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contradict company claims of construction progress.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:23:16.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 334, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Landmark 334-page Scorpion Capital short report on Lasertec (TSE:6920), published June 5, 2024. Classic short-seller 'mosaic' methodology: 5-month investigation, 20+ expert interviews (ex-TSMC R&D, Intel mask VP, ASML/Cymer source experts, Isteq insider), ~20 drone-surveillance field visits to Yokohama Innovation Park. Evidence chain is unusually rich for the genre — drone photos of dust-caked HVAC inside purported 'Fab 4A' and an empty 'Fab 4B' with 'just a ladder and a few pieces of wood' are the most damning visual reveals. Heavy reliance on Olympus/Toshiba analogues to frame the fraud pattern (goodwill impairment, inventory valuation). Financial forensics are textbook: inventory bloat (100% of revenue vs. 24-31% peer median), deferred-revenue 'advances' siphoning since Mar '23, margin/FCF divergence. Quotes CEO Okabayashi on Fab 4B production capacity and contrasts with the empty interior — the core CEO-quote-contradiction moment. Uses dramatic before/after framing (penny stock → 'Japan's ASML'; ACTIS launch as inflection point for fraud). Visual craft is institutional-clean, not editorial: Avenir-style sans-serif, consistent red-underline accent, basic Capital-IQ tables and bar charts. No SOTP — it's a zero thesis, not a breakup argument. Opening Japanese proverb slide ('To hide a lie, a thousand lies are needed' / 嘘を隠すには、もっと大きな嘘が必要になる) is a memorable rhetorical framing device. No named individual author; attributed to the firm.", "kpisCited": [ { "detail": "100% in 2023, 115% peak vs. 24-31% at ASML/AMAT/Lam/TEL/KLA — #1 inventory bloat globally among ~150 semicap companies", "metric": "Inventory as % of revenue" }, { "detail": "~40% LTM — claimed highest in semicap industry, yet accompanied by near-zero free cash flow", "metric": "EBIT margin" }, { "detail": "$23B market cap; FCF so microscopic it is invisible on the Y-axis alongside market cap", "metric": "Market cap vs. free cash flow" }, { "detail": "17x sales — eclipses ASML ($377B), AMAT ($177B), Lam ($122B), TEL ($101B), KLA ($102B)", "metric": "Price/sales multiple" }, { "detail": "All revenue growth since Mar '23 came from siphoning the advances account — ¥44B decline matches ¥38B revenue rise", "metric": "Deferred revenue ('advances')" }, { "detail": "TSMC, Intel, Samsung ~77-80% of revenue; TSMC allegedly ceased buying ACTIS years ago", "metric": "Customer concentration" }, { "detail": "1,700% in 5 years, 16,000% in 10 years; 6th-best performing stock globally >$5B market cap", "metric": "Stock performance" }, { "detail": "18% five-year average vs. 25-35% at ASML/AMAT/Lam/KLA", "metric": "Operating cash margin" }, { "detail": "65-70% write-down looming — will wipe out ~70% of cumulative earnings and 85% of retained earnings since ACTIS launch", "metric": "Projected impairment" }, { "detail": "~$2B/day — in the top 10 globally alongside Nvidia/Tesla/Microsoft despite 64th market cap ranking", "metric": "Daily trading volume" } ], "closingAsk": "Sell Lasertec (6920) ahead of the inevitable 65-70% impairment charge, KLA's imminent EUV mask-inspection launch, and the exposure of its Yokohama fab as a hoax.", "extraction": { "at": "2026-04-22 22:20:33+00", "model": "unknown-legacy", "runId": null, "seconds": 172.9737, "promptVersion": null }, "scqaReward": "A blow-up reminiscent of Olympus and Toshiba, with KLA's 2025 EUV-inspection entry called 'devastating', 'catastrophic', 'game over' by customers — collapsing the $23B cap back toward its pre-EUV $50-100MM range (~95%+ downside).", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Flagship ACTIS EUV mask-inspection tool is defective with a fatally flawed Russian-sourced light source", "Inventory at 100% of revenue is the highest of any semicap equipment company on earth", "Yokohama 'Innovation Park' fabs are deserted per drone surveillance — the expansion is a hoax" ], "scqaSituation": "Lasertec is a formerly obscure Japanese semiconductor-equipment supplier that rebranded around EUV mask inspection, vaulting from a $50-100MM penny stock to a $23B market cap as 'Japan's ASML' and the country's most actively traded stock at 17x sales.", "thesisSummary": "Lasertec, a once-obscure $50-100MM Japanese microcap, now sports a $23B market cap and trades at 17x sales as 'Japan's ASML' — yet its flagship ACTIS EUV mask-inspection tool is defective, its light source was secretly licensed from a tiny 12-person Russian shop called Isteq and rebadged as 'Urashima', and its 'next-generation' A300 is a cover story for a recall crisis. Scorpion Capital conducted a five-month investigation spanning 20+ expert interviews and ~20 investigator field visits, concluding Lasertec is one of Japan's largest accounting frauds, with the highest reported margins in semicap but the lowest cash conversion, inventory at 100% of revenue (triple peers), and all revenue growth since March 2023 coming from siphoning deferred-revenue 'advances'. Yokohama 'fabs' were found deserted via drone surveillance. 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years (16,000%).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc76-870a9bc2bbac", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.07, "y": 0.58 }, "kind": "list", "text": "This little-known Japanese company is a key player in the leading-edge chip industry—\nThe obscure firm making iPhones better:\nJapan's Lasertec masters extreme ultraviolet lithography", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:28.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24ecf478-abee-444b-bf3a-a595e22999b6", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.43, "x": 0.5, "y": 0.58 }, "kind": "list", "text": "iPhones Are Improving Every Year Thanks to an Obscure Japanese Company", "attrs": null, "canon": { "kind": { "name": "List", 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Inventories, even after the end of Q3, were probably around JPY160 billion and have remained high for the past three or four quarters. I wonder if you could tell me the level you are targeting in the medium term, and when you expect inventories to drop.\n\nMisawa [A]: Regarding inventories, Misawa will answer. Inventories vary depending on the progress of orders received, anticipated production, and the acceptance of products by customers. As of today, the current situation is a stalemate, or about JPY160 billion.\n\nWe believe that this will increase as market conditions recover and orders become more active, and also as products with long lead times increase. 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Lasertec's inventory is inflated is because 1) its flagship EUV product line is defective and fatally flawed; 2) it has no margin because of costly component replacements, recalls, discounts, and inducements; and 3) worthless inventory is hence fraudulently overstated as an offset to understated expenses and fake earnings, the accounting mechanics of which we shall explain. Lasertec has never had an EUV technology that actually works: key customers have stopped buying new ACTIS systems; are refusing to accept shipment with ones like Intel “pushing, pushing, pushing out” purchase orders; inventory is piling up; the head of Intel’s EUV mask shop is allegedly so angry that he has been banned from meetings for blowing up at Lasertec; TSMC, Global Foundries, and Marvell laugh at the product; the “new” ACTIS A300 failed inspection at TSMC, per 4 sources; and key customers told us that Lasertec is quietly offering them ~75% discounts, trade-in’s, and other inducements and concessions – proof that Lasertec’s reported inventory is worthless.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:30.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6201d7c-3755-45c8-9068-a84101521911", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "quote", "text": "Lasertec desperate to offload ACTIS inventory; offering up to ~75% discounts on A150; offering various inducements\nQ: “Do you remember any color around the inventory build-up?”\nA: “When our [Marvell senior executive – title redacted] went to go visit, they were trying to also offer additional A150’s that they had on the books that weren’t, let’s say, being taken ownership of by other competitors that had presumably forecasted that they needed them. And so, we were getting a reduced price as well if we wanted to purchase additional A150s and that price was closer to about, in the range of $15 to 30 million.”\nQ: “So, they were willing to sell those machines at half or a third of their price?”\nA: “Yeah, and also, again, that’s why the comment that I gave earlier, which is that if we were to buy an A150—”\nQ: “Yeah, they’ve got to write down all that inventory.”\nA: “Yeah.”\nQ: “My question is, did that really happen? They offered you guys $15 to 30 million to take A150’s? This literally just happened a few weeks ago?”\nA: “Yeah.” – Senior employee at Marvell Technology", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:30.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76934da4-4a8d-40e3-aa31-5876fb3b3cad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“When our [Marvell senior executive - title redacted] went to go visit, they were trying to also offer additional A150’s that they had on the books that weren’t, let’s say, being taken ownership of by other competitors that had presumably forecasted that they needed them. 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and to % of assets; other methods shown in next chapter", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:30.266+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "feb93b3f-26fb-40c7-8515-cb2f7aafcd91", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Lasertec is a relatively simple accounting fraud - one can easily estimate what its normalized inventory should be, and therefore the level by which both inventory and earnings are inflated and the size of the inevitable impairment charge and retained earnings hit.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc77-2e6ef817bde0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "implied impairment charge: 66%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc77-33f2849f49f6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.13 }, "kind": "paragraph", "text": "one can easily estimate what its normalized inventory should be, and therefore the level by which both inventory and earnings are inflated and the size of the inevitable impairment charge and retained earnings hit - we explain the accounting math and interrelationships in the next chapter. Normalized inventory may be calculated by using 5 methods: 1) the 3-year average of inventory as a percent of sales across ASML, Applied Materials, Lam, Tokyo Electron, and KLA – 26% on average with little dispersion, and hence a robust measure, given similar product and business characteristics; 2) 3-year average of inventory as a percent of assets across the same peer group; 3) Lasertec’s historical, “normal” inventory as a percent of sales, from 2010 to 2017, immediately prior to its EUV product launch and before it spiked to unusual levels; 4) as a “normal” percent of its assets with the same methodology; and 5) by marking down its inventory by the 50-75% discount it is quietly offering to customers, per our research interviews, thereby adjusting it to “market value.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:30.266+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d26e5937-815a-4f89-a10a-edc1097a8b15", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"paragraph", "text": "one that is devastating and indicates the degree to which its stock price has been based on an illusion: an inevitable 65-70% write-down of its $1.1B / ¥162B of inventory as of Mar '24 – a ~$700-750MM / ¥105-113B loss that would wipe out ~70% of its cumulative earnings since the launch of its ACTIS product in late 2019 through the most recent quarter. The charge would also wipe out ~85% of its retained earnings of $832MM / ¥129B, as of the most recent quarter. The loss and retained earnings hit we think is imminent far exceeds what Olympus incurred in 2012 in the immediate aftermath of its scandal (¥49B/$300MM and ¥53B/$460MM, respectively); and is considerable relative to Toshiba’s loss and retained earnings hit of ¥400B/$2.6B and ¥378B/$2.4B in 2014/2016 – a sobering fact given Lasertec is only 3.5% of Toshiba’s revenue of ¥6,300B/$40B at the time", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:32.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e8fd041-af43-4775-a832-c8bc7c73ac70", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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They will only exist in the EPO mask house.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "840ccfbb-8e73-4b66-a2d8-c7efa61e0f7b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.77 }, "kind": "list", "text": "TSMC stopped buying Lasertec EUV machines as it's only a niche mask shop took; “not a tool to support production”\nQ: “Has TSMC basically stopped buying A150 machines from Lasertec? Are they still buying Lasertec A150 machines or no?”\nA: “No, unfortunately, no.”\nQ: “When did they stop buying them?”\nA: “I will say something – even if TSMC continues to work with Lasertec, now it's mainly in the mask house, instead of the production house, production area. 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Is that true?”\nA: “[chuckles] Yes. It failed.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac88f891-7c41-4f75-b4d9-122b1d8a484f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.16 }, "kind": "paragraph", "text": "As a preview of the fiasco that Lasertec is trying to conceal with fake accounting, TSMC's experience with Lasertec's EUV and DUV systems has been a debacle, the specific reasons for which we detail in a separate chapter. We did two research calls with a former longtime procurement executive at TSMC, who first brought Lasertec into TSMC; the second call was after he checked with current colleagues there for recent color. He chuckled when stating that the “new” ACTIS A300 EUV system failed their evaluation, which we confirmed with a total of four TSMC sources; was blunt in stating that “TSMC will not consider the A300 or A150 for production”; and stated “no, unfortunately, no” when asked if TSMC is still buying Lasertec's EUV tools.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4601f22e-d2f0-4812-a374-576aae74f372", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I heard the light source in the new Lasertec tool, the A300, doesn’t work, and TSMC evaluated it, but I heard that it failed at TSMC. Is that true?” “Yes. It failed.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc77-888f055976fa", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"kind": "callout", "text": "Lasertec probably must write off those tools.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc77-d83688f6c306", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.74 }, "kind": "paragraph", "text": "A: \"...TSMC is upset because the source is not working.\" ... \"Lasertec probably must write off those tools.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23106649-b848-4a58-b6a8-95c99a6d530b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.46 }, "kind": "paragraph", "text": "Q: \"Is anybody buying less Lasertec, or have they essentially idled the Lasertec machines because of these frustrations?\"\nA: \"Well, a recent example would be that TSMC is not buying the High-NA Lasertec tool, to my knowledge...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70365eb2-c9d8-46a5-9c86-f27db29cb649", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.41 }, "kind": "paragraph", "text": "TSMC is \"not buying\" the A300; \"no confidence\" that it's a \"reliable product\"; A150 is also \"not very reliable.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbd7092e-5901-45fe-8871-1bc53af03c2f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.69 }, "kind": "paragraph", "text": "TSMC is upset with Lasertec; problems with the source; A300 with new light source failed in the qualification period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f68e32df-d399-4a8c-a92b-94979d1a2a60", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "TSMC is not buying the High-NA Lasertec tool... no confidence... it will be reliable product... I hear offline it's not very reliable... the A150... needs a lot of support, and it has a lot of issues... what I know is that TSMC is upset because the source is not working... the source does not have enough uptime... cost of service is too high... they are flickering... I heard that they failed... Lasertec probably must write off those tools. — Ex-KLA director of engineering / Former KLA executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc77-df8e91ed247e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Lasertec would have “significantly mark down” and “impair” its inventory; “would probably require an asset write-down”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc78-06d819363ee2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.28 }, "kind": "paragraph", "text": "ACTIS A300 is just a press release timed to coincide with Intel’s High NA EUV announcement. “I have not even heard of a single A300 system, a 300 system that shipped even. I don't know if it's pure vaporware, and it's just a press release to match the shipment of the first High-NA system to Intel, and they want to match that press release.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:38.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f0c6856-6116-4024-881d-c3985d0db30a", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "paragraph", "text": "Global Foundries sees KLA as “huge risk to Lasertec” that “obviously will” take share; Lasertec would have “significantly mark down” and “impair”; “would probably require an asset write-down”. Q: “How many more Lasertec machines are people going to buy in 2024? Because if finished goods inventory is already piling up, 3-nanometer delays, TSMC--?” A: “I think there's a huge risk here to Lasertec, if machines are piling up and KLA is going around reassuring people that if you can hold off until mid-2025, we will have a system commercially available to you. And in fact, we'll give early access in the second quarter of 2025, you can come and evaluate...High-NA is going to accelerate. People are making these massive capital investments in inspection equipment. I do think, by the way, even if KLA came out with, let's say, an A150 competitor, yes, they will take share from Lasertec. They obviously will. And Lasertec could be caught with inventory they're going to have to significantly mark down even to move on the A150 side. But if the A300 remains only on paper...it could be pure PowerPoint capability that the A300 never really materializes. And then they would be in a lot of trouble at Lasertec...” Q: “This is a scenario where their sales completely collapse.” A: “Yes, for EUV, correct. Correct. And they would end up having to impair I don't know price point-wise. KLA, if they wanted to...could put a lot of pressure on them, which would probably require an asset write-down on the part of Lasertec.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:38.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1293cdbc-8ff9-4436-af3e-0a70eee4297a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "paragraph", "text": "New Urashima is a light source is a key risk and “sounds sketchy”. “Urashima is the risk for them, no question...it sounds sketchy.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:38.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e45e46ca-4289-4c73-aec9-f23efa6ff84e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I have not even heard of a single A300 system, a 300 system that shipped even. I don't know if it's pure vaporware, and it's just a press release to match the shipment of the first High-NA system to Intel, and they want to match that press release.” — Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc78-098bc4e00909", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Are things going well or not going well for them?” A: “Not well.” Q: “What did he say?” A: “Not well. I think Lasertec be kind of—we call it a lab tool, R&D tool.” Q: “It’s an R&D tool? Lab tool, not a production tool.” A: “Yes, a lab tool. Yes, not a production tool. Because you have a lot of limitations for productivity...even today, TSMC still has a weekly meeting with Lasertec. My colleagues in procurement and from the fab told me they have a weekly meeting to push Lasertec to improve.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.752+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c61f0933-2f02-4dfb-b6b0-1ce27b4ec835", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "paragraph", "text": "Senior executive who’s friendly with Lasertec CEO is concerned about their future; “big hype” quickly followed by “unforeseen problems”; difficult to solve and “in serious trouble” with upcoming electron beam inspection tools “I’m a little bit concerned about their future. If they cannot come up with a very disruptive light source, it’s not so easy for them to move forward. It was big hype for them to come out with an actinic inspection tool, being the only supplier, but when it comes to adopting the tool and the process in the fab, that there are many unforeseen problems that need to be solved, and I would be a little bit concerned about the capability of Lasertec to really overcome these problems timely. And if somebody comes out with an EB inspection tool that really works, they will be in serious trouble.” - Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:31.752+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2c5ec35-f50a-41c6-804a-8975d0b3845c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I'm a little bit concerned about the capability of Lasertec to really overcome these problems timely. And if somebody comes out with an EB inspection tool that really works, they will be in serious trouble.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO. “Yes, a lab tool. Yes, not a production tool. Because you have a lot of limitations for productivity...even today, TSMC still has a weekly meeting with Lasertec. 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viewed as the “junior brother” to ASML or “the Japanese version of ASML”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:32.835+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebb98d52-66ef-4aea-8553-4f2f51d8f207", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Lasertec should continue to enjoy monopoly profits as long as it does not lose its technology lead over KLA”; “will maintain its monopoly because EUV is exceedingly difficult”; and has “a dominant share in the EUV mask/blank inspection market.” — UBS initiation report. “...in Japan Lasertec has a similar story...we’re a monopoly blah-blah...they’re kind of nuts...people tend to view them as...the Japanese version of ASML...so it’s got everything.” — Longtime semiconductor consultant recently working for Lasertec.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc79-b04633bb79d1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.07, "y": 0.88 }, "kind": "source-note", "text": "Source: UBS Initiation of Coverage “Lasertec Corporation Aiming to Protect the Dominance of ACTIS,” Jan 18, 2024; 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The reason is simple: unlike ASML, it never developed a 13.5nm EUV light source, and the source is the foundation and critical technology in any EUV system, whether for wafer production or inspection. All other components are secondary. In contrast to ASML, Lasertec is just an over-hyped assembler of third-party components with no EUV capability or intellectual property, first licensing an EUV source from Ushio, which is defective and a failure, as we shall document in great detail. It then quietly licensed one from a tiny Russian R&D project called Isteq, giving it a Japanese name - \"Urashima\" - to misrepresent it as \"in house\" technology. 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took Cymer/ASML 20 years and required hundreds of people; required \"several billion dollars on the source only\"; ASML currently has ~1,000 staff working on their EUV source; \"that's the scale.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:36.