AXON

# AXON Synthesis Report — 2026-07-15

## Decision

**WATCH — no position direction**

AXON has strong operating momentum, but the evidence does not support promoting it to a long candidate at the current valuation. Layer 1 was bullish, yet completed Layer 3 research produced a typed **Underweight** rating. High valuation, political scrutiny, insider-selling headlines, and an imminent earnings test outweigh the otherwise attractive growth profile.

## Thesis

Axon is a high-growth public-safety technology company benefiting from expanding adoption of connected devices, subscription software, and counter-drone products. Q1 revenue and bookings indicators were strong. However, the stock reportedly remains near 74x forward earnings despite a substantial drawdown. Sustained growth above 30% appears necessary to defend that multiple, leaving limited tolerance for execution misses or further valuation compression.

## Evidence and Source Quality

- **Layer 1 — completed, quantitative but sparse:** Bullish direction with 0.843 conviction and rank 15. Liquidity passed, but dollar volume, maximum weight, rationale, price levels, and invalidation were absent.
- **Layer 2 — completed, degraded source coverage:** The memo reports Q1 revenue of $807 million, up 34% year over year, and FY2026 growth guidance of 30%–32%. It also reports rapid growth in connected devices and counter-drone revenue. However, 32 malformed source cards were dropped, several news and social channels failed, and only two validated cards remained.
- **Validated source S019 — quality B:** Supports the valuation-pressure argument, reporting a $6 billion market-cap decline over three days and a 74x earnings multiple.
- **Validated source S029 — quality D:** Suggests body-camera requirements for ICE could benefit AXON, but this is a social-media claim and weak evidence.
- **Layer 3 — completed, typed output:** TradingAgents rated AXON **Underweight** with no rejection or parsing issue. This is stronger directional evidence than the unsupported Layer 1 bullish score, though still model-generated research rather than primary evidence.
- **Relationship graph — contextual only:** AXON has residual correlations with PLTR, GWRE, MSFT, NOW, and KTOS. These links indicate growth/technology factor exposure but do not establish causality.
- **Market backdrop:** Risk-neutral regime, low volatility, and steady-rate expectations are mildly supportive. The 10-year Treasury yield of 4.62% remains a valuation headwind for a long-duration growth equity.

## Bull Case

1. Q1 revenue reportedly increased 34% year over year, while FY2026 growth guidance rose to 30%–32%.
2. Connected devices remain strong, with reported growth in TASER 10 and Axon Body 4.
3. Platform Solutions reportedly grew 95%, while Dedrone counter-drone revenue increased approximately 300%, creating a potentially meaningful second growth engine.
4. Bookings expectations and larger public-safety contracts suggest durable demand, while World Cup security and possible body-camera mandates could provide catalysts.
5. The stock is reportedly about 46% below its 52-week high, so strong earnings could trigger a material re-rating.

## Bear Case

1. A reported 74x forward earnings multiple still prices in exceptional execution and leaves little margin of safety.
2. The stock lost a reported $6 billion in market value over three sessions, showing sensitivity to multiple compression even without clear evidence of fundamental deterioration.
3. CEO stock sales and controversy surrounding a political stock purchase before an ICE contract solicitation create governance, regulatory, and headline risk.
4. The Layer 3 committee’s completed typed rating is Underweight, directly conflicting with Layer 1’s bullish signal.
5. Source quality is insufficient for high conviction: primary filing details were not fully extracted, several feeds failed, and most source cards were discarded.

## Risk/Reward

The upside could be substantial if bookings remain above 30%, Dedrone scales rapidly, and Q2 results validate management guidance. The downside is also substantial because the valuation embeds continued high growth. A bookings slowdown, guidance disappointment, higher long-term yields, or regulatory scrutiny could produce another sharp compression.

No reliable current price, technical levels, free-cash-flow valuation, or intrinsic-value range was provided. Consequently, entry, invalidation, and target levels cannot be responsibly specified. The asymmetry is not yet demonstrated.

## Decision Rationale

**WATCH**, not candidate. AXON’s business momentum deserves continued attention, but valuation and evidence quality prevent a long recommendation. A short is also unsupported because operational growth is strong and the market regime is not clearly hostile. Reassess after Q2 earnings in early August 2026, focusing on bookings growth, guidance, margins, free cash flow, Dedrone contribution, and any regulatory developments.

