that scores. If the document contradicts the release, the official result corrects the provisional one, and the correction is a line in the result for everyone to read.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#provisional"
    },
    {
      "id": "backlog",
      "term": "backlog",
      "aliases": [
        "order book",
        "backlogs"
      ],
      "short": "Orders a company has accepted but not yet delivered or recognized as revenue.",
      "long": "A backlog is the stock of orders a company has accepted but not yet delivered. It is a promise of revenue, not revenue: it converts at the pace of capacity, and the part due within a year is worth more to the quarter than the part due later. Filings split the two, which is why DeepStack reads the near book and the far book separately.",
      "parts": [
        1,
        3,
        4,
        5,
        6,
        7,
        11,
        12,
        16
      ],
      "url": "https://deepstack.ltd/glossary/#backlog"
    },
    {
      "id": "ccc",
      "term": "CCC",
      "aliases": [
        "CCC-rated",
        "CCC spread"
      ],
      "short": "The lowest rating tier of bonds that still trade actively; the riskiest corner of the credit market.",
      "long": "CCC is the rating tier just above default. The spread of CCC bonds over Treasuries, published daily on FRED, is the price of the riskiest credit; at 1,146 basis points on September 28 (Part 08) it measured how much lenders charged the weakest borrowers while financing the strongest.",
      "parts": [
        3,
        8
      ],
      "url": "https://deepstack.ltd/glossary/#ccc"
    },
    {
      "id": "ratepayer",
      "term": "ratepayer",
      "aliases": [
        "ratepayers"
      ],
      "short": "A customer who pays a regulated electricity bill; in the AI buildout, the household that pays first.",
      "long": "A ratepayer is any customer billed under a regulated tariff. The word matters because a data center that pays for its own wires still raises the capacity price every other ratepayer pays, which is the argument of Part 13.",
      "parts": [
        6,
        13
      ],
      "url": "https://deepstack.ltd/glossary/#ratepayer"
    },
    {
      "id": "split-call",
      "term": "split Call",
      "aliases": [],
      "short": "A Call whose tone is neither constructive nor skeptical: it takes a side on the question without a bullish or bearish lean on the trade.",
      "long": "A split Call is one of the three tones a DeepStack Call can carry, with constructive and skeptical. The tone says how the Call leans on the trade; the side says what the Call holds on the question. A split Call still takes a side on the question (Part 13 holds that the ratepayer pays first) while staking no direction on the market. The Scorecard counts the tones of every Call.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#split-call"
    },
    {
      "id": "blind-mode",
      "term": "blind mode",
      "aliases": [
        "blind"
      ],
      "short": "Your number first: the readers, the Call and the machines are not on the page until you commit.",
      "long": "Before a player saves a number, none of the three other numbers (the readers’ median, the Call, the machines) is on the page, in the address or in the code the browser receives. After the save, they are revealed one by one. The blind mode holds everywhere a number is shown: on the question, on the ladder, in the takes and in a duel. The Blind call achievement records a first number saved with the case still closed.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#blind-mode"
    },
    {
      "id": "megawatt",
      "term": "megawatt",
      "aliases": [
        "MW",
        "gigawatt",
        "GW",
        "megawatts",
        "gigawatts"
      ],
      "short": "A unit of power: a megawatt serves a few hundred homes, a gigawatt a city; data centers are sized in both.",
      "long": "A megawatt is a million watts of power; a gigawatt is a thousand megawatts. Data centers are sized by the power they draw because electricity is the binding constraint: a gigawatt campus needs its own substation, its own interconnection and, increasingly, its own generation.",
      "parts": [
        1,
        2,
        3,
        4,
        6,
        10,
        13,
        16
      ],
      "url": "https://deepstack.ltd/glossary/#megawatt"
    },
    {
      "id": "call-held",
      "term": "Call held",
      "aliases": [],
      "short": "A result that came in the way the Call expected, whatever the test’s question asked.",
      "long": "Each pre-specified test records the answer the Call expected (yes, no, or either). When the test resolves, the result is read against that expectation: Call held when the answer is the one the Call expected, Call missed when it is the one the Call did not expect. The test’s own answer wears its own chip beside the reading, so a rule that says “yes if” and the seal never share a word. The hit rate counts Calls held among pre-specified tests, from the tenth result.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#call-held"
    },
    {
      "id": "standings",
      "term": "standings",
      "aliases": [],
      "short": "The table of players with three or more resolved questions in a season, by Points, then Edge vs the Call.",
      "long": "The standings list every player with three or more resolved questions in the season, by Points, then by Edge vs the Call (a player without one last), then by the number of resolved questions, then by pseudonym. The house, the readers’ median and the machines are measured by the same Brier score on the Scorecard, on rows of their own; they never appear among the players. Sector standings are derived from the same scores with the same floor of three. A player appears only under the pseudonym they chose.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#standings"
    },
    {
      "id": "duration",
      "term": "duration",
      "aliases": [],
      "short": "How far in the future a payment or a return sits, and how sensitive its value is to interest rates.",
      "long": "Duration measures how far out a stream of payments sits and therefore how much its present value moves when rates change. A fifteen-year data-center lease, a far backlog and a growth stock are all long-duration promises; a higher 10-year yield taxes each of them.",
      "parts": [