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18cc013e-6593-4919-bba6-d1995fd59095", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"ASML and Cymer spent 20 years, and, on average, it was probably 300 people working per year, and then 20 years. ASML spent several billion dollars on the source only - maybe a couple of billion dollars in development. That's the scale. I joined ASML at Cymer in 1999 or maybe 2000, and I worked there for 11 years. And it went into production basically in 2017. That tells you the scope. When I left Cymer, there were 250 or 300 people in the source development team engineering. Right now, if you go to San Diego, I'm sure that there are 600-700, maybe 1,000 people working on it. 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"textChars": 2863, "nDataPoints": 0, "notes": "The slide uses a Wikipedia excerpt to support the argument that ASML's market position is a result of historical policy decisions rather than just organic innovation.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:22:33.771+00", "seconds": 3.603, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/44", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-44", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "ASML eventually licensed the technology in the late 1990's, making it – not Lasertec – a “monopolist” with the only working EUV source and “the sole benefactor of the critical technology.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc79-97cb0e325301", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "The history is instructive: R&D efforts began in the early 1990's and took several decades of US government-funded research by Lawrence Livermore National Laboratories, Lawrence Berkeley, and Sandia. Japanese companies were denied the ability to license the technology as it was US-taxpayer funded. ASML eventually licensed the technology in the late 1990's, making it – not Lasertec – a “monopolist” with the only working EUV source and “the sole benefactor of the critical technology.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:33.771+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cd37114-c294-4e8c-9f1d-a5bcacaeccbe", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.44 }, "kind": "paragraph", "text": "In 1991, scientists at Bell Labs published a paper demonstrating the possibility of using a wavelength of 13.8 nm for the so-called Soft X-Ray Projection Lithography. To address the challenge of EUV lithography, researchers at Lawrence Livermore National Laboratory, Lawrence Berkeley National Laboratory, and Sandia National Laboratories were funded in the 1990s to perform basic research into the technical obstacles. The results of this successful effort were disseminated via a public/private partnership Cooperative R&D Agreement (CRADA) with the invention and rights wholly owned by the US government, but licensed and distributed under approval by DOE and Congress. The CRADA consisted of a consortium of private companies and the Labs, manifested as an entity called the Extreme Ultraviolet Limited Liability Company (EUV LLC). Intel, Canon, and Nikon (leaders in the field at the time), as well as the Dutch company ASML and Silicon Valley Group (SVG) all sought licensing. 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In 2001 SVG was acquired by ASML, leaving ASML as the sole benefactor of the critical technology...this made the once small company ASML the world leader in the production of scanners and monopolist in this cutting edge technology.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:33.771+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faeba244-020f-4554-811f-e054e5ec2d43", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“In 1991, scientists at Bell Labs published a paper demonstrating the possibility of using a wavelength of 13.8 nm for the so-called Soft X-Ray Projection Lithography... 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Analysts thus beg politely for just a hint, to no avail: \"Is it a little difficult for you to tell your direction as well [within EUV]?\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:34.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e445528-a0ca-4cbe-ab62-b7d27043f709", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.4 }, "kind": "paragraph", "text": "Aug 5, 2022, Jefferies analyst... 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The breakdown within EUV-related systems is not disclosed. — Lasertec CEO (Aug 5, 2022, Jefferies analyst Q&A); I hope you understand that we do not disclose information by product type, such as the destination of each product. — Lasertec CEO (Jan 31, 2023, CLSA analyst Q&A); In that sense, although we do not disclose the ratio between ACTIS and MATRICS, I think investment overall will...recover... — Lasertec CEO (Jan 31, 2024, CLSA analyst Q&A); Yes, unfortunately we do not disclose the ratio between High-NA and conventional ACTIS, but we have continued to receive orders for High-NA ACTIS this fiscal year, and we expect more orders to come in... — Lasertec CEO (Apr 30, 2024, CLSA analyst Q&A)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7a-c5a2567bf98e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Lasertec quarterly Q&A sessions, available at https://www.lasertec.co.jp/en/ir/data/result.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The parabolic spike in Lasertec’s backlog strikes us similarly too good to be true, particularly relative to advances which one would expect to follow as customers provide partial funds up front, yet the gap has widened astronomically.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:35.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e84da4a1-49af-404e-9b07-63b80628018e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.91 }, "kind": "source-note", "text": "Source: ASML and Lasertec quarterly earnings presentations and filings; Lasertec backlog, sales, and orders are for “semiconductor-related products” per the quarterly IR Excel spreadsheet with financial results and key metrics", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Former employees told us that its business is still dependent on the MATRICS X8 ULTRA , launched in 2018 – back when it traded at a fraction of today’s market cap and multiple. Even its DUV technology is so outdated that the X8 uses the same 213nm DUV light source as its predecessor the X810 launched in 2012. The X9 ULTRA was announced in 2022 with a slightly upgraded 193nm DUV source, finally getting with the times as KLA introduced 193nm in the 1990’s. 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and as the average is driven by earlier years ~2020/2021, we think ACTIS today is <10% of sales – if not below.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7a-5c6646907d38", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "ACTIS sales: $1.36B", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7a-60f61f339113", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.19 }, "kind": "paragraph", "text": "Based on over 20 research interviews... we conclude that only ~30 systems have been installed... 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Its site and materials go to great lengths to dress up and insert its DUV products under “EUV” or “EUV-related systems” – the word “related” being the tell. Most investors are unaware that EUV masks can be inspected with DUV or EUV wavelengths – DUV is lower resolution and requires an extra step where defect locations are then analyzed with a SEM (scanning electron microscope) tool; however, DUV tools are much faster than EUV, which means higher throughput overall despite the extra step. 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Even if ACTIS weren't defective, it would have almost no use case or market - EUV masks in production in the fab only need periodic, quick, low-resolution checks, for which DUV is sufficient. 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Q: \"You're saying the fact that they're using optical means that they're not getting the results from the Lasertec machine by itself...\" A: \"Correct... What they did was use an optical tool from KLA...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:35.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ee8691b-7d9a-486f-983b-b45ada826452", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“What they did was use an optical tool from KLA – the Teron product line. And this is an optical tool with a 193-nanometer light source. So, there's a limitation to what defects it can detect. Very small defects, it cannot clearly distinguish. For something that looks like a defect, they record the coordinates, and then these coordinates are transferred to an electron beam inspection tool, which is only looking at these suspicious-looking defect locations. Is the defect on print or not? So, they need a combination of optical DUV and electron beam inspection to inspect the mask.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO; “The current KLA systems are pretty good, but they're not as good as actinic. Having said that, a well-engineered system is more important than the wavelength...they're using the current DUV tools, and it was announced at the most recent conference that people who are appreciating all the work that KLA did on supporting EUV with the DUV tools. 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Lasertec tops the list on inventory as a percent of assets, and is near the top of the list on inventory as a percent of revenue, with only a few non-comparable China-listed companies that are worse – each of which is dubious, small, or in the solar industry. 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Hirakawa [Q]: Thank you very much. Inventories, even after the end of Q3, were probably around JPY160 billion and have remained high for the past three or four quarters. I wonder if you could tell me the level you are targeting in the medium term, and when you expect inventories to drop. Misawa [A]: Regarding inventories, Misawa will answer. Inventories vary depending on the progress of orders received, anticipated production, and the acceptance of products by customers. As of today, the current situation is a stalemate, or about JPY160 billion. We believe that this will increase as market conditions recover and orders become more active, and also as products with long lead times increase. We do not necessarily have an accurate grasp of the situation, but we are proceeding with production while properly controlling risks. 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Misclassifying and improperly valuing inventory in an attempt to evade impairment charges that would wipe out historical earnings is a tactic common to some of the most significant fraud cases in history. Lasertec has no option but to claim it has no finished goods – its stock would have imploded if investors saw machines piling up. 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We hired a local consultant to meet with IR in March 2024 at Lasertec headquarters, who at one point asked “And no finished goods in there, right?” The IR rep replied “No. All work in process.” while smiling with a knowing wink. In a later section, we share photographic evidence that Lasertec’s new “Innovation Park” and its so-called “fabs” are essentially a fraud with no production or R&D. During ~20 visits to the campus, our investigators found an empty and deserted facility. Its only purpose appears to be storage for finished goods – we show below a sample of photos of machines being loaded into storage, all hermetically sealed in protecting wrapping and clearly finished goods. 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}, "componentId": "e14f7388-d4ab-4667-a658-ccf369dde251", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "inventory as a percent of revenue", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7d-a28b7c59fef4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 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"subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7f-95108f545ed6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Manipulating inventory to falsify gross margins and earnings is an easy temptation for a semiconductor company trying to meet lofty market expectations. Inventory games in the semiconductor unit at Toshiba were a key part of the fraud and scandal that blew up the company in 2014. The potential for abuse is highlighted in the audit opinions at several of the largest semicap players. 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To turn it to cost, you need to add another... we are $23-24 million.” –Former KLA executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:36.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8629a15d-cf93-4225-83ad-e97aadb85e93", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“because we had to change parts and add resources,” — Lasertec CEO; “...the current source cost, together with the current stage cost, doesn't make sense. 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As a preview of a later section, we quote a Marvell senior employee who shared color from an executive’s recent visit to Lasertec’s headquarters: they were desperate to offload ACTIS inventory, offering Marvell up to ~75% discounts on the A150, as well as other inducements and concessions that acknowledged uptime and reliability problems: “they were trying to also offer additional A150’s that they had on the books that weren’t, let’s say, being taken ownership of...we were getting a reduced price as well if we wanted to purchase additional A150’s...in the range of $15-30MM.” Marvell stated they previously paid $62MM for the A150.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:40.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9e7f104-2c12-4f3c-9bdf-5721a35d3a0d", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "quote", "text": "Lasertec desperate to offload ACTIS inventory; offering up to ~75% discounts on A150; offering various inducements\nQ: “Do you remember any color around the inventory build-up color?”\nA: “When our [Marvell senior executive – title redacted] went to go visit, they were trying to also offer additional A150’s that they had on the books that weren’t, let’s say, being taken ownership of by other competitors that had presumably forecasted that they needed them. And so, we were getting a reduced price as well if we wanted to purchase additional A150s and that price was closer to about, in the range of $15 to 30 million.”\nQ: “So, they were willing to try to sell those machines at half or a third of their price?”\nA: “Yeah, and also, again, that’s why the comment that I gave earlier, which is that if we were to buy an A150—”\nQ: “Yeah, they’ve got to write down all that inventory.”\nA: “Yeah.”\nQ: “My question is, did that really happen? They offered you guys $15 to 30 million to take A150’s? This literally just happened a few weeks ago?”\nA: “Yeah.” – Senior employee at Marvell Technology", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:40.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6275fd79-9d9d-4932-9260-f45e2a39564b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“When our [Marvell senior executive - title redacted] went to go visit, they were trying to also offer additional A150’s that they had on the books that weren’t, let’s say, being taken ownership of by other competitors that had presumably forecasted that they needed them. 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"subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7e-2da567dc4925", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The details that Marvell provided suggest that Lasertec is desperate to offload bloated EUV inventory: “they made a multitude of offers to try to get us to basically purchase more equipment.” Notably, Lasertec offered terms that indicate an attempt at damage control given customer frustration with product defects and low uptime: “other concessions were made like extended warranty service...at no additional cost...even guaranteeing service time like 60-70%...if not then we could take some kind of reimbursement...for the lost time of use” – making us question how Lasertec could retain any margin 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it because we just don't need it. We didn't need that, and then we also weren't looking for an evaluation on their A300. 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It’s very interesting because that’s a second data point, so I’m just trying to see how credible it is.”\nA: “There’s credibility to it because that’s what I’ve also heard as well. A lot of these companies are sitting on so much inventory because the 5 nanometer, the market size of it, has basically softened to a significant degree from 2022 to currently. I can give you some additional context. In 2021, when we forecasted a 5-nanometer wafer throughput for our needs to, let’s say, TSMC, we were forecasting that by 2023, we would need about 15,000 to 18,000 5-nanometer wafers. And our total throughput was only about 4,000-5,000. 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and to % of assets; other methods shown in next chapter", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:41.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73e5f01e-4787-4300-adfc-f4ecdef66ef6", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Lasertec is a relatively simple accounting fraud - one can easily estimate what its normalized inventory should be, and therefore the level by which both inventory and earnings are inflated and the size of the inevitable impairment charge and retained earnings hit.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7e-a7ff7d1a7b01", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "implied impairment charge: 63%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7e-aa62594d3c27", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.07, "y": 0.71 }, "kind": "source-note", "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Normalized inventory may be calculated by using 5 methods: 1) the 3-year average of inventory as a percent of sales across ASML, Applied Materials, Lam, Tokyo Electron, and KLA – 26% on average with little dispersion, and hence a robust measure, given similar product and business characteristics; 2) 3-year average of inventory as a percent of assets across the same peer group; 3) Lasertec’s historical, “normal” inventory as a percent of sales, from 2010 to 2017, immediately prior to its EUV product launch and before it spiked to unusual levels; 4) as a “normal” percent of its assets with the same methodology; and 5) by marking down its inventory by the 50-75% discount it is quietly offering to customers, per our research interviews, thereby adjusting it to “market value.”", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, 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"components": [ { "bbox": null, "kind": "callout", "text": "All five methods for estimating the amount by which Lasertec is fraudulently valuing inventory – and therefore earnings, as well as the magnitude of the impairment charge it is trying to avoid – arrive at roughly the same figure, one that is devastating and indicates the degree to which its stock price has been based on an illusion: an inevitable 65-70% write-down of its $1.1B / ¥162B of inventory as of Mar ’24", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": 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"19ffa6eb-568e-45cf-baf5-23b003d3bc1b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "impairment charge: ~$700-750MM", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7f-6b54dcff29e6", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "All five methods for estimating the amount by which Lasertec is fraudulently valuing inventory – and therefore earnings, as well as the magnitude of the impairment charge it is trying to avoid – arrive at roughly the same figure...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:40.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93a3c6af-1211-4996-bf87-9136cb5bec6a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The origin of the accounting fraud: Lasertec’s flagship ACTIS actinic EUV mask inspection system is defective with a fatally flawed EUV light source – the core of any EUV system – in addition to insurmountable problems with other key components like the optics and mask stage. 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2) instability and flickering which leads to false positives and other mask inspection failures; 3) onerous cleaning and maintenance that leads to a pitifully low uptime and throughput; and 4) a short lifespan that drives frequent replacement and a burdensome cost of ownership. 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"kind": "list", "text": "Considerable contamination of the collector mirror occurs by tin debris\nChip manufacturing needs increased source availability and productivity\nIncrease of collector lifetime needed: more than several months, > 400 Gp\nInternal tin-cleaning by plasma etching is too slow for thick deposits", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cb52ab3-ae7e-48e2-9d4d-e7a2b20c2d28", 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"list", "text": "2017 paper by plasma physicists and others at U.C. Berkeley, Applied Materials et al: Removal of Tin from Extreme Ultraviolet Collector Optics by In-Situ Hydrogen Plasma Etching", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "983b8216-a4b1-498a-b7a3-7b0b1bd355f6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.42, "x": 0.07, "y": 0.53 }, "kind": "list", "text": "2022 paper by Chinese scientists: The development of laser-produced plasma EUV light source", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbe09255-11aa-4f8e-98d1-d873d20a4650", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.42, "x": 0.51, "y": 0.55 }, "kind": "paragraph", "text": "occur, caused by large heat load from the discharge plasma83. The corroded electrode materials are introduced onto the collector as debris contamination, which reduces the lifetime of the collector mirror. In order to of two rotating electrodes was employed39,40,43. Generally, the debris generated by Sn-based DPP sources can be divided into three different types in addition to electrode erosion: the micro-particles or liquid Sn droplets, the slow atomic-ionic debris and the fast ionic debris83. Furthermore, by using", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b882583-ec09-4b2a-b94a-c8c39c0ba049", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.42, "x": 0.51, "y": 0.32 }, "kind": "paragraph", "text": "Abstract Extreme ultraviolet (EUV) lithography produces 13.5 nm light by irradiating a droplet of molten Sn with a laser, creating a dense, hot laser-produced plasma and ionizing the Sn to the + 8 through + 12 states. An unwanted by-product is deposition of Sn debris on the collector optic, which focuses the EUV light emitting from the plasma. Consequently, collector reflectivity is degraded. Reflectivity restoration can be accomplished by This Sn-based plasma emits Sn ion and neutral debris, which can damage the collector optic in three ways: sputtering, implantation, and deposition. The first two damage processes are irreversible and are caused by the high energies (1–10 keV) of the ion debris [8].", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7047f4f6-6e16-47b5-8e08-15e1916926d8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "This Sn-based plasma emits Sn ion and neutral debris, which can damage the collector optic in three ways: sputtering, implantation, and deposition. The first two damage processes are irreversible and are caused by the high energies (1–10 keV) of the ion debris [8]. — 2017 paper by plasma physicists and others at U.C. Berkeley, Applied Materials et al", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7f-ac666ced6d23", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.07, "y": 0.93 }, "kind": "source-note", "text": "Source: https://girolami-group.chemistry.illinois.edu/publications/publications/Plasma%20Chem.%20Plasma%20Process.%202017.%20doi_10.1007_s11090-017-9852-4.pdf; https://www.sciencedirect.com/science/article/pii/S270947232200017X; https://www.euvlitho.com/2019/S73.