Research only. No broker order or executable trade instruction.

Bear Analyst: I appreciate the passion, but you’re building a bull case on a house of cards. Let me walk through why that $43.6 billion market cap is precariously supported, and why the risks you’re dismissing are actually structural problems that could crack this stock wide open.

**1. The Growth Story: You’re Cherry-Picking the Top Line While Ignoring the Rot Beneath It**

You’re right that revenue grew 33% YoY. But look closer at that Q1 2026 number: **sequential growth decelerated to just 1.3%** . That’s not noise—that’s a pattern. After a massive 85% rally from $346 to $640, the stock is now pulling back 14.5% in a week. The MACD just gave a bearish crossover on July 14. The RSI cooled from 80.6 to 56.6. Volume on the pullback days was elevated—1.17M and 1.0M shares—suggesting distribution, not a healthy correction.

You love that $1.09 billion deferred revenue figure. Let me translate that: it’s a liability on the balance sheet. It represents cash already collected for services not yet delivered. That’s not a safety net; it’s a future obligation. And if growth slows, that deferred revenue becomes a drag because you’ve already recognized the cash but still have to deliver the service.

**2. Valuation: The Forward P/E of 51x Is Still a Fantasy**

You say the trailing P/E is distorted by the $138.5M investment loss. Fine. Let’s strip that out. Normalized TTM net income is roughly $206M, giving you a P/E of about 211x. That’s still absurd. The forward P/E of 51x assumes the consensus EPS of $10.57 is real. Do you know how much confidence I have in that number? Let me remind you: analysts projected a double-digit earnings decline for Q2. That’s the *current* quarter. The company hasn’t even reported yet, and you’re already pricing in a 7x earnings recovery?

And the PEG ratio of 1.64? That’s only cheap if you believe the 33% growth rate is sustainable. But the QoQ deceleration to 1.3% suggests the growth rate is *decelerating*, not accelerating. A PEG of 1.64 on a decelerating growth stock is not cheap—it’s a trap.

**3. Insider Selling: You’re Dismissing the Single Most Reliable Warning Signal**

You say the CEO sold $80M for diversification. Let me give you a reality check: Rick Smith sold *nearly 10% of his entire stake* in one week. That’s not “a small percentage.” That’s a massive, concentrated dump. The stock was at $600 when he sold. It’s now at $547. He sold at the top of the 85% rally. And you’re telling me that’s just prudent portfolio management?

The fact that he *didn’t* sell all his shares doesn’t make it okay. Insider selling is the most reliable leading indicator of future underperformance. Studies show that stocks with heavy insider selling underperform the market by 5-10% over the next year. The CEO is telling you, with his own wallet, that the stock was overvalued at $600. Why would you buy it at $547?

**4. Earnings Decline: You’re Confusing “Investment” with “Value Destruction”**

You say the earnings decline is a feature because they’re investing. Let me ask you: how much of that $684M in R&D is actually generating a return? The operating margin is a measly 3.7%. The free cash flow turned *negative* in Q1 2026—negative $54.6M. That’s not investment; that’s cash burn. The company issued $1.75 billion in debt to fund M&A, and goodwill has exploded from $77M to $2.19 billion. That’s a 28x increase in intangible assets. If those acquisitions don’t deliver, you’re sitting on a massive impairment charge.

And that Q1 net income of $169M? It was driven by a $188.9M gain on the sale of securities. Strip that out, and normalized net income was about $9.5M—on $807M in revenue. That’s a 1.2% net margin. The *core business* is barely profitable. The earnings recovery you’re banking on is a hope, not a plan.

**5. Technical Setup: The Golden Cross Is a Distraction**

You’re excited about a potential golden cross in 7-9 weeks. Let me tell you what’s happening right now: the price is below the 10 EMA. The MACD just crossed bearish. The RSI is neutral, not bullish. The 200-day SMA is still *declining*. A declining 200-day SMA is the hallmark of a bear market structure. The stock is still 38% below its 52-week high of $885. The golden cross might come, but it’s a lagging indicator. By the time it happens, the stock could be at $400.

The short-term support at $527 (200 SMA) is the only thing holding this thing up. If that breaks—and with the elevated volume on red days, I think it will—the next stop is $515, then $459. That’s a 16% downside from here. Not a buying opportunity.

