If every argument for a row is NULL, the COALESCE result is NULL.
all NULL stays NULL
Read all-NULL rows
Without a literal default, 2 rows produce NULL.
all-NULL rows=2
COALESCE examples are tiny finite row transforms with SQL-style NULL choice behavior; SQL dialect completeness, type coercion, optimizer behavior, indexing, and product claims are out of scope.
No magic fallback
The compiler does not invent a value after the last argument.
no hidden fallback
Summary
COALESCE returns NULL when no non-NULL argument exists.