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a17f9d1e-96b6-4b60-a121-414416be362d", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The tin contamination problem that plagues Lasertec’s EUV light source is detailed in various papers. We quote three representative ones below. One describes three ways that tin debris “can damage the collector optic”: “sputtering, implantation, and deposition” – two of which are “irreversible.” A second further classifies the debris into three different types: “micro-particles or liquid Sn [tin] droplets, the slow atomic-ionic debris, and fast ionic debris.”", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "300e11e8-2bae-424e-810f-864b8f23aa56", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 108, "type": "appendix", "title": "The slide serves as visual evidence of the technical failure mode (tin contamination) described in the activist report.", "function": "illustrate_case", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 5, "textChars": 690, "nDataPoints": 0, "notes": "The slide serves as visual evidence of the technical failure mode (tin contamination) described in the activist report.", "elementsJson": [ "headline_text", "subtitle_text", "screenshot", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:22:41.79+00", "seconds": 2.698, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/108", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-108", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The papers provide representative images of what molten tin splatter and debris looks like when it coats, contaminates, and damages the numerous mirrors and optics inside Lasertec’s EUV mask inspection machine.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7f-7fc7b9afa30a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.85, "x": 0.07, "y": 0.25 }, "kind": "image", "text": "Collage of microscopic images showing tin splatter and contamination", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:41.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2572dacb-6308-426b-afd0-4de4cfbf7a90", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: https://arxiv.org/ftp/arxiv/papers/1801/1801.06355.pdf; https://www.euvlitho.com/2019/S73.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"callout", "text": "EUV mask inspection, specifically final one at mask shop, must find defects but not contaminate!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7f-4e41e5b0fae7", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.25, "x": 0.71, "y": 0.44 }, "kind": "image", "text": "Photos of tin splatter and diagram of vacuum chamber wall deposition", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:46.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3f944df-c06a-4f79-b25c-53f149dd9289", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.35, "x": 0.35, "y": 0.44 }, "kind": "list", "text": "EUV mask inspection, specifically final one at mask shop, must find defects but not contaminate! These inspectors are the cleanest machines among all tools used in a fab / mask shop. Example Teron 640e: less than 0.1 PRP. Plasma based sources are the dirtiest parts in EUV tools. Scanner best values: 1 adder per 10k wafers. Based on scanner research, tin may reach the mask due to secondary effects.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:46.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "892f3d4c-3273-468f-98b7-c5dc19d4b101", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "A KLA presentation on EUV mask inspection stressed the dangers of particle contamination – the tools “must find defects but not contaminate!” and must be “the cleanest machines among all tools used in a fab/mask shop.” Unfortunately, as the photos of tin splatter show, “plasma based sources are the dirtiest parts in EUV tools…in inspectors, the problem of isolating the mask from source debris is more severe than in scanners” – “bounced/released micro-particles, liquid tin splashing, and accumulation (and sputtering) of deposited tin at the walls.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:46.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88c181a5-f3b4-4f9c-be71-ba31500acaf9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "plasma based sources are the dirtiest parts in EUV tools. In inspectors, the problem of isolating the mask from source debris is more severe than in scanners — bounced/released micro-particles, liquid tin splashing, and accumulation (and sputtering) of deposited tin at the walls. — KLA presentation \"Source performance metrics for EUV mask inspection\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc7f-535a50f7b964", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.35, "y": 0.8 }, "kind": "source-note", "text": "I. 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“customers are furious”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:43.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a827970-dafd-4ab1-b359-81e6422e2deb", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.47 }, "kind": "quote", "text": "A: “P2, P3 is after pelliclization, and the problem is that in order to know that something happened during the pelliclization. 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problems to due to difficulties in controlling plasma; Urashima doesn't have enough power and illumination", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:44.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "523b1aa0-ce06-4eb1-ae08-b181d884e3a6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.77 }, "kind": "paragraph", "text": "Q: \"What happens when you don't get enough illumination in the tool?\"\nA: \"It's similar. 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They get a dark frame or they get a false defect...it's light source fluctuation. In these light sources, the brightness is just going to fluctuate just as a function of the physics of the plasma. In the Ushio source there's a discharge between two electrodes. That means the plasma has a lot of freedom to move. And so, that causes fluctuation and brightness. That's a difficult thing to control. The other light source is laser-produced plasma. There's no discharge between electrodes. It's just the laser creates the plasma. That tends to be much more stable, but it's hard to get enough power into that to get the brightness up. As a result, the plasma is usually smaller. That can create problems with not getting enough illumination into the tool.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:44.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "142bd3ba-b8b9-4d9b-9b5e-ef7ac2f85a16", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"they get a dark frame or they get a false defect...it’s light source fluctuation...the brightness is just going to fluctuate just as a function of the physics of the plasma.\" — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc80-57138298a42b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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They gave us the data, and we had about six to seven different models of Ushio data...the bottom line is there is something wrong.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:47.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3a9fa98-1338-4579-9699-43d376ea53e2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.44 }, "kind": "quote", "text": "I asked Ushio what was wrong with their source, and they wouldn't say. I can tell what it is because what happens in a mask inspection system is that your NA - numerical aperture - is very, very small, which means that you don't need only a very small source or a large source that you need for a scanner. But the problem with that is if your source is not stable, then the intensity of light coming in through it fluctuates. So, you have a stability issue.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:47.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee6e9781-4911-4654-838d-ee590a3c3d96", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I asked Ushio what was wrong with their source, and they wouldn't say...if your source is not stable, then the intensity of light coming in through it fluctuates...so you have a stability issue...they gave us the data, and we had about six to seven different models of Ushio data...the bottom line is that there is something wrong.” — Leading EUV lithography expert close to Lasertec’s customers", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc81-7cc373ce7e7e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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“Intel came in and did their song and dance a couple of years ago, saying we’ve got Lasertec working...we’re the winner...the champ...but three years later we’re hearing the Ushio source doesn’t work.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:45.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f639a97-203e-4300-be28-0159d2569a26", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.46 }, "kind": "quote", "text": "“The Ushio source [had] degradation and they took it out. So, the same people who came to me and said, wow, we won the war, and we got Lasertec; it’s all good with Ushio. There was this celebration. The same people came to me two years later and said, yeah, by the way, everybody in the field has taken the sources out, and we’re replacing it with Isteq. Well, Isteq has not quite done their job. I don’t think they have their sources in the field—if they have one or two already, there’s not enough data. So, if you ask my opinion, Lasertec and Intel will come and do a song and dance and say, well, now we’ve got this new source supplier, and everything is good, it’s all wonderful and all that stuff. My response will be, well, how much data do you have to say that because you were the same guys who came and said the same about Ushio? 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The reason they went with Lasertec is that KLA wanted too much money upfront for investment...KLA also dropped the ball and they essentially laid off the whole team. So, Intel said, we’re going to develop this thing ourselves, and they went with Lasertec. This is a strange business because everybody has to come in and show that they succeeded in doing a little song and dance. So, when Intel came in and did their song and dance a couple of years ago, saying we’ve got Lasertec working. We’re the first one; we’re the winner; we’re the champ. 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So, the same people who came to me and said, wow, we won the war, and we got Lasertec; it’s all good with Ushio. There was this celebration. 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20 years in the industry and previously part of the EUV task force at one of the top 3 semiconductor companies in the world", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:44.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "064ca83d-f520-4f54-a119-d7fed179a342", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.82 }, "kind": "list", "text": "ACTIS tool only had 65% uptime at Intel mask shop\nQ: “When you added it up, how much usage was Intel able to get out of the machine? How often was it down”\nA: “Utilization, we were probably at 65% based on the 24/7 goal.”\nQ: “That’s pretty poor.”\nA: “Yeah. 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A second ex-product engineer stated that the service requirements are so exorbitant that each tool actually requires “at least 4 skilled field service engineers.” Multiple engineers indicated that the tools only work a bit more than half the time, with 60-65% uptime, angering both Intel and TSMC, as we detail in a later section. When we remarked that the utilization is poor, one engineer replied “Yeah. That kind of came with the territory.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:44.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a85b731e-29a3-490f-9144-4a61e6de0f48", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The actinic tool requires at least four skilled field service engineers for the laser source, chamber, hardware, and others.\" — Former Lasertec product engineer; 20 years in the industry and previously part of the EUV task force at one of the top 3 semiconductor companies in the world. \"[T]he actinic and EUV tools remain at 60%.\" — Former Lasertec product engineer; 20 years in the industry and previously part of the EUV task force at one of the top 3 semiconductor companies in the world. \"Yeah. 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"text": "We contrast Lasertec's low ~60% uptime with 96% for ASML's EUV source, according to data they presented at an SPIE lithography and patterning conference in 2023. In addition, ASML's EUV collector lasts for over a year, versus only a couple of weeks for the same critical component in Lasertec's machine.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:46.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aaa8c8c5-b33f-496b-a343-ecc0d261b785", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "EUV light source for high-NA and low-NA lithography — Karl Umstadter, Matthew Graham, Michael Purvis, Alex Schafgans, Jayson Stewart, Peter Mayer, Daniel Brown (ASML SPIE paper, April 2023).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc82-8a76b3f4636a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: https://www.spiedigitallibrary.org/conference-proceedings-of-spie/12494/124940Z/EUV-light-source-for-high-NA-and-low-NA-lithography/10.1117/12.2657772.full", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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reliability needs to be 99.9% else a bad mask leads to defective chips", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25e931f0-56dd-4be9-970a-935a8533c170", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "callout", "text": "KLA expert confirms information on Lasertec reliability issues as coming from “close connections at Lasertec”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbd13ea6-8d05-42a6-aed5-4a074f333a95", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Lasertec system reliability is pretty low...60% reliable...so it's not reliable enough...making chips work requires every step to be 99.9% reliable...the mask is super critical because if one mask is bad, then every chip you make after that bad mask is bad.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc80-fd2b5bd51759", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Several long-time industry executives close to and/or in contact with Lasertec’s CEO and/or management team provided information identical to that shared with us by field service engineers. One stated that his color on reliability issues comes directly from “close connections at Lasertec” but he was apprehensive about sharing more: “...but I really can’t go into more than that”; “some of the stuff I really can’t share.” Lasertec’s secrecy is a recurring theme echoed by its own engineers, which we shall return to. He continued that “Lasertec system reliability is pretty low...60% reliable...so it’s not reliable enough...making chips work requires every step to be 99.9% reliable...the mask is super critical because if one mask is bad, then every chip you make after that bad mask is bad.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61f0424d-2224-45ad-bcb0-ecd3af772391", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "“The Lasertec system reliability is pretty low, similar to what you have heard. That’s what I have heard as well. Systems need to be 95%, 99% reliable, and the Lasertec system is but 60% reliable. So, it’s not reliable enough. It has the form that’s needed, but it’s not reliable enough. Making chips work requires every step to be 99.9% reliable. If one step is not good, we’re f-cked. The mask is super critical because if one mask is bad, then every chip you make after that bad mask is bad. That’s why making a super reliable, effective mask system is important. Do you write the mask correctly? Do you check it? That’s why that’s so important.” – Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91dd5f04-4b35-4b2b-bb0a-c40b9c6e8c3c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "quote", "text": "Q: “You made a lot of very interesting comments about reliability, which you’re very consistent with what I’ve heard from different customers or from former employees of Lasertec. That all lines up. What is the basis for your saying it’s not reliable? Is that coming from one of these particularly large customers who you maybe visited or interacted with?”\nA: “Sorry, some of the stuff I really can’t share. I have some connections which are very close with Lasertec and that’s what I hear from some close connections at Lasertec. 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I have some connections which are very close with Lasertec and that's what I hear from some close connections at Lasertec. 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It has the capabilities that no one else has. So, I would say on the plus side, the capabilities are great. Production worthy, not great. So, you have to mix those things together...reliability is not so good. It’s actinic. It should do what needs to be done and that’s what customers think is that when it works. 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So, they don’t meet the high 90%’s reliability at all. That’s the general thing that I hear that I can share overall. It matters. People spend lots of money based on what's going to make their production work.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:45.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ce5abb0-9515-4a12-9207-ad47db0b5d0a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“With the Lasertec system, the reliability is very difficult to work with...the reliability is bad. So, they don’t meet the high 90%’s reliability at all. 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However, the TAM inside mask shops is miniscule and already exhausted. As we detail later, we believe that Lasertec’s two largest customers Intel and TSMC have only 3 and 2 ACTIS machines each, respectively, in their mask shops and appear to have ceased any new installs, making any future tool purchases dependent on production use in fabs: “the mask shop...to be blunt...that’s where more of the money is”; “spending money on EUV actinic inspection in a wafer fab seems unlikely...it would be a lower priority...”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95917f17-b9a2-4f80-9e84-3119be9e5769", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "Not a “production-worthy” tool; tool purchases for wafer fabs are less likely as the value is mostly in the mask shop\nA: “Production-worthy, not so quick.”\nQ: “So, you’re saying it’s not production-worthy?”\nA: “Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” – Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:47.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d4f1a63-8e17-4690-816c-ccb55c1fc8a2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that's where—to be blunt—that's where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. 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“reliability, the big thing I hear offline is it’s not very reliable.” Reliability is equally poor among Lasertec’s next-generation ACTIS A300, as we document in a subsequent chapter: “there’s no confidence in my opinion that it will be a reliable product.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:45.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99ef8f0a-0fd2-489e-a4af-7ab278ad94a5", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.41 }, "kind": "paragraph", "text": "Q: “Is anybody buying less Lasertec, or have they essentially idled or just reduced their utilization of the Lasertec machines because of these frustrations?”\nA: “Well, a recent example would be that TSMC is not buying the High-NA Lasertec tool, to my knowledge. 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Every two weeks?”\nA: “Yes, about every two weeks.”\nQ: “The light source had to be replaced every two weeks or fixed every two weeks?”\nA: “Replaced.” - Former Lasertec field service engineer who worked in the Intel mask shop", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:45.609+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c3bdf1c-7ab7-42fc-85bd-713f38264eda", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Lasertec's EUV light source is so plagued by the fatal problems just described - 1) contamination and debris from tin splatter and off-gassing; 2) instability and flickering; 3) low reliability, uptime, and throughput along with onerous cleaning and maintenance - that it has a short lifespan of only a couple of weeks before needing replacement and/or being sent to Germany for refurbishment, driving a burdensome cost of ownership. 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The source is the size of a mini-bus and weighs like - it's massive. You cannot replace it. Therefore, the only way you do it open the entire chamber of the source. You replace the collector and send it to Germany and I've been visiting my favorite vendors in Germany for optics, and I've seen a bunch of these unbelievable amounts of collectors there from Lasertec. They strip it, and then they polish it again and then they coat it. And it costs hundreds of thousands of dollars to do this operation for each collector. And you need to do it for every month...it takes almost two days to chisel all this debris and make the source workable.\"\nQ: \"And they have to do this every month, and it costs a couple of hundred thousand dollars?\"\nA: \"Correct.\"\nQ: \"That's like $2.5 million a year just to clean the collector.\"\nA: \"That was the beginning. How much it improves the tin, that's exactly the reason why they went to the Urashima light source...I'm telling you, that's where the problem started two years ago and they said that we cannot ship - and that was why they are not shipping because it's a liability. They ship something and they know that it's consuming all the margin they have.\" – Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:45.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "089ab324-870d-4d05-b91b-dd4d818286ff", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "An industry executive in touch with Lasertec detailed the vast amount of cleaning and maintenance required to service and maintain the other optics besides the light source, such as the collector and mirrors that direct EUV light. He described seeing piles of Lasertec EUV collectors in Germany awaiting cleaning at a specialized vendor: \"you replace the collector and send it to Germany\"; \"I've seen a bunch of these unbelievable amounts of collectors there from Lasertec\"; \"it costs hundreds of thousands of dollars\" to clean each collector every month; \"takes almost two days to chisel all this debris.\" The expert suggested the annual cost to clean each collector is $2.5 million: \"I'm telling you, the problem...started two years ago and they said that we cannot ship...they are not shipping because it's a liability...it's consuming all the margin.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:45.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f650d757-0c3a-4e4f-afc7-561356140ee4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“You replace the collector and send it to Germany”; “I’ve seen a bunch of these unbelievable amounts of collectors there from Lasertec”; “it costs hundreds of thousands of dollars” to clean each collector every month; “takes almost two days to chisel all this debris.” — Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc81-ae4a947d43c4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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costs millions to refurbish and repair", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:46.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53dfd12f-b3c5-41b9-a828-efa3e531de90", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Our research interviews indicate that the net result of the contamination and frequent maintenance and refurbishing is that the entire optical system inside Lasertec’s EUV inspection tool needs to be replaced at least every year: “...it coats the source of the EUV light until it develops a few mono-layers of coating...and gradually you lose it...and have to replace it”: “I heard every year that they have to replace the optics...the refurbishing of those optics costs at least a million dollars or more...they need to replace mirror number two, mirror number four, and that could cost at least half a million dollars each.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:46.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bb840b2-3751-49c3-a556-44ce3df58155", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.43 }, "kind": "quote", "text": "A: “...and this one, you cannot clean. 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short lifespan, can only use for two months before replacement; low uptime; TSMC still using alternative legacy optical and e-beam tools due to problems; failed TSMC qualification", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22d18fe6-7bed-4c3f-99be-7afc8fdfd70f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Another longtime semiconductor industry executive based in Japan – who stated he is friendly with Lasertec’s CEO – corroborated that their EUV source is defective with a short lifespan and low uptime.