**6. Macro Tailwinds: You’re Ignoring the Fed Elephant in the Room**

Kevin Warsh is taking over the Fed. He’s hawkish. Growth stocks with high multiples—like AXON at 51x forward earnings—are the first to get crushed when rates stay high. The debt-to-equity ratio is 52x. Net debt is $1.27 billion. Interest expense was $94.2 million in FY2025, up from $7.1 million the year before. If rates stay high, that interest burden crushes earnings even further.

And the geopolitical tailwinds? Defense spending is real, but AXON is not Lockheed Martin. It’s a law enforcement tech company. The ICE contract is a catalyst, but it’s also a political lightning rod. The Trump stake controversy adds regulatory risk. If the DOJ or SEC starts sniffing around, that’s a headline that could send this stock down 20% in a day.

**The Bottom Line**

You’re buying a story. I’m reading the numbers. The numbers say:
- **Revenue growth is decelerating** (1.3% QoQ).
- **Free cash flow is negative** (-$54.6M in Q1).
- **Insider selling is heavy** (CEO dumped $80M near the top).
- **Valuation is stretched** (51x forward P/E on a decelerating business).
- **Debt is rising** (net debt $1.27B, interest expense up 12x).
- **Technical momentum is breaking down** (MACD bearish crossover, price below 10 EMA).

The bull case relies on a *forward* EPS estimate that hasn’t been proven and a *hope* that margins will expand. I’ll take the evidence of what’s actually happening: the stock is correcting, the fundamentals are deteriorating, and the smart money is selling.

**You buy the dip. I’ll wait for the real bottom—probably around $400, when the golden cross narrative is dead and the CEO is selling more shares.**

Bull Analyst: Alright, let’s settle this. I’m the bull, and I’m not backing down. You’ve been pounding the table on AXON’s risks—valuation, insider selling, earnings decline, that massive debt pile. I get it. On the surface, a 220x trailing P/E and a CEO dumping $80M looks scary. But you’re missing the forest for the trees. Let me walk you through why Axon Enterprise is not just a *hold* but a *strong buy* at these levels.

---

## 1. The Growth Story: It’s Not Just Real—It’s Accelerating

You keep pointing to a double-digit earnings decline projected for Q2. Fair enough. But look at the top line: **record quarterly revenue of $807 million**, up 33% YoY. That’s not a fluke—it’s a **33% compound annual growth rate over four years**. The company is printing money from its Connected Devices (TASERs, body cameras, cloud/AI) and the **Axon Cloud recurring revenue model**—deferred revenue of $1.09 billion gives you visibility that most SaaS companies would kill for.

- **LAPD contract doubled** to $22M annually. That’s land-and-expand in action.
- **ICE is pursuing a five-year contract**—a direct federal catalyst. Trump’s $5M stake? Controversial, but it signals *high-level confidence* in the platform.
- **Dedrone counter-drone for the World Cup**—a new vertical opening up.

You’re worried about a 1.3% QoQ deceleration in Q1? That’s noise. The year-over-year growth is still 33.7%, and the company is investing heavily in R&D (24.6% of revenue) to build the next generation of public safety tech. This is a growth story, not a value trap.

---

## 2. Valuation: You’re Looking at the Wrong Number

“But the P/E is 220x!” I hear you. Except that’s **trailing**—and it’s artificially depressed by a one-time $138.5M investment loss in FY2025. Strip that out, and normalized earnings are much higher. More importantly, the **forward P/E is 51x** on consensus EPS of $10.57. **PEG ratio of 1.64** for a 33% grower? That’s actually *cheap* for a high-quality compounder.

Let me put it another way: Axon is building a **public safety operating system**—hardware + software + AI + drones. The switching costs are enormous. Once a police department is on Axon’s platform, they don’t leave. That’s why the stock can command a premium multiple. Compare that to other high-growth tech stocks trading at 30–40x forward earnings with 15% growth. Axon’s premium is justified.

---

## 3. The CEO Insider Selling: You’re Overreacting

You’re fixated on the CEO selling $80M. Let’s get real: the CEO, Rick Smith, still owns a massive stake. Selling a small percentage for diversification—especially after a stock that went from $345 to $640 in three months—is *prudent*, not a signal of doom. He didn’t sell at the absolute top? He sold near $600. That’s still 10% above today’s price. If he thought the company was collapsing, he’d have sold *all* of his shares, not a fraction.