        3,
        4,
        7,
        11,
        15
      ],
      "url": "https://deepstack.ltd/glossary/#duration"
    },
    {
      "id": "re-let",
      "term": "re-let",
      "aliases": [
        "re-lets",
        "relet"
      ],
      "short": "Renting out compute capacity again when a contract ends, at whatever the market then pays.",
      "long": "A re-let is the second lease of the same capacity after the first contract ends. The re-let rate, as a share of the original price, says whether the hardware kept its value: near 95% supports durable economics, and a fast decay exposes the depreciation argument.",
      "parts": [
        3
      ],
      "url": "https://deepstack.ltd/glossary/#re-let"
    },
    {
      "id": "streak",
      "term": "streak",
      "aliases": [
        "streaks"
      ],
      "short": "Consecutive days with a first number on a question, or a revision with new evidence; one missed day a week is frozen.",
      "long": "The streak counts days, not numbers. A day counts when the player gave a first number on a question, or revised a number on a question that had new evidence since the last one: a new voice on a side, a new figure in the series. Until the platform marks new evidence on a question, every revision counts. One missing day a calendar week, Monday to Sunday, is frozen: it does not break the run and does not add to it. The second missing day in a week ends the run. The player’s page shows the run alive now and the longest ever.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#streak"
    },
    {
      "id": "season",
      "term": "season",
      "aliases": [
        "seasons"
      ],
      "short": "A stretch of the calendar with its own standings; a question counts in the season it resolved in.",
      "long": "A season gives the standings a start and an end. Season 0 runs from October 28 to December 31, 2026, and follows the earnings season. A question counts in the season in which it resolved, whatever season it opened in. Season 0 has no prize: the standings are the record, and the end of the season brings each player a summary of their own numbers. A later season with a prize is announced before it opens, with its own rules on the rules page.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#season"
    },
    {
      "id": "league",
      "term": "league",
      "aliases": [
        "leagues"
      ],
      "short": "A standings table for a group, by invite; private for a desk or friends, public for a university; no prize.",
      "long": "A league is a standings table for a group. Anyone with an account can start a private league, with a name and an invite code shown once; the code admits up to 500 members, and the owner can draw a new one, which stops the old. A league lives in the season it was made in and lists a member from one resolved question. A private league’s table is shown to its members only; a university league’s table is public. An account may start at most 20 leagues, and leaving one is a click. Leagues carry no prize.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#league"
    },
    {
      "id": "points",
      "term": "Points",
      "aliases": [],
      "short": "The score of a resolved question: 100 × (0.25 − Brier), integrated over the time each number stood; at most 25, at least −75.",
      "long": "Points reward being right, and being right early. On each resolved question, each number a player gave stands from the moment it was given (or from the question’s opening, if earlier) to the next number or the close; its weight is those hours over the hours from opening to close. Points are the sum, over the numbers, of weight × (0.25 − Brier) × 100, capped at 25 and floored at −75. A coin flip is worth zero; time before the first number weighs nothing. Accumulated Points set the level and the place in the standings. They are a proper scoring rule: no number but your own belief does better in expectation.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#points"
    },
    {
      "id": "scout",
      "term": "scout",
      "aliases": [
        "scouts"
      ],
      "short": "Evidence a player brings to a question, a link and one line, reviewed by the desk; credited by pseudonym if it enters.",
      "long": "A scout brings evidence to a question: a link and one line on what it shows, up to ten a day. The desk reviews each one. If it enters, the question’s dossier credits the player by pseudonym and the source enters the house’s record. A scout is not a take and carries no vote. Scouts open with the second drop of the season.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#scout"
    },
    {
      "id": "take",
      "term": "take",
      "aliases": [
        "takes"
      ],
      "short": "Up to 280 characters of why, written after your own number, citing the dossier; read only by players who put a number.",
      "long": "A take is up to 280 characters of why the answer will be yes or no, written on a question after the player’s own number is saved. It can cite up to five things from the question’s dossier: a voice, a claim, a chart, a source, a series. One take per player per question; writing again replaces the words and keeps the votes. Takes are read only by players who have put a number on the question, so the blind mode holds, and are ordered by useful votes, then by the writer’s accumulated Points, then oldest first. A take that reads as a recommendation to buy, sell or short anything is refused; reported takes are reviewed, and one that breaks the rules is hidden.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#take"
    },
    {
      "id": "duel",
      "term": "duel",
      "aliases": [
        "duels"
      ],
      "short": "One question between two players, sent by link; the other side commits blind; the lower Brier score wins.",
      "long": "A duel is one question between two players. One starts it from their own number and sends the link; the other puts a number before seeing it, so the blind mode holds. When the question resolves, the lower Brier score wins; equal scores are a tie; an inconclusive or withdrawn question settles nothing. The record between the two players is kept and shown to both, and to no one else. A duel carries no Points and no prize. Duels open with the second drop of the season.",
      "parts": [],
      "url": "https://deepstack.ltd/glossary/#duel"
    }
  ]
}