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78f769d3-70ca-465b-bd15-36d02a4e0ab9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.86, "x": 0.07, "y": 0.79 }, "kind": "paragraph", "text": "Q: “And is that because of these problems with the A150 as far as the optics?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e60cd435-5a73-4b5e-a16f-c7a2e03e1b85", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.82 }, "kind": "quote", "text": "A: “Yes. The KLA leading-edge optical inspection tool costs maybe $40 or $50 million. The SEM tool costs maybe $5 or $7 million. Scanning electron microscope. This costs $5 to 7 million, so the financial setup of optical and the CD-SEM is less money.” - Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aee22b0-38e7-44f7-aa09-96e9ad9c8966", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "quote", "text": "A: “They were the only company that came out with a so-called actinic inspection tool. They had bought out a new one for High-NA exposure equipment. At the early stage of their product, they had big trouble with the light source.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74bbca76-d4db-4743-9558-2ad75f50f76c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.6 }, "kind": "quote", "text": "A: “Yes. They were struggling because the light source had a lifespan of three months, and then it needed replacement, and after replacement, they needed one month to tune the light source. So, the tool was only available for maybe 60% or 70%. So, customers needed to buy more equipment than they originally planned to cover their requirements. So, the switch from optical inspection to actinic inspection was kind of slow, slower than everybody anticipated. From what I hear from others who are involved in the inspection and quality assurance flow at TSMC, I hear that they are still using optical inspection tools from KLA and combined with an electron beam kind of tool to review potential defects. 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And out of the three months, tuning is one month, so they can only use it for two months until they have to replace it again. So, it's very low efficiency. In order to provide sufficient capacity, customers need to purchase more than one tool where they only would need one.\"\nQ: \"They must be completely pissed off.\"\nA: \"Yes. That's the failure of the qualification at TSMC—that's a good possibility. 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Lasertec's stock would have imploded had the company revealed that the A150 source – the key component of an EUV inspection tool – was defective. Lasertec was forced to swap the Ushio source with one sourced from a Russian company called Isteq, which it simply renamed Urashima to make it appear as a Japanese-developed in-house technology. The A300 is nothing more than a cover story to mislead investors and spin a damage-control and recall effort as a “new” product. 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a longtime semiconductor industry advisor who consulted recently for Lasertec management - confirmed that the company already moved to the “new” Urashima source in 2022.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.264+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fa13c76-aae0-4361-bd8e-08840cc9824d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“That was a bit over a year ago” — Longtime semiconductor consultant recently working for Lasertec", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc84-d8af8a2b5932", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It goes into the same space, the same housing - all that stuff?”\nA: “It seems that way.” – Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0903c0b3-1ea0-484a-84d7-7301c071b852", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.63 }, "kind": "list", "text": "Lasertec field engineers “complain” about the Urashima light source; “management made some compromises”\nQ: “I imagine Ushio must feel like they got thrown under the bus if Lasertec is switching light sources. 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I get the feeling that at least, the lower guys, the field service engineers at Lasertec, feel that management made some compromises by reducing their costs, trading off cost for convenience.” – Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f624a63e-8d39-4a1f-b837-95abced7c452", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "We asked the Ushio engineer whether the A150 and Urashima A300 machines look any different when they are open, except for the two different EUV sources: “it’s all the same, as far as I can tell,” replying affirmatively when we then asked if everything else inside the tools is identical. He stated that Lasertec’s field engineers “complain” about the Urashima source as much as the A150 and that they are skeptical of their own company’s technology: “I work a lot with the boots on the ground at Lasertec, and they complain about having to maintain their light sources…[they] feel that management made some compromises….”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed4ca468-07bf-4751-8786-9fd76ebe7850", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“It’s all the same, as far as I can tell,” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab. “I work a lot with the boots on the ground at Lasertec, and they complain about having to maintain their light sources...[they] feel that management made some compromises....” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc83-489fb6e013b8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The light source has its own set of weaknesses. I think that probably contributes to downtime on that machine.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc83-75b5246446ab", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.28 }, "kind": "paragraph", "text": "Urashima source is “down at least as often as the Ushio light source”; “exact same inspection issues”, “all the same problems” and “downtime”\nQ: “What are your impressions of that machine, being right there? You can literally can see how much that one is down versus the other one.”\nA: “Like I said, my impression is that it's down at least as often as the Ushio light source…they have similar issues…they have the exact same inspection issues, so the Lasertec Urashima source has all the same problems. The light source has its own set of weaknesses. I think that probably contributes to downtime on that machine. At the same time, the weaknesses of the Ushio source has sometimes caused issues on that machine.” – Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:48.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f5e638b-297f-4ec3-9ae8-f28f8c979de8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Like I said, my impression is that it's down at least as often as the Ushio light source...they have similar issues...they have the exact same inspection issues, so the Lasertec Urashima source has all the same problems. The light source has its own set of weaknesses. I think that probably contributes to downtime on that machine. 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They get a dark frame or they get a false defect...it's light source fluctuation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc83-8e1c12eb35e7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "paragraph", "text": "Both Ushio and Urashima cause inspection problems such as dark frames and false defects due to light source fluctuation; problems to due to difficulties in controlling plasma; Urashima doesn’t have enough power and illumination as “plasma is smaller”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "182574fc-9419-4da4-8b9d-59feaa7dd528", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Although the Urashima source attempts to use laser-produced plasma (LPP) similar to ASML’s technology, where the plasma is better controlled, versus the Ushio source’s inferior laser-assisted discharge-produced-plasma (LDP) approach, Urashima is still plagued by the same inspection failures as Ushio. The plasma which emits EUV is just as unstable, leading to fluctuations and lack of brightness and power. The Ushio engineer provided details we find damning: “...the same results happen on their inspections” with Urashima; “they get a dark frame or they get a false defect...it’s light source fluctuation”; “in these light sources, the brightness is just going to fluctuate”; “difficult thing to control”; “hard to get enough power...to get the brightness up.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3bf860c-1ea5-4a9c-9586-07377cf0564b", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.53 }, "kind": "quote", "text": "A: “It's different issues, but the same results happen on their inspections. They get a dark frame or they get a false defect...it's light source fluctuation. In these light sources, the brightness is just going to fluctuate just as a function of the physics of the plasma. In the Ushio source there's a discharge between two electrodes. That means the plasma has a lot of freedom to move. And so, that causes fluctuation and brightness. That's a difficult thing to control. The other light source is laser-produced plasma. There's no discharge between electrodes. It's just the laser creates the plasma. That tends to be much more stable, but it's hard to get enough power into that to get the brightness up. As a result, the plasma is usually smaller. That can create problems with not getting enough illumination into the tool.”\nQ: “What happens when you don't get enough illumination in the tool?”\nA: “It's similar. If the plasma is moving, every once in a while, you'll get a frame where there's just not enough light and uniformity. If you're not getting full brightness all the way to the edge of the frame, then you're going to have dark areas, and that's going to cause a false defect to show up...multiple things can combine, so if a light source is starting to dim and there's a component on the tool side that's dimming, a mirror or lens or something, then they combine and cause problems.”– Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cd31f43-4b10-4840-a045-8da28c844d69", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It's different issues, but the same results happen on their inspections. They get a dark frame or they get a false defect...it's light source fluctuation. In these light sources, the brightness is just going to fluctuate just as a function of the physics of the plasma. In the Ushio source there's a discharge between two electrodes. That means the plasma has a lot of freedom to move. And so, that causes fluctuation and brightness. That's a difficult thing to control. The other light source is laser-produced plasma. There's no discharge between two electrodes. It's just the laser creates the plasma. That tends to be much more stable, but it's hard to get enough power into that to get the brightness up. As a result, the plasma is usually smaller. That can create problems with not getting enough illumination into the tool. — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc83-912dd8f20103", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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He described the Ushio source as an unmitigated disaster and ridiculed claims that the Isteq source is superior as coming from the “same people” – presumably Lasertec and Intel – who made similarly false claims about the Ushio source several years ago: “the Ushio source [had] degradation and they took it out...the same people who came to me and said, wow, we won the war and we got Lasertec...it’s all good with Ushio...the same people two years later said yeah by the way everybody in the field has taken the source out.” He expressed similar doubt about the Isteq source: “Isteq has not quite done their job”; “Lasertec and Intel will...do a song and dance...well, how much data do you have...I have not seen long-term performance data at all.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:57.64+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b29f6d2-da63-4772-9682-edecd3fe4197", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "quote", "text": "“The Ushio source [had] degradation and they took it out. So, the same people who came to me and said, wow, we won the war, and we got Lasertec; it’s all good with Ushio. There was this celebration. The same people came to me two years later and said, yeah, by the way, everybody in the field has taken the sources out, and we’re replacing it with Isteq. Well, Isteq has not quite done their job. I don’t think they have their sources in the field—if they have one or two already, there’s not enough data. So, if you ask my opinion, Lasertec and Intel will come and do a song and dance and say, well, now we’ve got this new source supplier, and everything is good, it’s all wonderful and all that stuff. My response will be, well, how much data do you have to say that because you were the same guys who came and said the same about Ushio? 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So, the same people who came to me and said, wow, we won the war, and we got Lasertec; it's all good with Ushio. There was this celebration. The same people came to me two years later and said, yeah, by the way, everybody in the field has taken the sources out, and we're replacing it with Isteq. Well, Isteq has not quite done their job. I don't think they have their sources in the field—if they have one or two already, there's not enough data. So, if you ask my opinion, Lasertec and Intel will come and do a song and dance and say, well, now we've got this new source supplier, and everything is good, it's all wonderful and all that stuff. My response will be, well, how much data do you have to say that because you were the same guys who came and said the same about Ushio? 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When I was there last year at SPIE in February, a good friend who is the advisor to Lasertec said, have you heard that Ushio’s source has been taken out everywhere? I said I haven’t heard anything. I had just talked to the Ushio guy, and he didn’t say a word to me. He’s the head guy for the source. And I asked him what happened. 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Whatever the reason was, they have an exclusive license of 13.5 LPP for metrology and actinic inspection, which all seems good. But what if it doesn’t work, because it didn’t use to work well before. So, I’m wondering what happened that all of a sudden, this thing is working very well? I am not so sure.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4e1daf8-24b6-4606-ab3b-44427f063074", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“This was an LPP source that nobody cared about. 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One of the important aspects of the current ACTIS design is that it uses projection optics with asymmetric NA...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:50.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae9b5745-23da-4baf-8fb1-b5ab00972f33", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Three days before announcing its ACTIS A300 system in November 2023, several Lasertec engineers presented a paper at the SPIE photomask and EUV lithography conference... 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Comically, both diagrams are identical except that the one for the A300 is just slightly expanded. 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That's what I'm kind of telling, that yes, it's possible, but it would require hundreds of people, which are like 100 people, 10 years, and a lot of money. I don't think that, for example, Lasertec is not in a position to throw 100 people working on a source. ASML and Cymer spent 20 years, and, on average, it was probably 300 people working per year, and then 20 years. ASML spent several billion dollars on the source only - maybe a couple of billion dollars in development. That's the scale. I joined ASML at Cymer in 1999 or maybe 2000, and I worked there for 11 years. And it went into production basically in 2017. That tells you the scope. When I left Cymer, there were 250 or 300 people in the source development team engineering. Right now, if you go to San Diego, I'm sure that there are 600-700, maybe 1,000 people working on it. 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As is, it would not work. It's nothing but a lab prototype, slightly more than an idea.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc85-173cf1068cb8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "paragraph", "text": "He stated that neither Lasertec nor Isteq has ever shown this source works and that it’s just a little lab experiment: “they did not show anything – I am really skeptical”; “as is, it would not work…it’s nothing but a lab prototype, slightly more than an idea.” He added that this source “is also tin-based…that’s why they would have similar problems” and that tin simply doesn’t work for EUV mask inspection: “requirements for cleanliness are ridiculous…I don’t think tin has any chance to do it.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:40.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "653b40a1-6617-44cb-877a-905072343822", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "“That's why Lasertec was looking for a cleaner source or for a better source. They licensed the technology from Russia/Isteq, basically the idea and maybe bought a piece or two for internal development...that technology is also tin-based. That's why they would have similar problems...I am personally not a big fan of any tin-based sources, especially for EUV mask inspection, because the requirements for cleanliness are ridiculous. So, I don't think that tin has any chance to do it. But, again, then, you can basically physically block tin, but then it would mean that you lose a lot of light. That's probably what they're doing at this moment. And then, they still caught a lot of EUV photons and they get a lifetime out of that, and they hope to improve what they call the debris mitigation strategies to the point where they can either fully open or lens block or something like that.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:40.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "678a91bd-2c50-4866-8b1a-6048ccb99116", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "quote", "text": "“They did not show anything - I am really skeptical about that source from Isteq or from the Russians. As is, it would not work. It's nothing but a lab prototype, slightly more than an idea. There is some hardware around it, but I don't think that it's doable...it's difficult. It's not a surprise that they have a lot of problems with that source as well. It's a very difficult technology”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:40.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e063de5e-7df8-4b5a-80de-357f0cbff689", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“They did not show anything – I am really skeptical about that source from Isteq or from the Russians. As is, it would not work. It's nothing but a lab prototype, slightly more than an idea. There is some hardware around it, but I don't think that it's doable...it's difficult. It's not a surprise that they have a lot of problems with that source as well. 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I think it's publicly known that Lasertec has more than $2 billion in backlog—they did announce it. Everybody suspects that 90% of that is EUV mask inspection; maybe it's a little bit of that is EUV blank inspection. If they have a few-plus billion dollars in backlog, it means that somebody placed orders for their EUV mask inspectors.” – Leading figure in the development of Cymer/ASML's EUV light source; headed EUV source effort at one of the largest semicap equipment companies; one of the top scientist/experts in the field", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:42.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "502012a9-011f-40fb-bc6e-352a2694dc93", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "Lasertec needs “significantly more light” from their source and “are struggling”; have never gotten any solution to work “They started from a much simpler tool they call a blank inspector. The blank inspector - they use an Energetiq source, which is sufficient for that one. It's the only available commercial EUV source. It's not tin-based; it's Xenon-based. This company, which is Hamamatsu, which used to be called Energetiq, just outside of Boston. Now there are problems since the optics are much more complicated, and they need significantly more light. And that's why they are struggling. They moved to Ushio, tried to make it happen. They're still struggling. 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Lasertec’s largest customers – notably TSMC, Intel, and Samsung, which are 77% of its revenue – are struggling, exasperated, and/or furious with its EUV mask inspection system, as well as its DUV systems, which we believe to still comprise the vast majority of its revenue. Key customers are “really struggling about what to do”; “it’s painful, extremely painful” to use Lasertec’s tool; “it would be stupid” to buy more machines.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:53.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3d96d9e-fd34-4f40-a73e-683aa44f597d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“really struggling about what to do”; “it’s painful, extremely painful” to use Lasertec’s tool; “it would be stupid” to buy more machines. — Anonymous Key Customers", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc85-a3615cffa981", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 186, "type": "evidence", "title": "The slide uses a Q&A format to validate the thesis that Lasertec's tools are failing to meet customer needs regarding pellicle inspection.", "function": "illustrate_case", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 5, "textChars": 2466, "nDataPoints": 0, "notes": "The slide uses a Q&A format to validate the thesis that Lasertec's tools are failing to meet customer needs regarding pellicle inspection.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:22:52.302+00", "seconds": 3.076, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/186", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-186", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Although Lasertec’s entire “monopoly” position in EUV mask inspection is based on its purported ability to inspected masks with a pellicle, the tool cannot reliably do so.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc85-b729c02e782e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Our research interviews indicate that Lasertec’s largest customers – notably TSMC, Intel, and Samsung – are struggling, exasperated, and/or furious with its EUV mask inspection system, as well as its DUV systems, which we believe to still comprise the vast majority of its revenue. In this section, we shall quote detailed interviews with TSMC, Intel, Samsung, Global Foundries, and Marvell, in addition to former Lasertec employees based on-site at these customers, as well as experts in communication with these customers. We begin with an ex-KLA executive who described direct conversations with Lasertec and who was in a leadership role in their EUV mask inspection group. He stated that he began discussions “two years ago” with key customers who are “really struggling about what to do” with Lasertec: “the discussions are really hard.” Although Lasertec’s entire “monopoly” position in EUV mask inspection is based on its purported ability to inspected masks with a pellicle, the tool cannot reliably do so.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.302+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54d60b9f-a8b0-481c-82a5-cb9b293a962d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.57 }, "kind": "quote", "text": "Customers “really struggling about that to do” with Lasertec tools failure to inspect pellicles; “discussions are really hard” Q: “Got it. Are any of these customers—Samsung, TSMC, or Intel—have they had enough problems with Lasertec where they’re just like we’re going to now not use pellicles?” A: “The discussions are really hard. I started to have them two years ago when I was there—they’re very hard with the customers. They’re really struggling about what to do. I’m not saying that the only reason why they delayed N3 but N3 right now is delayed.” Q: “You’re saying N3 is delayed because there’s no good solution for pellicle inspection?” A: “I’m not saying only because of that—that’s part of the reasons. 