Besides, the **institutional upgrade from Zacks to Strong Buy** and **Needham raising the target to $750** tell you the smart money is buying. Retail traders get spooked by insider sales; professionals see a $5M CEO sale as noise in a $43B company.

---

## 4. Earnings Decline? It’s a Feature, Not a Bug

You keep citing the “double-digit earnings decline” projected for Q2. But look at the *why*: Axon is **investing like crazy**. R&D spending jumped 55% YoY to $684M. They’re pouring money into M&A—$1.2 billion in acquisitions over 15 months. That depresses near-term EPS but builds long-term competitive moats. In Q1 2026, **net income rebounded to $169M** (21% net margin), driven by a gain on securities. Sure, you can normalize that, but the core business is *profitable and growing*.

The bear case assumes the earnings decline is permanent. It’s not. As the R&D pipeline matures and acquisitions integrate, margins will expand. Consensus already expects $10.57 EPS next year. That’s a **7x earnings recovery** from the trailing $2.46. If they deliver, the stock is massively undervalued here.

---

## 5. Technical Setup: The Golden Cross is Coming

You’re worried about the short-term pullback from $640 to $547. I see a **healthy correction within a powerful uptrend**. The 50-day SMA is at $459 and rising fast—it’s already crossed above the 200-day SMA? Not yet, but it’s converging. A **golden cross is imminent** (7–9 weeks out), a classic bullish signal. The 200-day SMA at $527 is acting as support. That’s your line in the sand.

Meanwhile, the RSI has cooled from 80 to 56—overbought conditions are gone. The MACD bearish crossover is a short-term headwind, but the medium-term trend is intact. Volume on the pullback is elevated, but that’s profit-taking from a 30-day 31% gain—perfectly normal.

---

## 6. The Bear’s Biggest Hole: Ignoring the Macro Tailwinds

You’re worried about Kevin Warsh’s hawkish Fed and 4% inflation. But Axon is in **Aerospace & Defense**—a sector that benefits from increased global security spending. Geopolitical tensions (Iran, World Cup) drive demand for body cameras, drones, and public safety tech. And the Fed? Even if rates stay higher for longer, Axon’s growth is so strong it can absorb the cost of capital. The debt? $1.27B net debt is manageable for a company with $2.98B in revenue and $1.09B in deferred revenue.

---

## The Bottom Line

You’re looking at a stock that has:
- **33% organic revenue growth**
- **A forward P/E of 51x with a PEG of 1.64**
- **A $750 price target from Needham**
- **A golden cross forming on the daily chart**
- **Massive federal catalysts (ICE, LAPD, World Cup)**
- **Insider selling that’s been blown out of proportion**

The bear case relies on **trailing metrics that are distorted by one-time items** and **short-term noise**. The bull case is built on **sustainable growth, recurring revenue, and a dominant market position**. I’m buying the dip here, and I’m not afraid of the next earnings report. If they beat—and I think they will—this stock is headed to $700+.

**Your move, bear.**
Bear Analyst: I appreciate the passion, but you’re building a bull case on a house of cards. Let me walk through why that $43.6 billion market cap is precariously supported, and why the risks you’re dismissing are actually structural problems that could crack this stock wide open.

**1. The Growth Story: You’re Cherry-Picking the Top Line While Ignoring the Rot Beneath It**

You’re right that revenue grew 33% YoY. But look closer at that Q1 2026 number: **sequential growth decelerated to just 1.3%** . That’s not noise—that’s a pattern. After a massive 85% rally from $346 to $640, the stock is now pulling back 14.5% in a week. The MACD just gave a bearish crossover on July 14. The RSI cooled from 80.6 to 56.6. Volume on the pullback days was elevated—1.17M and 1.0M shares—suggesting distribution, not a healthy correction.

You love that $1.09 billion deferred revenue figure. Let me translate that: it’s a liability on the balance sheet. It represents cash already collected for services not yet delivered. That’s not a safety net; it’s a future obligation. And if growth slows, that deferred revenue becomes a drag because you’ve already recognized the cash but still have to deliver the service.

**2. Valuation: The Forward P/E of 51x Is Still a Fantasy**

You say the trailing P/E is distorted by the $138.5M investment loss. Fine. Let’s strip that out. Normalized TTM net income is roughly $206M, giving you a P/E of about 211x. That’s still absurd. The forward P/E of 51x assumes the consensus EPS of $10.57 is real. Do you know how much confidence I have in that number? Let me remind you: analysts projected a double-digit earnings decline for Q2. That’s the *current* quarter. The company hasn’t even reported yet, and you’re already pricing in a 7x earnings recovery?