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I started to have them two years ago when I was there—they’re very hard with the customers. They’re really struggling about what to do. 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“they basically print without a pellicle”; “all these failures...slows down all the flow in the fab”; “it would be stupid to buy many more” machines; “I would do everything I can to avoid it.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfcb3e55-b4b4-4586-9d72-4e6acc4b489a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.65 }, "kind": "quote", "text": "“Stupid to buy” the Lasertec tool; “it’s extremely painful”; “slows down all the flow in the fab”... “it would be stupid to buy many more of those because I would do everything I can to avoid it.” -Former KLA executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e896a2b-b47a-4685-9206-b5f0a1151bc5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.35 }, "kind": "quote", "text": "Lasertec’s EUV tool is only used because it purports to inspect masks with pellicles, but it can’t: “they lied”... “The problem is the shit is too hard to fix and it takes too much time.” -Former KLA executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:52.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dce04aff-a564-44e9-afd6-075da91d0d9e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“they lied” — Former KLA executive in a leadership role in their EUV mask inspection group; 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Intel’s mask inspection group seems keen to save face and cover up that its massive investment in and sponsorship of Lasertec has been a debacle.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:58.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "486ae640-f9bb-41d1-881c-4600bae2b88b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "Circa 2018, the industry began planning to use ASML’s EUV scanners for 7nm and 5nm production. However, the lack of actinic patterned mask inspection (APMI) – inspecting EUV masks through a thin protective membrane called a pellicle – became a major gap in the EUV lithography supply chain. Our sources indicate that Intel pushed KLA to develop an EUV mask inspection tool, but KLA asked for too much money. Intel then pressured Lasertec to rush a tool to market. A 2018 trade publication stated that Lasertec “obtained funding for the technology” from “a large chipmaker” – asked if this was true, Lasertec replied “no comment.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:58.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b39d9586-f83a-4dc2-a543-5df25f041ca5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.625 }, "kind": "paragraph", "text": "Still, the industry wants actinic pattern mask inspection (APMI). APMI can supposedly find more defects than today's inspection systems. So far, though, APMI does not exist, but several entities are developing the technology in R&D.... While those efforts are ongoing, Lasertec is reportedly developing an APMI tool, according to sources. Lasertec has also obtained funding for the technology from a large chipmaker, sources added...Hiroshi Asai, general manager of corporate planning at Lasertec, in a recent e-mail. “We have not developed an actinic ‘pattern’ mask inspection system.” Asked if Lasertec is developing an actinic pattern mask inspection system or considering to develop one, Asai said: “I have no comment to make on your questions.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:58.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd5174d5-a348-4ef4-aa55-d2423786eba0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We have not developed an actinic ‘pattern’ mask inspection system. I have no comment to make on your questions. — Hiroshi Asai, general manager of corporate planning at Lasertec", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc86-3c0ede99af50", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.945 }, "kind": "source-note", "text": "Source: https://semiengineering.com/whats-missing-in-euv/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Q&A transcript follows.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:53.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b8eefef-d9c2-4e94-a6b7-b9d2e6df8a30", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "A former KLA executive in a leadership role in their EUV mask inspection effort told us that Intel invested $300 to $500 million in Lasertec a few years ago via advances for future purchases but “at a significantly reduced price...they don’t have a lot of margin on those tools.” A longtime industry analyst who recently completed a consulting project for Lasertec and remains in touch with management stated that Intel “do have a significant say in the direction of Lasertec, and Lasertec views them as sort of their core customer or founding customer...they’ve obviously ordered and prepaid....”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:53.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a442024-8917-44e0-af50-e96bc8ba6db7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“No, I don't remember. $500 million—between $300 to 500 million and that basically translates to the POs that they had from Intel but the POs are at a significantly reduced price. 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Discharge produced plasma. Think of the old days with a spark plug in a car with a gap where you apply voltage and you have a spark. Now imagine tin in the middle of the spark and using electrical energy to light the tin and get plasma. It's not a well controlled process. That's why people can't harness energy from lightning - it's uncontrolled. It was painful but we would get some light. If you choose a bad technology you just can't get there. 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One of Intel’s most senior and tenured individuals, with a leadership role in EUV and the Intel/Lasertec relationship, agreed to a phone consultation but only at 300% of the usual expert rate – and then played games and revealed little. Intel’s mask team clearly realized someone is investigating Lasertec and agreed to calls only to try and deduce our identity – another senior individual, from its mask shop and who we think spoke to the first executive, agreed to a call and then demanded an absurd $5,000 expert fee immediately prior to the scheduled time (we declined). 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We noted three presentations by Safak Sayan, a ~20-year Intel veteran per his LinkedIn profile and who we believe to be the head of Intel’s mask shop. The presentations are typically co-authored with Lasertec employees, and seem rather eager to convey that the tools Intel purchased actually do work. 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Trend of continuous operation time.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f04263ab-75d1-4db8-965b-afd73f1630f6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.34 }, "kind": "image", "text": "2023 SPIE presentations by Intel/Lasertec", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbca5702-20d9-4210-a792-f48db5dc83fd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.25, "y": 0.66 }, "kind": "legend", "text": "Missing Y-axis for uptime – units not even defined and no numbers", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6653e545-1900-4cca-939a-d53293c2c784", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“These improvements have enabled achieving a performance and reliability level that exceeds the HVM targets” — Intel/Lasertec presenter", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc86-58ff590ad657", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.93 }, "kind": "source-note", "text": "Source: https://www.spiedigitallibrary.org/conference-proceedings-of-spie/PC12494/PC124940E/Improvement-of-LDP-EUV-source-performance-for-actinic-patterned-mask/10.1117/12.2671128.full; https://www.spiedigitallibrary.org/conference-proceedings-of-spie/PC12915/PC1291504/Progress-report-on-actinic-patterned-mask-inspection-for-EUVL/10.1117/12.3012431.short", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Even the titles suggest ongoing struggles – the May paper is titled “Improvement of LDP EUV source performance” and the September one is “Progress report...” Once again, key performance charts in both presentations omit the Y-axis with no units or numbers, yet the presenter once again declares mission accomplished: “These improvements have enabled achieving a performance and reliability level that exceeds the HVM targets” – referring to high volume manufacturing.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05928737-88d2-453a-82fe-c263f4fc15b9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5a26d751-1cce-427c-9103-3d2c80ff8e65", "evidence": "Highlighting missing Y-axis data to challenge the validity of performance claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:22:54.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 198, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 199, "type": "setup", "title": "The slide uses direct excerpts from a technical paper to validate the critique of the company's technology.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 7, "textChars": 2572, "nDataPoints": 0, "notes": "The slide uses direct excerpts from a technical paper to validate the critique of the company's technology.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:22:54.807+00", "seconds": 4.026, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/199", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-199", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Intel SPIE papers confirm challenges with Lasertec’s EUV tool, namely contamination and optics degradation from tin plasma (“ion induced damage to the optical components”); light source stability and brightness level; struggles in managing source brightness vs. source chamber pressure, as high pressure is needed to help mitigate tin debris but which reduces brightness; and unstable plasma which leads to dark pulses and inspection failures", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-9615-acbd1d92c98d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.48, "x": 0.07, "y": 0.42 }, "kind": "image", "text": "Improvement of LDP EUV source performance for actinic patterned mask inspection", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f626c30b-22b0-4859-bf74-4c42eda71a1d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "paragraph", "text": "of the electrode design as well as other changes. Ion induced damage to the optical components such as downstream mirrors was mitigated by development of an effective debris mitigation approach. These improvements have Fast moving ions originating from the plasma hit the collector surface and induce damage by sputtering. This ion induced damage limits the collector lifetime. It is necessary to reduce the velocity of the ions to minimize ion induced damage. Argon gas at high flow rate is injected in the path of the ions. The argon atoms collide with the fast-moving ions If the discharge condition is not optimized, the plasma becomes unstable and brightness stability becomes worse. Brightness may drop below the threshold required for mask inspection. We term such EUV pulses that has intensity or brightness below the minimum threshold as dark pulses. Reducing and minimizing the number of dark pulses is crucial for quality and throughput of the inspection. Figure 8 shows the trend of the dark pulse count over time. Significant", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:54.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bba919b-cc4c-472c-af61-faa05e017445", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“the plasma becomes unstable and brightness stability becomes worse...brightness may drop below the threshold required for mask inspection.” — 2023 SPIE presentations by Intel/Lasertec", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-9615-b338fd25641f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.07, "y": 0.93 }, "kind": "source-note", "text": "Source: https://www.spiedigitallibrary.org/conference-proceedings-of-spie/PC12494/PC124940E/Improvement-of-LDP-EUV-source-performance-for-actinic-patterned-mask/10.1117/12.2671128.full", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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close to KLA management", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:55.32+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfca947e-1ff7-4f9c-aa46-e52e8fb404c7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.39 }, "kind": "list", "text": "Intel supplier award is just playing politics with KLA\nQ: “So, Intel is giving Lasertec the supplier award like a \"fuck you\" to KLA.”\nA: “Of course.”\nQ: “Because they hate KLA's pricing. 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Q: It sounds like TSMC might be trying to cover it up... 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I don't know if they're valuing it accurately. 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If they have an established process and an established yield number of, let’s say, 19% or something, phasing in the new technology should improve the yield. So, everything needs to be fine-tuned to surpass the existing solution. And that’s not so easy with a new technology like actinic inspection. It’s going to take time, so they will have to run parallel inspections of the same masks, for example, every day, just to make sure that they get the same results... Yes. Just to make sure there are no defects that go through without detection. If that happens, the same defect will print on every single semiconductor. And if it’s a fatal defect, it can cost them billions. 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And they're the company that does high volume, high-performance chips...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-9616-d3c233e789da", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.35 }, "kind": "paragraph", "text": "TSMC is “not buying” the A300; “no confidence” that it’s a “reliable product”; A150 is “not very reliable”; “has a lot of issues”\nQ: “Is anybody buying less Lasertec, or have they essentially idled or just reduced their utilization of the Lasertec machines because of these frustrations?”\nA: “Well, a recent example would be that TSMC is not buying the High-NA Lasertec tool, to my knowledge. 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It failed” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC. “Both the LastertecX8 Ultra and X9 Ultra are the DUV light source, but they are inspecting the EUV mask. The main reason is for the throughput. And it is not necessary...” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC. “Yes. Because of the throughput. TSMC will not consider the A300 or A150 for production. They will only exist in the EPO mask house. The EPO—we call it the EP Organization in TSMC. TSMC has already purchased six sets of A150. So, they already bought six tools. Six A150 tools. But last year, they also purchased the first A300. 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Intel doesn’t return the tool. TSMC is upset. The source does not have enough uptime, cost of service is too high, they are flickering. Therefore, they upgraded to the new source one or two—I don’t remember how many tools that have the new Urashima or Isteq source. Mid last year to the end of last year. At the beginning of the year, I heard that they failed.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17f21020-b971-4bfd-bab3-b895df1208b4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.07, "y": 0.4 }, "kind": "quote", "text": "A: “It’s exactly what I told you. Lasertec convinced TSMC to take a new upgrade of the source, which is an Urashima source. There was a lot of wow around it. And when they released that source to TSMC, and that’s it. We didn’t hear anything else. What I know is that TSMC is upset because the source is not working.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "265469b7-fedd-4834-ab79-88f35ecc577b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.07, "y": 0.74 }, "kind": "quote", "text": "Q: “You’re saying the A150 used the Ushio source. The A350, the Urashima, is the Isteq source. So, you’re saying Urashima has already failed after six months with TSMC.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62525e3e-5840-4fdd-8193-0e99e5da72be", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.79 }, "kind": "quote", "text": "A: “Correct. That’s my speculation...now I know exactly what happened because I thought that the tools were shipped back. Lasertec probably must write off those tools.” - Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6db2a303-36da-4c96-ae7a-b738fc8ca551", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.07, "y": 0.5 }, "kind": "quote", "text": "Q: “So, TSMC evaluated the Isteq source for six months and it failed.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88ca74cd-c3d2-4368-9bcc-e73f211e7ffb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.63 }, "kind": "quote", "text": "Q: “When they switched the source—they announced a product a few weeks ago in November 2023—they had the Actis A150. They announced the Actis A300 and they said it has the Urashima light source. What is Urashima?”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2459859-3c09-4cbf-b82b-b5645d8f5efc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.07, "y": 0.69 }, "kind": "quote", "text": "A: “Urashima is basically Isteq’s source and then the product is called Urashima. This is Lasertec’s name. Isteq is the company that manufactures this source and it’s actually a Russian university.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3fd5d57-3bc1-413a-9420-26f4983fecb7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“what I know is that TSMC is upset because the source is not working...TSMC is upset...the source does not have uptime, cost of service is too high, they are flickering.” — Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-9617-66ac84eb0b37", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The TSMC executive stated that “if you care about production throughput, you have to use a 213nm light source.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:22:59.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d91fb302-c6ae-48e7-b022-6b03e3cfa268", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.65 }, "kind": "quote", "text": "“Their X8 is the DUV light source. X8 Ultra. For production, when we talk about the production tool, it’s mainly for production, for the production mask inspection tool. From Lasertec, they have two models. The first one is called X8 Ultra. Another one is the X9 Ultra. They are using the original light source. It’s 213 nanometers. X9 Ultra, they are using a 193-nm light source...Originally, for Lasertec, their original light source for DUV is 213. 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The main reason is for the throughput. And it is not necessary...” Q: “You’re saying TSMC uses the X8 and X9 Ultra in the fab instead of the ACTIS?” A: “Yes. Because of the throughput. 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A quick check. If you go through a quick check, the best resolution is not necessary. 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We would expect it to be 80-90%, problematic light source, uptime, and user interface not as friendly or capable as a comparable KLA system.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:03.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b008ebb-2391-494b-bc23-11668277d814", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.8 }, "kind": "quote", "text": "Urashima is the risk for them, no question...it sounds sketchy.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:03.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af087212-e11d-4866-8776-c02aa2b1b646", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Around 60-70%, disappointing from a trial inspection system. 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customers have deferred shipment...but from colleagues who have visited, they said they have literally no space left on their final inspection bays before the inspection ships.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-9619-af54ec7bbd5e", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "list", "text": "Executives who recently visited Lasertec saw finished goods inventory piling up; premature revenue recognition\nA: “I have not heard of any A300s actually shipping. 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many ways to call it WIP", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-9619-7d47c4a1e53e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "paragraph", "text": "Customers delaying shipment of Lasertec systems due to “quality issues”\n“I’ve heard of a delay of shipment of systems to have Lasertec fix some things or engineering changes...they’re holding off near-term shipments until they resolve these quality issues.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:02.055+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34e7c9ff-09a4-4d06-8a39-b5f0e7892f99", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Global Foundries indicated that customers are refusing to accept shipment of the tools: “I’ve heard of a delay of shipment of systems to have Lasertec fix some things or engineering changes...they’re holding off near-term shipments until they resolve these quality issues.” They commented further that misclassifying finished goods inventory as work-in-process is easy: “tricks that any supplier can play...you don’t have to place it ready for shipment...any number of ways you can say it’s work-in-process...if you don’t do that final quality inspection....any number of minor steps...you hold off doing them and you still get to call it WIP.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:02.055+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3437e20-1854-4e22-b95c-19561929c543", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.86, "x": 0.07, "y": 0.58 }, "kind": "paragraph", "text": "Misclassifying finished goods as work-in-process inventory are “tricks any supplier can play”; many ways to call it WIP\nQ: “In the footnotes of their financial statements, they say almost all the inventory is work-in-process, and they have no finished goods because if they showed all that inventory as finished goods, their stock would collapse because then people would realize what’s going on. “\nA: “These are the tricks that any supplier can play. 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Because if finished goods inventory is already piling up, 3-nanometer delays, TSMC--?\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:02.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ac808eb-77ef-4b4a-875f-3d6afe2c10fa", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.43 }, "kind": "paragraph", "text": "A: \"I think there's a huge risk here to Lasertec, if machines are piling up and KLA is going around reassuring people that if you can hold off until mid-2025, we will have a system commercially available to you. And in fact, we'll give early access in the second quarter of 2025, you can come and evaluate...High-NA is going to accelerate. People are making these massive capital investments in inspection equipment. I do think, by the way, even if KLA came out with, let's say, an A150 competitor, yes, they will take share from Lasertec. They obviously will. And Lasertec could be caught with inventory they're going to have to significantly mark down even to move on the A150 side. But if the A300 remains only on paper...it could be pure PowerPoint capability that the A300 never really materializes. 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It's very interesting because that's a second data point, so I'm just trying to see how credible it is.”\nA: “There's credibility to it because that's what I've also heard as well. A lot of these companies are sitting on so much inventory because the 5 nanometer, the market size of it, has basically softened to a significant degree from 2022 to currently. I can give you some additional context. In 2021, when we forecasted a 5-nanometer wafer throughput for our needs to, let's say, TSMC, we were forecasting that by 2023, we would need about 15,000 to 18,000 5-nanometer wafers. And our total throughput was only about 4,000-5,000. 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"kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:07.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d649c07b-0418-4237-b722-4b745e262938", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth...a lot of these companies are sitting on so much 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It's just there because they owe Intel money, so that's what they did.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961a-7e5ff60edf16", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "list", "text": "Intel was most of the advances and are being “pushed, pushed, pushed out” and will likely never be filled. 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You said they tried to get TSMC to take it. That they over-ordered too many PO’s?”\nA: “What I heard is that TSMC is delaying for N5—for 5 nanometer—delaying purchasing until they fix their problem, and that was the part of the Urashima project that they built, which is the new source that I mentioned.”\nQ: “When did they start delaying? When did you hear this?”\nA: “Yes, just a year ago now.”\nQ: “You’re saying TSMC is pissed off at all their problems right now?”\nA: “Mm-hmm....because of the source, because the original source was Ushio. The Isteq source has been qualified in TSMC and failed. And now, they are basically working on the next generation of it. And they’re hiring a lot of engineers.”\nQ: “For the source?”\nA: “For the source. I’m just connecting all the dots.”\nQ: “You said they tried to change the source and failed. They have Ushio, then they went with Isteq. You said Isteq failed. When?”\nA: “Roughly at the beginning of 2023. 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However, TSMC – as detailed in a previous section – is fed up with Lasertec’s product defects and has ceased buying their EUV inspection machines – “TSMC is...delaying purchasing until they fix their offload problem” and that they started delaying “a year ago now.” He stated that TSMC evaluated the “new” ACTIS A300 with the Urashima light source in early 2023 and that it failed their qualification process.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:03.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "974c49d4-c180-430e-9d92-afa6b78c174e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"TSMC is...delaying purchasing until they fix their offload problem\" and that they started delaying \"a year ago now.\" ... \"The Isteq source has been qualified in TSMC and failed.\" ... \"it's not stable. 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“pretty much what the reality looks like…the reason why they are sitting on top of a lot of inventory.” In the quarter ended September 30, 2023, Lasertec’s gross margin mysteriously collapsed from 56% to 36% with no explanation. Management was evasive when asked by analysts after its earnings release. 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That's how miserable it sounded like the customers were. Is that consistent with what you've heard?”\nA: “Yes, I think that's pretty much what the reality looks like. That's also the reason why they are sitting on top of a lot of inventory stock.”\nQ: “The customers just don't want to buy it?”\nA: “They're holding back the orders, waiting for improvement light source-wise or whatever.”\nQ: “This last quarter, Lasertec made a very interesting announcement. They were very secretive and vague about it, but their gross margin collapsed this last quarter, and they said we had a few machines that had no margin on them, but now they've cleared and now our margins… it was strange. Do you know what that was about?”\nA: “No. My suspicion is it was about the light source. The light source didn't perform, so the customer demands a new light source. And I heard the light source alone costs $10 million. So, if they are forced to replace the light source two or three times until it functions properly, that will cost them $40 million, almost as much as a new tool, as you mentioned, $40 million being the price. It can be very costly to replace parts. That's my suspicion.” - Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:08.077+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c765a119-78a8-4be0-9348-ab1768b8cd85", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "My suspicion is it was the light source. The light source didn't perform, so the customer demands a new light source. And I heard the light source alone costs $10 million. So, if they are forced to replace the light source two or three times until it functions properly, that will cost them $40 million, almost as much as a new tool, as you mentioned, $40 million being the price. It can be very costly to replace parts. 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Lasertec's small, one-time EUV market opportunity is already exhausted, with little to no growth left in its flagship ACTIS line. Aside from product defects, irate customers, and the lack of a viable EUV source, an analysis of its growth drivers in the last 5 years indicates they were ephemeral.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:01.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "814daa04-35bb-40e4-8fae-e5a498a35f8b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 253, "type": "tension", "title": "The slide uses a Q&A transcript to validate the thesis that the 5nm transition growth phase is over and future orders are being delayed.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 5, "textChars": 2612, "nDataPoints": 0, "notes": "The slide uses a Q&A transcript to validate the thesis that the 5nm transition growth phase is over and future orders are being delayed.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:04.96+00", "seconds": 4.378, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/253", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-253", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "callout", "text": "Lasertec’s recent growth driven by EUV transition for 5N and is now over; N3 purchase orders will be delayed", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b33e1950-564a-4810-a196-7bcc6496369c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Product defects, customer frustration, and exploding inventory naturally indicate that Lasertec’s small EUV market opportunity is exhausted, with little growth for its ACTIS line. We now add further evidence for why its EUV prospects are saturated. Lasertec has only two growth drivers - Intel and TSMC, with Samsung as a distant third. TSMC is frustrated with the tool’s reliability and throughput. Its ACTIS purchases have hit the wall, not to mention the ACTIS A300 failing TSMC’s evaluation. That only leaves Intel, but ACTIS tools have only two use cases: in the mask shop and in production in fabs. The mask shop needs only a few tools, with TSMC and Intel’s shops at a total of a mere 5-6 systems and no additions in ages. In addition, Lasertec’s growth since the introduction of its EUV product has been driven by the industry transition to 5nm. That transition is completed, with 3nm orders delated, per KLA: “...in the past two years it was the population of the N5 node...that was most of it...now it’s N3 and N2...they’re delaying those PO’s.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5f0c5e0-1d36-41b4-b1fc-ccf73e365f25", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "quote", "text": "A: “Yeah, definitely. It's exactly according to what I said that in the past two years, it was the population of the N5 node from R&D to production [that drove their growth]. All the vendors are now, every fab, they move to production. When they move to production, they bought ASML tool and you know how much Lasertec they bought...s most of those orders are TSMC orders.”\nQ: “You said people moved N5 R&D to production.”\nA: “To production, yeah. And the number of layers for N5 significantly increased. Thirty percent of the layers are EUV.”\nQ: “Have Intel, Samsung, and TSMC already bought all the machines they need for this 5-nanometer transition, or are they still going to be buying a lot more ASML tools and Lasertec tools?”\nA: “No, that was most of it. Now it's N3 and N2 if they want to go; N5 is in production. For the main ones, yeah, they were N3 PO's. Now, they're delaying those PO's for N3, and those PO's will be delayed. That's my projection.”\nQ: “Lasertec's N3 POs will be delayed?”\nA: “Correct.” - Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b240fc63-4657-45e5-9a44-55d8f1a33bbe", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“No, that was most of it. Now it's N3 and N2 if they want to go; N5 is in production. For the main ones, yeah, they were N3 PO's. They're delaying those PO's for N3, and those PO's will be delayed. 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We note that masks are first inspected in the mask shop, and also periodically inspected in the fab shop as wafers are printed. An ex-KLA director of engineering in its EUV group bluntly framed the dilemma, which captures why inventory has hit $1.2 billion: Lasertec's tool is simply not production-worthy, which makes two mask shops at Intel and TSMC, both now full, as the bulk of its market opportunity: “the Lasertec tool is not 95% reliable...the mask shop...that’s where more of the money is...inspecting in process in the wafer fab – the importance is lower than the mask shop...that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be lower priority overall.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:03.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "584a5f67-2a2b-4d7c-8436-10f9d8c0e4aa", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.53 }, "kind": "quote", "text": "Not a “production-worthy” tool; tool purchases for wafer fabs are less likely as the value is mostly in the mask shop\nA: “Production-worthy, not so quick.”\nQ: “So, you’re saying it’s not production-worthy?”\nA: “Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” – Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:03.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c65b442-c9d0-4389-abec-ef438889ea9b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. 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Intel has only 3 Lasertec machines in its mask shop and utilization appears to be decreasing; plans to deploy machines in Arizona appear delayed.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:03.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "085aa660-9040-44e3-96cf-8aeb01ccf4d5", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "It is therefore no surprise that Intel and TSMC are both delaying Lasertec EUV tool orders. A semiconductor executive in Japan in contact with Lasertec’s CEO stated “it has been slow...companies like TSMC were holding back...Intel was delaying their orders for more than a year.” One of Intel’s most senior and tenured engineers with leadership responsibility for EUV added that “TSMC is pushing out and delaying orders.” An ex-Lasertec field engineer based on-site at Intel’s mask shop stated that the shop has long been at full capacity with only three Lasertec tools: “there are just the machines in San Jose...it didn’t sound like they had plans of implementing any more....”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:03.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f287d797-cf7b-49cc-9fab-212f3598db1a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"it has been slow...companies like TSMC were holding back...Intel was delaying their orders for more than a year.\" — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO; \"TSMC is pushing out and delaying orders. 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Some of my ex-coworkers, they relocated some to Oregon... first, they moved some guys to Arizona, and then they moved the Arizona guys to Portland.\" — Former Lasertec field service engineer who worked in the Intel mask shop", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961a-f146b82bc177", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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averaged about 2 a year", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.376+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68825939-35d3-494d-915e-55a45b23735c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Our research interviews indicate that Intel has purchased about 13 total ACTIS A150 EUV inspection tools. We believe 3 are installed at Intel's mask shop in Santa Clara, CA, according to an ex-Lasertec field service engineer who was based on-site there; and we think that 10 are in Intel's fabs in Oregon, according to an Ushio field service engineer based at the fab. The mask shop appears to have hit capacity years ago with no new installs, leaving only Intel's fabs as a potential source of growth. However, since 2020, Intel's average rate of adding ACTIS machines at its fabs is only 2.5 per year, by our math. At a slightly discounted price of $40MM each, Intel's fabs could drive $100MM/year revenue at most. 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Do you know how many Lasertec machines they have in Taiwan?”\nA: “I think there are six machines in total. Last I was aware, as of the end of 2023.”\nQ: “When did they put those in? Did they buy a bunch in 2022/2023, or were these older?”\nA: “I think they started going in just before we got the ones in the U.S., so maybe 2019. 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I think the sixth one went in at maybe the end of 2022.” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961b-340ae1298959", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a99ea80f-35d7-44c8-9e92-5c1e8a9df4f0", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "An Ushio field engineer who services the light sources in Lasertec’s machines corroborated the color we received from the TSMC purchasing executive, confirming that TSMC bought six ACTIS EUV tools in total. He indicated that the last one was purchased in 2022. We note that the Ushio engineer is based on-site and full-time at an Intel fab in Oregon and is in touch with colleagues in Taiwan who service TSMC.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83a12d5d-2d70-4901-9fd0-df93956f0d32", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5764fb37-a7db-460c-8491-f7abc3999af0", "evidence": "Citing an expert field 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"version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 8, "textChars": 2239, "nDataPoints": 0, "notes": "Uses expert testimony and press citations to build a bearish case against Lasertec's growth prospects related to TSMC.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:04.955+00", "seconds": 3.473, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/260", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-260", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "TSMC cannot be a growth driver or key customer going forward for Lasertec for other reasons – an alarming fact as it is the world’s largest chipmaker and one of the three anchors that every inspection vendor depends on.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961b-60764b749ea1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.75 }, "kind": "list", "text": "TSMC won't adopt advanced High-NA EUV chipmaking tools until 2030 or later\nTSMC doesn't need ASML's new High-NA EUV lithography machines for its next-gen A16 process\nTSMC in no rush to embrace ASML's High-NA EUV technology", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bb94e65-1736-4a23-a052-1f27f1ec46f5", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "First, Lasertec’s actinic inspection system is only relevant for masks with a pellicle, and TSMC generally doesn’t use pellicles – a thin membrane to protect the mask from debris. Lasertec’s tool purportedly allows inspection through the membrane, although in reality it introduces debris thus defeating its purpose and requiring duplicative inspection with a KLA DUV system. Second, TSMC is not moving to ASML’s new High NA system, using multi-patterning instead – eliminating High NA as a growth driver despite its hype as the next big thing in EUV.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "396144be-b794-4334-8ab3-024e4dc6a1f6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "One other thing I would point out is on the High-NA side. If you've been reading the news reports, it looks like TSMC is not going to push very hard on High-NA. What they've decided to do, apparently, is do multiple patterning standard EUV rather than trying to do single pattern High-NA.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09c6a13f-d0e7-485b-9f11-ec9dcd3b2b75", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "quote", "text": "Intel uses pellicles. TSMC has had a mixed history of using pellicles or not using pellicles, but for the most part, hasn’t been.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a46ce110-72aa-4933-8176-c9c71bc4649c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Intel uses pellicles. TSMC has had a mixed history of using pellicles or not using pellicles, but for the most part, hasn't been.\" — Longtime semiconductor consultant recently working for Lasertec; \"One other thing I would point out is on the High-NA side. If you've been reading the news reports, it looks like TSMC is not going to push very hard on High-NA. What they've decided to do, apparently, is do multiple patterning standard EUV rather than trying to do single pattern High-NA.\" — Longtime semiconductor consultant recently working for Lasertec", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961b-65ebb7fa6f15", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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\"Lasertec X8 ULTRA and X9 ULTRA are the DUV light source but they are inspecting the EUV mask...for the throughput...[EUV] is not necessary.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961b-8b7d7ee9f22d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "paragraph", "text": "TSMC “will not consider” Lasertec’s EUV tool for production; only a niche lab/R&D tool in the mask shop; using legacy DUV inspection machines instead as EUV inspection “is not necessary”; only purchased six A150 machines", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02dacc0d-e4ee-4da1-9354-fd7bce89313d", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "A: “Both the Lasertec X8 Ultra and X9 Ultra are the DUV light source, but they are inspecting the EUV mask. The main reason is for the throughput. And it is not necessary...”\nQ: “You’re saying TSMC uses the X8 and X9 Ultra in the fab instead of the ACTIS?”\nA: “Yes. Because of the throughput. TSMC will not consider the A300 or A150 for production. They will only exist in the EPO mask house. The EPO—we call it the EP Organization in TSMC. TSMC has already purchased six sets of A150. So, they already bought six tools. Six A150 tools. But last year, they also purchased the first A300. And the first A300 because they changed the light source, Urashima.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0051654f-5fca-4d1f-9231-efcd3e3fe796", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "quote", "text": "The legacy DUV X8 is the only Lasertec inspection tool that TSMC uses for production, not the ACTIS A150\n“Their X8 is the DUV light source. X8 Ultra. For production, when we talk about the production tool, it’s mainly for production, for the production mask inspection tool. From Lasertec, they have two models. The first one is called X8 Ultra. Another one is the X9 Ultra. They are using the original light source. It’s 213 nanometers. X9 Ultra, they are using a 193-nanometer light source...Originally, for Lasertec, their original light source for DUV is 213. But now, they promote 193. That’s because KLA is using a 193 nanometer light source.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91ac3785-4edb-4054-8bf3-852ce9af5958", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"TSMC will not consider the A300 or A150 for production. They will only exist in the EPO mask house... TSMC has already purchased six sets of A150. So, they already bought six tools. Six A150 tools. 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KLA has 2/3 market share in DUV at TSMC...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:43.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17b2b591-4717-42e0-9f3a-832333371a77", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "paragraph", "text": "TSMC has only ~10 Lasertec legacy X8 DUV inspection tools; the newer X9 is only a demo version under evaluation...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:43.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1dd2b59a-b366-46b2-a76f-57a7270a0b5c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“At TSMC, the demand is around 500 masks per day for production, for the 5-nanometer. 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They indicated that the new X9 is still in evaluation, with an ex-Lasertec field engineer at TSMC telling us that the X9 has light source problems – thus jeopardizing even the 15 potential tool purchases.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:43.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "442bad10-b6b2-4f97-8a06-002105d487f8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ba6111c7-2dff-4027-897e-7fe2b8a8d87a", "evidence": "The slide uses expert testimony to contradict market expectations and expose potential business failure.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 21:04:43.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 263, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 264, "type": "tension", "title": "The slide uses expert quotes to undermine the market sizing thesis for Lasertec's ACTIS tools.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 6, "textChars": 1969, "nDataPoints": 12, "notes": "The slide uses expert quotes to undermine the market sizing thesis for Lasertec's ACTIS tools.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:09.695+00", "seconds": 7.66, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/264", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-264", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In reality, the actual number is closer to one ACTIS tool per quarter at ~$50MM each, as TSMC is a major portion if not a majority of ASML EUV systems – and TSMC is no longer buying Lasertec’s EUV tool.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961b-e602432244ab", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "list", "text": "Samsung indicates ratio is 1 Lasertec tool for every 5 ASML EUV scanners. Global Foundries indicates ratio of 1 Lasertec tool for every 4 or 5 ASML scanners. Ratio of 1 Lasertec tool for every 5 ASML EUV scanners confirmed by other semicap industry experts.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:09.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bab056e-57bb-49d3-8d71-5740884f8c3e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EUV tool ratio: 1:5", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961b-efddeff06078", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Samsung and Global Foundries are the only remaining buyers after Intel and TSMC where Lasertec could salvage a bit of EUV tool growth. However, executives at Samsung, Global Foundries, and a major Japanese tools supplier told us that only one Lasertec EUV tool is required for every five ASML EUV scanners installed. ASML reported a bit over 10 EUV scanners in each of the last 4 quarters: 12 (Q2/23), 11 (Q3/23), 13 (Q4/23), 11 (Q1/24) – implying at most two ACTIS EUV tools per quarter. In reality, the actual number is closer to one ACTIS tool per quarter at ~$50MM each, as TSMC is a major portion if not a majority of ASML EUV systems – and TSMC is no longer buying Lasertec's EUV tool.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:09.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70950457-2ca7-4720-9f12-d057fc640881", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I’ve been told that roughly one Lasertec tool is required for five ASML EUV’s. Intel started to buy EUV tools from 2019, and until now, Intel has 22 EUV tools. Intel had 12 tools until 2019, 14 until 2020, 17 until 2021, and 22 EUV tools by last year. There’s roughly one tool for five EUV tools—one Lasertec tool for five EUV tools.” — Longtime Samsung executive in leadership role in EUV; worked closely with Lasertec; decision-maker for inspection tools. “It’s about 1:4 or 1:5. 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How many EUV machines does Samsung have?”\nA: “Samsung actually bought the first EUV tool very early. They ordered some Lasertec tools for the first time in 2019.”\nQ: “How many ACTIS A150s did Samsung buy per year in the last few years?”