And the PEG ratio of 1.64? That’s only cheap if you believe the 33% growth rate is sustainable. But the QoQ deceleration to 1.3% suggests the growth rate is *decelerating*, not accelerating. A PEG of 1.64 on a decelerating growth stock is not cheap—it’s a trap.

**3. Insider Selling: You’re Dismissing the Single Most Reliable Warning Signal**

You say the CEO sold $80M for diversification. Let me give you a reality check: Rick Smith sold *nearly 10% of his entire stake* in one week. That’s not “a small percentage.” That’s a massive, concentrated dump. The stock was at $600 when he sold. It’s now at $547. He sold at the top of the 85% rally. And you’re telling me that’s just prudent portfolio management?

The fact that he *didn’t* sell all his shares doesn’t make it okay. Insider selling is the most reliable leading indicator of future underperformance. Studies show that stocks with heavy insider selling underperform the market by 5-10% over the next year. The CEO is telling you, with his own wallet, that the stock was overvalued at $600. Why would you buy it at $547?

**4. Earnings Decline: You’re Confusing “Investment” with “Value Destruction”**

You say the earnings decline is a feature because they’re investing. Let me ask you: how much of that $684M in R&D is actually generating a return? The operating margin is a measly 3.7%. The free cash flow turned *negative* in Q1 2026—negative $54.6M. That’s not investment; that’s cash burn. The company issued $1.75 billion in debt to fund M&A, and goodwill has exploded from $77M to $2.19 billion. That’s a 28x increase in intangible assets. If those acquisitions don’t deliver, you’re sitting on a massive impairment charge.

And that Q1 net income of $169M? It was driven by a $188.9M gain on the sale of securities. Strip that out, and normalized net income was about $9.5M—on $807M in revenue. That’s a 1.2% net margin. The *core business* is barely profitable. The earnings recovery you’re banking on is a hope, not a plan.

**5. Technical Setup: The Golden Cross Is a Distraction**

You’re excited about a potential golden cross in 7-9 weeks. Let me tell you what’s happening right now: the price is below the 10 EMA. The MACD just crossed bearish. The RSI is neutral, not bullish. The 200-day SMA is still *declining*. A declining 200-day SMA is the hallmark of a bear market structure. The stock is still 38% below its 52-week high of $885. The golden cross might come, but it’s a lagging indicator. By the time it happens, the stock could be at $400.

The short-term support at $527 (200 SMA) is the only thing holding this thing up. If that breaks—and with the elevated volume on red days, I think it will—the next stop is $515, then $459. That’s a 16% downside from here. Not a buying opportunity.

**6. Macro Tailwinds: You’re Ignoring the Fed Elephant in the Room**

Kevin Warsh is taking over the Fed. He’s hawkish. Growth stocks with high multiples—like AXON at 51x forward earnings—are the first to get crushed when rates stay high. The debt-to-equity ratio is 52x. Net debt is $1.27 billion. Interest expense was $94.2 million in FY2025, up from $7.1 million the year before. If rates stay high, that interest burden crushes earnings even further.

And the geopolitical tailwinds? Defense spending is real, but AXON is not Lockheed Martin. It’s a law enforcement tech company. The ICE contract is a catalyst, but it’s also a political lightning rod. The Trump stake controversy adds regulatory risk. If the DOJ or SEC starts sniffing around, that’s a headline that could send this stock down 20% in a day.

**The Bottom Line**

You’re buying a story. I’m reading the numbers. The numbers say:
- **Revenue growth is decelerating** (1.3% QoQ).
- **Free cash flow is negative** (-$54.6M in Q1).
- **Insider selling is heavy** (CEO dumped $80M near the top).
- **Valuation is stretched** (51x forward P/E on a decelerating business).
- **Debt is rising** (net debt $1.27B, interest expense up 12x).
- **Technical momentum is breaking down** (MACD bearish crossover, price below 10 EMA).

The bull case relies on a *forward* EPS estimate that hasn’t been proven and a *hope* that margins will expand. I’ll take the evidence of what’s actually happening: the stock is correcting, the fundamentals are deteriorating, and the smart money is selling.