\nA: “I think the number of EUV tools they have is 48 as of last year. It shows 25 by 2020, 34 EUV tools by 2021, and 48 by 2022. This year (2023), they are expected to buy 15 more EUV tools. They’ve got 9 Lasertec tools right now at Samsung—9 ABICS and 9 ACTIS.”\nQ: “9 ABICS and 9 ACTIS for how many EUV machines?”\nA: “And 48 EUV tools until last year. But this year, they are adding 15 more EUV tools, so probably around three more Lasertec tools for each, ABICS and ACTIS.”\nQ: “Do you know how much Samsung was paying for the ACTIS A150? Was it $40 million or a different price?”\nA: “The number I have is the price for ACTIS, so that’s $40 million.\nQ: “That’s what you guys were paying at Samsung?”\nA: “Yes. That’s why I have those numbers. 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Samsung stated they pay about $40MM for each Lasertec machine, which implies $80-120MM of revenue at most – insufficient to maintain Lasertec’s growth and valuation as Samsung is one of the three legs of the customer stool they depend on.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:05.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e71d084-7ef0-4e7a-af1d-aff45c967ddd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"They've got 9 Lasertec tools right now at Samsung—9 ABICS and 9 ACTIS.\" ... \"And 48 EUV tools until last year. But this year, they are adding 15 more EUV tools, so probably around three more Lasertec tools for each, ABICS and ACTIS.\" ... \"Yes. That's why I have those numbers. 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KLA's impending launch of an EUV actinic patterned mask inspection tool will be catastrophic for Lasertec. We spoke with 3 KLA sources, as well as senior individuals at Intel, TSMC, Samsung, Global Foundries and others – all indicated that KLA's tool is likely coming in 2025, has a superior technology, and will destroy Lasertec's market share – hardly a surprise, given previous short-lived \"monopolies\" in semicap equipment that collapsed overnight when leapfrogged by a new entrant.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:04.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4d6113a-639b-4ca0-a44f-c624081a5db0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "453cdf30-e78e-4f35-9af0-4ad29b601c19", "evidence": "The slide explicitly frames KLA's product as a threat that will 'destroy' the incumbent Lasertec.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:23:04.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 266, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 267, "type": "setup", "title": "Image file not available at provided path; 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At a 2023 investment conference, KLA’s CFO stated they have already invested “over $1 billion” specifically for EUV mask inspection: “If you look at the reticle space, for EUV...at the end of this year, I was adding up the numbers as CFO, you kind of roll your eyes you go holy – wow, over $1 billion across multiple products to solve the reticle challenge in terms of R&D investment.” He noted their dominance and effective monopoly in inspecting EUV masks with their Teron DUV systems: “in the EUV space, 90%-plus of reticles are running through KLA systems” – once again illustrating the naivete of those who mistakenly think Lasertec is the monopoly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df992f37-0235-4fa9-bd44-5c73ce61261f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "quote", "text": "And the economics of running the fab is playing to our optical solutions and our wafer inspection solutions to validate reticles in the fab environment. So clearly, that's playing out in the EUV space, 90%-plus reticles are running through KLA systems. We have new capability in the market that as they start to shrink feature sizes, that's an e-beam, electron beam-based capability that should meet those higher end post writing inspection requirements. And we feel pretty good about the strategy and the introduction of new capability, similar to what our competitor is offering and trying to engineer today when you move into a high NA environment [...] and so a lot of investment in the company to meet that timing. If you look at the reticle space, for EUV, the company. 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It can only be used for one thing, which is to inspect EUV masks.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961c-741e41fe94c7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.31 }, "kind": "paragraph", "text": "Industry article on KLA cutting is EUV mask inspection headcount, 2015\nKLA-Tencor cuts back EUV investment\nWorkforce set to be cut by up to 10% amid lack of demand for KLA's extreme UV lithography mask inspection tool.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97d9d852-86e0-4f5f-98c0-65c0c23f2f70", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.46 }, "kind": "quote", "text": "Maybe as a follow-up to Wes' question, for you Rick, in terms of the mask inspection for EUV. How do you look at it from a KLA perspective, in terms of the risk/reward the investments? Will you only do it if you're going to get some outside funding? Or is that something you can do, if the customer demand is there...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0afbc5ec-e33f-4c40-82e3-b1c3d7d15eb9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "No. This is one where we need to work closely with the customers -- the -- to make sure that: a, the demand is there and the commitment is there. Because right now, the uncertainty around the timing of high-volume EUV makes this a very different kind of question in terms of the investment profile. Remember, if we build that tool and there's not a market for it, there's no other application for it. It can only be used for one thing, which is to inspect EUV masks. And if you build an advanced wafer inspection tool, it really matters that people are making wafers and doesn't really matter the technology they're making it with. So for that reason, we're coupled to our customers on this and talking closely with them about their needs. And we'll develop it in conjunction with them as we go forward. 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That's why KLA says that for 5-nanometer, 3-nanometer, 2-nanometer, we think our optical inspection 193 system, along with 8xx multi-beam reticle inspection system is sufficient. And when high NA EUV comes with severe pitch reduction and mass pelliclization, you can bring in an actinic inspection system. We could have developed that earlier, but the complexity of the actinic system is much higher, and that's why we chose this path. And therefore, we are confident that we are ready for the market at the right time. And we're giving actinic the appropriate time to do the development and be ready whenever high NA EUV will be available.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57aa91fb-0625-4b95-b1b5-ec680049d8d8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And then when high NA EUV comes, you can really shrink the pitch. That's why KLA says that for 5-nanometer, 3-nanometer, 2-nanometer, we think our optical inspection 193 system, along with 8xx multi-beam reticle inspection system is sufficient. And when high NA EUV comes with severe pitch reduction and mass pelliclization, you can bring in an actinic inspection system. We could have developed that earlier, but the complexity of the actinic system is much higher, and that's why we chose this path. And therefore, we are confident that we are ready for the market at the right time. 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I had [redacted] engineers reporting to me, including the [redacted].” Q: “Do you stay in touch with people at KLA?” A: “I do.” Q: “But it's real, it's happening? It's just a question of exactly when. Is that fair to say?” A: “It's happening according to all the indications I have, it's happening. Of course, it's happening. It's not bullshit. They are investing tremendously. They committed to Wall Street. 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That's not going to happen. I believe they will ship around mid-2025 the beta's. They will start ramping up production and when they see three months down the road installation goes well, they will start releasing or accepting PO's. 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It wasn’t by accident that KLA missed the market. They made a conscious decision to miss the market... KLA went away from the actinic market for a few years while others continued to work on it, including Lasertec.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:09.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdf0488b-22a6-41e7-84cc-3e99d2d0be4e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Basically ASML delayed the EUV tool for 10 years until two and a half years ago. When Intel came to Lasertec that was just about or just before ASML started to talk about releasing, and KLA was already solving that problem for three years - and they just took their time. Basically, between the pellicle and the delay of ASML, KLA was not carefully thinking when to start it and started too late. It’s enormous, and it takes more than a regular program. It takes five to eight years, not three to five years like a regular program. — Former KLA executive in a leadership role in their EUV mask inspection group. It wasn’t by accident that KLA missed the market. They made a conscious decision to miss the market. They were working on an actinic inspection tool, and they decided to stop working on it unless they could get the customers to pay for it and probably, more specifically, Intel. They wanted something like $500 million to continue the work. I think customers were frankly rather pissed about that and instead decided to work with Lasertec. 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Let’s say they go with Gigaphoton. I don’t think they do, but they go with somebody else. Then, in the long term, they will be ahead of Lasertec because they already have a better source. So, they’re learning. KLA is a smart company…” – Leading EUV lithography expert close to Lasertec’s customers and to KLA", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:07.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "596da0d7-0707-49fc-8cf5-eefe548c1581", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "paragraph", "text": "KLA has ‘all the ability’ to make a competing actinic tool; “that’s for sure”; can leverage their monopoly position in DUV\nA: “KLA has all the ability to make it happen. That’s for sure. They have the product, the team, the resources, they have the money. If anyone can do it, then KLA is definitely it. It may well be that the scope of the work is too large for Lasertec. All I can say is that the scope of work is huge, even with a source. Maybe it’s more than Lasertec can swallow. 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The ex-KLA executive corroborated that “the KLA xenon works,” using “frozen xenon gas with IR laser as the originator,” unlike Lasertec’s Ushio or Isteq tin-based sources which he stated are a failure. He predicted that the impact on Lasertec would be devastating, with KLA winning each step of EUV mask inspection, in addition to creating brutal price pressure as customers like TSMC used KLA’s entry to crush Lasertec’s pricing: “TSMC will play hard...KLA will win the P2 and P3 [inspection]...that’s for the mask shop.” As KLA’s Teron DUV tools already have a monopoly in P1, KLA would own the mask shop.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e426532a-f58e-40f7-9cc5-4252fe0772f0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "quote", "text": "KLA Xenon-based source “works” while Ushio source “is terrible” and “creates a mess”\nA: “The KLA Xenon works. The Ushio tin source failed. ASML is different. They’re using tin and they’re using IR laser to ignite it. That’s ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they’re using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.”\nQ: “It sounds like it takes ten years to figure it out. It sounds very complex.”\nA: “Correct...I think that Isteq source will not be done in a professional way and it cannot work. You need to understand Isteq was done for research. Research is done in bursts, not continuously. For inspection, you need something to work 24/7, and that’s it. And it’s really hard. 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But KLA will win the P2 and P3. That’s for the mask shop.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9aacad47-a9dd-46a9-a5cf-e5c0c2007a0a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The KLA Xenon works. The Ushio tin source failed. ASML is different. 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“extremely hard to compete”; Lasertec “will disappear in five year” is they don’t fix their product problems", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ae83774-d7ee-414d-b85c-a0654485dcb3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.63 }, "kind": "list", "text": "KLA customers are keen “to buy from KLA...no question...they will get the orders”; even “if it were crap” as customers want a second alternative to Lasertec", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf0444e1-aa27-4a46-9045-8a6a9333456a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.43 }, "kind": "paragraph", "text": "A: “There is KLA and KLA has proven in the past that they can pull it out eventually...my projection is they will struggle. There will be struggle there...I think it would be extremely hard to compete with KLA...I don’t think Lasertec can pull it out in EUV [vs. KLA] because the cost structure is different.”\nQ: “You think they’re just going to basically collapse as soon as KLA becomes a real competitor.”\nA: “I think that they will have to re-engineer the tool, a simple source, with low margin compared to KLA, for sure, significantly low to win or to sustain the fab. They will have to find engineering solutions, and I’m sure they work on it; otherwise, they will disappear in five years.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f8ab2ee-19e5-4d1b-a0e0-7288af6b06f6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "All three KLA sources we interviewed, as well as every major customer and other experts, stated that KLA’s market entry will be catastrophic for Lasertec’s EUV business. One stated “they will struggle...extremely hard to compete with KLA...I don’t think Lasertec can pull it out in EUV [versus KLA]” – and that “they will disappear in five years” if they don’t “re-engineer the tool [with] a simple source.” A second indicated that “people would love to buy from KLA...there is no question about that...even if [their tool] were crap, then the customer would love to have a second supplier...they will get the orders, that’s for sure.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e75bc0e0-5a5e-4d96-aac6-0d901e5609ce", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "paragraph", "text": "“People would love to buy from KLA. There is no question about that. If KLA comes out with a product and it will be - even if it was only slightly better, people would do it - even if it were crap, then the customers would love to have a second supplier. There is no question about that. If KLA comes out with a product, they will get the orders, that’s for sure.” – Leading figure in the development of Cymer/ASML’s EUV light source; headed KLA’s EUV source effort; one of the top scientist/experts in the field", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7a3004b-4bff-4f18-a97c-ff0c2fdb4f81", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“they will struggle...extremely hard to compete with KLA...I don’t think Lasertec can pull it out in EUV [versus KLA]” and “they will disappear in five years” if they don’t “re-engineer the tool [with] a simple source.” — Former KLA executive in a leadership role in their EUV mask inspection group. “People would love to buy from KLA. 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It has the capabilities that no one else has. So, I would say on the plus side, the capabilities are great. Production worthy, not great.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961d-2c0ffb66bb88", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.39 }, "kind": "paragraph", "text": "Key Lasertec customers have been coming \"crying\" to KLA \"really begging us to expedite\" an alternative...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:06.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "093e3de7-1a72-466c-b8c4-ae16beeaca03", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I’m talking about customers coming to KLA... saying, guys, we need you to develop this tool...P2 can only be done by a clean tool...they were really begging us to expedite.” — Former KLA executive in a leadership role in their EUV mask inspection group. “I think there are a lot of issues with the Lasertec tool. 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A longtime semiconductor equipment executive in Japan – friendly with Lasertec’s CEO – stated that “everything could turn around in a second if KLA comes out with a superior tool...they’re out of business, basically.” The executive replied “correct” when we asked if it’s “game over” when KLA comes out with their product. 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Average people walking on the street have no idea what EUV is, so they believe anything on TV or what the newspapers tell them. But everything could turn around in a second if KLA comes out with a superior tool.”\nQ: “Lasertec stock is hitting all-time highs but the people buying the stock don’t have any clue about these product problems.”\nA: “If someone invents a new light source or a new method to inspect EUV masks, they’re out of business, basically.”\nQ: “It sounds like these guys are basically a one-trick pony where people needed an EUV mask inspection tool. They did a bunch of pre-orders. 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As a customer we always want multiple choices... The timeline you heard from KLA is reasonable. I think KLA is serious. 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For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that’s why I say already two-thirds of the business migrated from originally Lasertec to KLA already. I have to say Lasertec has continued to decrease their amount of share in TSMC.”\nQ: “In fab 18, what happened?”\nA: “The economics, the throughput. If I purchase a tool from KLA, probably for 3-nanometer, TSMC probably needs to purchase 20 mask inspection tools. But if I change to Lasertec, I have to purchase more than 30.”\nQ: “So, you’re saying that TSMC tried using them for 5-nanometer, but it didn’t really work because of the throughput; they only got two machines, and now they’re not going to use them for 3-nanometer. Is that right?”\nA: “Yeah, you can say that. Yes. 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I have some doubts because they were under a lot of pressure to use KLA...if they go to KLA...there will be more bad news for Japan.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:09.325+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a61a3285-bca8-4516-8645-722559689883", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "High NA spells more bad news for Lasertec; Intel is “under a lot of pressure to use KLA” for high NA mask inspection “Intel bought a High-NA version for EUV. 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Because you have a lot of limitations for productivity...even today, TSMC still has a weekly meeting with Lasertec. 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That’s for sure. So, whether Lasertec can really still be the choice - it’s very political - unless KLA really screws up. If KLA screws up - which I don’t think so - Lasertec, I bet they will suffer a little bit…they may lose some of these things in the U.S. because of the CHIPS Act…– Former head of TSMC R&D; played key role in 5nm transition and vendor/tool selection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.451+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2283694c-0038-426b-b810-131f8af8d33a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "Q: “What do you think will happen to Lasertec once KLA launches their competing product? It sounds like they are going to be in trouble at that point.”\nA: “That’s right. That’s right. That’s a very good question. I guess you are very familiar with the CHIPS program under the current Biden administration. This is actually super, super, big-time for suppliers, for foundries, and also universities like us. The CHIPS Act really focuses on U.S. manufacturing 5-nanometer and then so on to 3. So, EUV is one…KLA always brings up their option…the Japanese suppliers are in a bit of trouble because the CHIPS Act is for U.S. suppliers. So, Applied and KLA go first. The U.S. CHIPS Act right now, it’s still at the very beginning because this is the first year it’s going to launch. I think KLA definitely has a super advantage…the Lasertec guys are going to be put into the second choice. That’s a problem. ASML is fine because nobody now can replace ASML. But KLA is very, very strong. KLA apply in terms of EUV, metrology inspection, and packaging. But under the CHIPS Act, I think KLA becomes the favorite. So, that is something you need to think about because it is starting to become very, very political.” – Former head of TSMC R&D; played key role in 5nm transition and vendor/tool selection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.451+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b18e4b1-2a9d-49e8-92f8-45014d76c95a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“That’s right. That’s right. That’s a very good question. I guess you are very familiar with the CHIPS program under the current Biden administration... I think KLA definitely has a super advantage...the Lasertec guys are going to be put into the second choice... 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I guess you said they're sort of struggling and making the transition. What are the reasons for that being? The optics or other problems?”\nA: “It's not so easy to change the process. If they have an established process and an established yield number of, let's say, 19% or something, phasing in the new technology should improve the yield. So, everything needs to be fine-tuned to surpass the existing solution. And that's not so easy with a new technology like actinic inspection. It's going to take time, so they will have to run parallel inspections of the same masks, every day, just to make sure that they get the same results...”\nQ: “So, whenever they do use a Lasertec machine, they're having to kind of duplicate the inspection with other machines?”\nA: “Yes. Just to make sure there are no defects that go through without detection. If that happens, the same defect will print on every single semiconductor. And if it's a fatal defect, it can cost them billions. They cannot ship any wafers anymore.” - Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.233+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13eb57f1-3834-4744-b2b7-0b32d189a370", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Lasertec’s actinic EUV tool is so defective and unreliable that TSMC, Intel, and Samsung have all substituted non-EUV alternatives for inspecting EUV masks, improvising with KLA’s legacy Teron DUV tool plus electron beam inspection - indicating that actinic EUV is useful but not essential, nor worth $50MM per tool. Industry sources further told us that all three of Lasertec’s key customers have quietly built their own mask inspection systems as a workaround, using a very low power EUV source called High Harmonic Generation (HHG). One source close to these customers stated his surprise at learning that they were actually using Lasertec’s old DUV tool while claiming they were using their EUV machine - we suspect Intel, whose EUV mask team we think is engaging in a face-saving cover-up, given their massive bet on Lasertec. 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He stated that he is friendly with Holon’s CEO and that the tool is rapidly gaining adoption among all EUV players including Intel and Samsung, indicating that each of the three customers that comprise most of Lasertec’s revenue have soured on its actinic EUV tool: “TSMC was the first one to adopt the Holon tool...Samsung, Intel, and most of the other customers in the EUV space are also adopting the Holon tool.” The volume of Holon tools being ordered by Lasertec’s EUV customers illustrate the failure of its flagship product: “I’m not quite sure... they have succeeded in phasing in Lasertec tools...they are still ordering considerable quantities of Holon inspection machines.