**You buy the dip. I’ll wait for the real bottom—probably around $400, when the golden cross narrative is dead and the CEO is selling more shares.**

## Research Memo for AXON (Axon Enterprise) — 2026-07-15

### Summary
Axon Enterprise (NASDAQ: AXON) has experienced significant volatility in 2026, with the stock down ~46% from its 52-week high of $885.92. Recent price action reflects a mix of strong fundamental momentum and headline-driven selloffs. Key developments include: (1) a controversial stock purchase by President Trump weeks before ICE sought a $220M Taser contract, (2) a sharp $6 billion market cap drop over three sessions in July driven by valuation compression, and (3) analyst upgrades (Needham to $750) citing robust bookings growth and Dedrone counter-drone wins.

### Fundamental Landscape
- **Revenue Growth:** Q1 2026 revenue of $807M (+34% YoY). Guidance for FY2026 raised to 30-32% growth.
- **Connected Devices:** Segment surged 33% YoY in Q1, driven by TASER 10 (+19%) and Axon Body 4 (+23%). Platform Solutions (counter-drone, VR, fleet) jumped 95%.
- **Bookings:** Needham projects 34-35% bookings growth for FY2026 (vs 46% in 2025). LAPD contract more than doubled to $22M/year.
- **Dedrone:** Counter-drone revenue surged ~300% in Q1. World Cup security is a near-term catalyst.
- **Valuation:** At ~74x forward earnings, the multiple is under pressure. CEO Patrick Smith sold $6.4M of stock on July 9, adding to investor unease.

### Short-Term Headwinds
- **Valuation Compression:** Stock fell 11.7% over three sessions (July 7-10), wiping out $6B in market cap. The 74x P/E is 3.7x the S&P 500, vs Motorola Solutions at 25x.
- **Insider Selling:** CEO sale of $6.4M in shares on July 9 coincided with the selloff.
- **Trump Stock Purchase:** News of Trump buying up to $5M in AXON stock weeks before ICE solicited a $220M contract has raised ethics/insider-trading questions, creating headline risk.

### Analyst & Social Sentiment
- **Analysts:** Constructive. Needham ($750 PT, Buy), TD Cowen (Top Pick 2026), RBC (Buy). Focus on bookings durability and AI Era Plan growth.
- **Social (StockTwits):** Bearish-to-neutral tone. Retail traders express frustration with "dead money", high multiple, and CEO selling. Some see a bounce off the 200-day MA.

### Risk Factors
- **Valuation Risk:** The stock trades at a multiple that is 3.7x the S&P 500, making it vulnerable to rate/inflation shocks.
- **Political/Regulatory Risk:** The Trump-ICE timing issue could attract SEC or DOJ scrutiny, heightening headline risk.
- **Execution Risk:** Growth must sustain >30% to justify current valuation. Q2 earnings (early Aug) are a key test.

### Caveats
- **Degraded Sources:** News from NASDAQ RSS, Reddit, and Twitter were unavailable or failed. The meme-stock-type sentiment on Twitter/Reddit is absent. StockTwits data is available but may not represent institutional views.
- **EDGAR Data:** Recent 8-K and 10-Q filings were accessed, but the 10-Q is from early May; the 8-K from July 10 likely details the CEO stock sale, but full text was not extracted.
- **Conclusion:** AXON is a high-growth public safety tech company with strong fundamentals, but near-term valuation risk and political overhang suggest caution until Q2 results confirm bookings momentum.

*32 malformed source cards dropped by validator.*

## Source availability
- hn: empty
- jina: failed(all 5 URL(s) failed via Jina Reader)
- nasdaq_rss: failed(transport error after 2 attempts: HTTPSConnectionPool(host='www.nasdaq.com', port=443): Max retries exceeded with url: /feed/rssoutbound?symbol=AXON (Caused by ConnectTimeoutError(<HTTPSConnection(host='www.nasdaq.com', port=443) at 0xe04194333650>, 'Connection to www.nasdaq.com timed out. (connect timeout=30)')))
- news_db: empty
- reddit: failed(rdt nonzero exit (all retries exhausted): {
  "ok": false,
  "schema_version": "1",
  "error": {
    "code": "forbidden",
    "message": "Search failed: Access forbidden: Resource"
  }
}
)
- twitter: failed(twitter nonzero exit: WARNING twitter_cli.auth: Twitter cookie extraction failed in both in-process and subprocess modes
)