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:09.304+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4649aa4-2279-472c-af53-4989c7752820", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"TSMC was the first one to adopt the Holon tool, and currently, I think Samsung, Intel, and most of the other customers in the EUV space are also adopting the Holon tool.\" — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961d-e012dec51b50", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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While KLA’s DUV Teron tool is also expensive, its mask inspection throughput is vastly higher thus requiring a much smaller number of machines – TSMC complained to us that Lasertec’s system could only inspect a pitiful 5 EUV masks per day, out of the 550 masks their fab needed inspected daily. Thus, the combination of KLA’s DUV tool plus Holon’s $5-7MM SEM tool is far less expensive. 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The SEM tool costs maybe $5 or $7 million...so the financial setup of optical and the CD-SEM is less money. — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961e-12e55ce5a02f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts; https://www.holon-ltd.co.jp/english/product/about.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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He pointed to “an award announced at last year’s EUV mask event about the work that KLA and others have done about supporting EUV mask inspection with other methods” – “a well-engineered system is more important than the wavelength”; “the DUV tools actually do work [for EUV masks]...those tools work really well and have been well-engineered for a long period of time.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a98c5c55-8831-41db-8889-a909882db8e5", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "KLA non-actinic DUV alternatives are “work really well” and are “well-engineered”; EUV wavelength is less important\n“The current KLA systems are pretty good, but they're not as good as actinic. Having said that, a well-engineered system is more important than the wavelength...they're using the current DUV tools, and it was announced at the most recent conference that people who are appreciating all the work that KLA did on supporting EUV with the DUV tools. EUV and DUV are different but for supporting EUV inspection, the DUV tools actually do work...Those tools work really well and have been well-engineered for a long period of time. That's what people use. I think today, I think people are using the Lasertec actinic pattern mask inspection tool - they use that when it works...” – Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6539e5b5-789e-433d-8d5e-f43794fd169a", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.49 }, "kind": "quote", "text": "Alternative methods for EUV mask inspection; KLA recently won an award for non-actinic method\n“I worked on the actinic project. I've worked on the DUV project, and I worked on the electron beam project. I worked on all three of those. I know them all very well...I would say that Lasertec definitely launched the actinic mask inspection capability sooner than KLA did; however, there are alternatives. In fact, there was an award announced at last year’s EUV mask event about the work that KLA and others have done about supporting EUV mask inspection with other methods. So, there are alternatives for the inspection. Having said that, I do think that the actinic mask inspection is the best way to do that if the system is well-engineered. I do think there are current alternatives. KLA has an electron beam system, and they have a D2B system, and KLA is working on an EUV system.” – Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9269ff4-a2e7-4d3b-aee0-58834d36f875", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I worked on the actinic project. I've worked on the DUV project, and I worked on the electron beam project. I worked on all three of those. I know them all very well...I would say that Lasertec definitely launched the actinic mask inspection capability sooner than KLA did; however, there are alternatives. In fact, there was an award announced at last year's EUV mask event about the work that KLA and others have done about supporting EUV mask inspection with other methods. So, there are alternatives for the inspection. Having said that, I do think that the actinic mask inspection is the best way to do that if the system is well-engineered. I do think there are current alternatives. KLA has an electron beam system, and they have a D2B system, and KLA is working on an EUV system. — Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961d-face8f4431c3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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You want to make sure that the mask has the design you want. There's die-to-database. Lasertec has developed that, and I'm not sure how good it is. But, in general, people are using existing tools, in which case KLA is the market leader.[The Teron] is the mainstream tool for everybody, even for some of the EUV.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961e-2bc39e30fdba", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.59, "x": 0.07, "y": 0.69 }, "kind": "image", "text": "KLA Teron product image", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c724a334-e0b8-4d05-ae22-e969d121100f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.31 }, "kind": "paragraph", "text": "Customers “can get by” using the KLA DUV tool given reliability issues with Lasertec\nA: “If the Lasertec tool is working, then great. If it's not working, I think people can get by, but it's slow...”\nQ: “Are they using a DUV tool from KLA to get by? Is that the Teron?”\nA: “The KLA tool for DUV is the market leader, especially for he original mask. You want to make sure that the mask has the design you want. There's die-to-database. Lasertec has developed that, and I'm not sure how good it is. But, in general, people are using existing tools, in which case KLA is the market leader.[The Teron] is the mainstream tool for everybody, even for some of the EUV.” – Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58d761f6-f012-4abe-b2de-6704615c6a02", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“If the Lasertec tool is working, then great. If it's not working, I think people can get by, but it's slow...” — Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961e-2cca0728f82f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.75, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts; https://www.kla.com/advance/innovation/teron-sl670e-and-teron-sl670e-xp-euv-reticle-quality-control", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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They generally made essentially their own inspection system and in-house inspection system, and so did Intel. Intel doesn’t talk about it, but they did.”\nQ: “For EUV masks, they did their own system?”\nA: “For EUV mask inspection so they can see what the defects are, and they all ended up essentially using the same kind of technology. They used a high harmonic generation source because that's the only other source that you can have that can give you close to 13.5 nanometers, but those are—the power is very, very small. Those are nanowatts. So, everybody was doing this, some quietly and some more publicly. Samsung, we knew, but Intel and TSMC all did the same.”\nQ: “High harmonic generation—is that the term you used?”\nA: “HHG. They used an HHG source. Samsung still uses it, and so does TSMC, and most likely Intel does it too. But Intel is very quiet about what they do. Intel has a mask shop in California. 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They generally made essentially their own inspection system and in-house inspection system, and so did Intel. Intel doesn't talk about it, but they did. ... everybody was doing this, some quietly and some more publicly. Samsung, we knew, but Intel and TSMC all did the same. ... Samsung still uses it, and so does TSMC, and most likely Intel does it too. 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Only tin can produce EUV light at sufficient power and brightness for applications such as ASML’s scanner; both the Ushio and Isteq sources Lasertec has tried are also tin-based, but defective. HHG is not a replacement for a proper actinic EUV source, but it illustrates that TSMC, Intel, and Samsung are able to improvise and get by without Lasertec’s defective EUV inspection tool through a combination of HHG, KLA’s DUV systems, and electron beam systems like Holon’s. The EUV lithography expert stated that “they’re doing a combination of these things” and expressed surprise that “some of the inspections that I was told were done with EUV machines from Lasertec were actually done with [their] 193nm machines” – that is, Lasertec’s old DUV systems.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "339e0fe2-3907-44f6-8444-9d1ec4de38ed", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.56 }, "kind": "quote", "text": "I don't know how many HHG machines they are using because they're doing a combination of three things: they have the KLA machines, they have Lasertec's non-EUV machines. In fact, some of the inspections that I was told were done with EUV machines from Lasertec were actually done with 193nm machines from Lasertec. So, they have KLA machines, they have Lasertec machines, both with 193. And they have HHG machine, and then they have Lasertec EUV machine .” – Leading EUV lithography expert close to Lasertec's customers", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9faaee30-8d3b-4b82-8049-2807088957b9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I don't know how many HHG machines they are using because they're doing a combination of three things: they have the KLA machines, they have Lasertec's non-EUV machines. In fact, some of the inspections that I was told were done with EUV machines from Lasertec were actually done with 193nm machines from Lasertec. So, they have KLA machines, they have Lasertec machines, both with 193. 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As detailed in an earlier section, Lasertec’s technology cannot support High NA – and its claims around the purported High NA capabilities of the “new” ACTIS A300 lack credibility. High NA mask inspection requires an electron beam solution similar to Holon’s. The Japanese semiconductor executive friendly with Lasertec’s CEO explained High NA’s requirement for optical proximity correct (OPC): “actinic is not going to be sufficient for mask inspection because sub-resolution assist features will become necessary...those features you cannot detect with actinic light...ultimately an electron beam solution is required...they need features on a mask that are smaller than 13.5nm...higher resolution than EUV is required...and people are working on an electron beam solution...KLA is one of them.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:14.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d4f6909-c45b-4ac5-9be3-8e32ac332e54", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.63 }, "kind": "quote", "text": "A: “Just one more aspect. Ultimately, actinic is not going to be sufficient for mask inspection because sub-resolution assist features will become necessary down the road. And those features you cannot detect with actinic light. So, ultimately, an electron beam solution is required.” Q: “Walk me through that. Are you talking about the High-NA EUV or something else?” A: “Yeah, pretty much High-NA, what they call the inverted lithography—OPC technology, light correction on the mask. So, they need features on the mask that are smaller than 13.5 nanometers. So, these features cannot be quantified using EUV anymore. A tool with a higher resolution than EUV is required. And people are working on an electron beam solution. 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KLA appears ready to leapfrog and make Lasertec obsolete as the transition to High NA gains momentum in 2024 – Lasertec cannot support High NA, while KLA has patiently prepared for it as the next phase of EUV lithography. We find this particularly ominous as Intel is the first and most aggressive adopter of ASML’s High NA technology – and Intel is Lasertec’s “founding customer” and was its only hope for future actinic EUV purchases. The Japanese semiconductor executive stated that Lasertec’s window is “maybe another two years”: “KLA is working on it...Nuflare is working on a tool and ASML has a division where they’re working on a multi-beam inspection tool...which means it has much better throughput compared to the Holon inspection tool.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:10.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1a3d322-19cc-411f-a66f-565dc12ad1df", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "quote", "text": "Q: “How long do you think Lasertec’s window is?”\nA: “Maybe another two years.”\nQ: “And what happens then? E-beam or KLA, or what do you think will happen?”\nA: “E-beam inspection will come out.”\nQ: “And are there any big companies working on it besides KLA for E-beam?”\nA: “Yes, KLA is working on it. NuFlare is working on a tool, and ASML has a division where they’re working on a multi-beam inspection tool.”\nQ: “For EUV masks?”\nA: “If they can establish the process, they can modify it for wafer inspection. 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Our investigators never saw any security or guards during any visit – not what one would expect from a facility with cutting-edge R&D, sensitive industrial secrets, intellectual property, and the production or components of $50MM pieces of capital equipment. 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Prior to the meeting, Lasertec’s IR representative agreed to a brief tour of their clean room at headquarters, but strongly refused multiple attempts asking for a tour of the clean room (Fab 4A) at the Innovation Park – we find it unusual that one clean room was offered but the other refused. We then asked for a brief, general tour of Innovation Park without entering Fab 4A – also refused. In a final attempt, we asked for simply a video clip of Fab 4A, which was also denied. We were told that a shareholder flew from Switzerland to see Fab 4A and was “extremely unhappy” at being similarly denied even a video. 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He was generally vague about the progress of work on the other four buildings.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:12.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25771175-ccb6-4d37-8ba8-dc8e7508a78f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "quote", "text": "“We asked about seeing a video of Fab-4A at Lasertec Innovation Park, since we couldn’t see the place in person. The IR Rep seemed sincerely disappointed in explaining that no such video exists: ‘We in IR have been agitating,’ he lamented, ‘for the production of a DVD introduction to the facilities there but to no avail. I hosted an investor—a shareholder—who had come all the way from Switzerland to visit. He was extremely unhappy about being unable to get a look inside Fab-4A or to even see a video presentation.’”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:12.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d1c8efb-cf34-4453-999f-4fe0f346d9e6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We in IR have been agitating,” he lamented, “for the production of a DVD introduction to the facilities there but to no avail. 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"attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:12.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8dc65f6-010e-4b99-98ab-baf0800cf29d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.64, "y": 0.53 }, "kind": "legend", "text": "Feb 25, 2022 – stock was in freefall with record trading volume", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", 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"subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961e-cfed72e9260b", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The timing of the announcement was suspicious. The stock had collapsed rapidly over 6 weeks, falling 40% from a peak of 36,000 in Jan 2022, to 21,000 on the day of the release on Feb 25, 2022 – a highly unusual moment to announce an expansion 5 times the size of headquarters, especially after sales plummeted that quarter. We suspect that management panicked and concocted a press release in a bid to halt the decline. Fake capital expenditure press releases are a trick we see often in corporate frauds, to create the illusion of customer demand, expansion, and growth. The chart below is what management saw on Feb 25, 2022 – anyone then could have feared a further 50-75% decline to 5,000 to 10,000. We note that trading volumes in the three weeks prior to the release were the highest ever in the stock – record volumes into a rapid decline are a sign of panic selling.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:12.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fa30502-23ed-485b-8412-7e4009dc43ea", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Bloomberg data", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"functionCanon": null, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file not available at provided path; could not inspect.", "elementsJson": null, "confidence": 0, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:39:14.844+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/307", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-307", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 308, "type": "tension", "title": "The slide uses a primary source document (press release) to expose a contradiction in corporate strategy.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 7, "textChars": 1655, "nDataPoints": 3, "notes": "The slide uses a primary source document (press release) to expose a contradiction in corporate strategy.", "elementsJson": [ "paragraph", "screenshot", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:13.983+00", "seconds": 4.347, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/308", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-308", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": { "h": 0.32, "w": 0.53, "x": 0.39, "y": 0.49 }, "kind": "callout", "text": "“Used as a base for Toshiba Group training centers”\n\n“There are 5 buildings on the site: Building A, Building B, Building C, Dormitory, and Machine Training Building.”\n\n“Toshiba will continue to use the four buildings other than the machine training building until no later than September 30, 2023.”\n\n“Lasertec will convert the machine training building to a clean room facility, the construction scheduled for completion by June 30, 2023.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:13.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9062582-f597-4ae6-8df0-ec8a438eb8c8", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We have never seen a company make the largest capital expenditure in its history, and then agree to not use it for a year – especially if it was meant to \"respond to customer demand.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961f-bda4d811a00c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.37, "x": 0.07, "y": 0.46 }, "kind": "image", "text": "Lasertec press release, Sep 30 2022", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:13.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2cffb71-2943-4faf-9c7a-7e5e2a028984", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.07, "y": 0.13 }, "kind": "paragraph", "text": "First, the press release at closing stated that Toshiba used the site and its 5 buildings as a training center – but that Toshiba would continue to use the facilities for another year after the closing of the purchase. We have never seen a company make the largest capital expenditure in its history, and then agree to not use it for a year – especially if it was meant to “respond to customer demand.” If Toshiba needed a year to vacate the facility, Lasertec could have signed a purchase agreement with a future closing date – thus retaining ¥17 billion ($150MM at the time) in capital for other uses, especially since just a few months earlier, Lasertec had to issue ¥10 billion in debt to fund an ¥8 billion dividend.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:13.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e40d30d2-0da3-4ba0-af72-d36987cc5eb7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Used as a base for Toshiba Group training centers” — Lasertec press release, Sep 30 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961f-c0889ae853dd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: https://www.nikkei.com/markets/ir/irtp/data/tdnr/tdnetg3/20220930_archive/dqnr65/140120220930538605.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:13.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "363fb12e-dc60-4803-906e-a17fb55344f9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.06 }, "kind": "title", "text": "In addition to suspicious timing, we note three other unusual circumstances.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:13.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efef38b8-6ba0-4b6e-bf60-946566e3ffd0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1f5b4522-d921-4437-9204-6661c001ffdc", "evidence": "Exposing contradictory corporate actions to suggest mismanagement or hidden agendas.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:23:13.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 308, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 309, "type": "tension", "title": "The slide uses red circles and arrows to annotate a table excerpt, pointing out the ownership structure and the 'Nothing of note' disclosure.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 1521, "nDataPoints": 0, "notes": "The slide uses red circles and arrows to annotate a table excerpt, pointing out the ownership structure and the 'Nothing of note' disclosure.", "elementsJson": [ "paragraph", "screenshot", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:13.061+00", 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"019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 5, "textChars": 1701, "nDataPoints": 2, "notes": "The slide uses authority-citation to establish a pattern of corporate malfeasance.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:13.037+00", "seconds": 3.208, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/310", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-310", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We note only that both Nomura and Toshiba have an extensive history of episodes involving serious fraud.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961f-85bc292fe62c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.65, "x": 0.07, "y": 0.52 }, "kind": "list", "text": "US Department of Justice press releases from Oct 2018 (top) and Aug 2023 (below)\nNomura Agrees to Pay $480 Million in Civil Penalties for Misleading 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determine the details, financial flows, and potential circularity of the transactions between Nomura, Toshiba, and Lasertec, such as the actual value of the property versus the amount paid. We note only that both Nomura and Toshiba have an extensive history of episodes involving serious fraud. Nomura’s real estate group, in particular, seems to be a compulsive repeat offender. In 2018, the US Department of Justice announced a $480MM settlement with Nomura for “fraudulent conduct in connection with its Residential Mortgage-Backed Securities offerings.” In August 2023 – less than a year ago – the DOJ announced a new $35MM settlement with Nomura and the resolution of potential criminal charges after it “perpetrated a scheme...to defraud its customers...with the knowledge, encouragement, and participation of supervisors” – once again with respect to mortgage-backed securities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:13.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "666a1161-946d-43bf-b792-f2314a4e9d2f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“fraudulent conduct in connection with its Residential Mortgage-Backed Securities offerings.” — US Department of Justice", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961f-8a457a4c115f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.82, "x": 0.07, "y": 0.93 }, "kind": "source-note", "text": "Source: https://www.justice.gov/usao-edny/pr/nomura-agrees-pay-480-million-civil-penalties-misleading-investors-sale-residential; https://www.justice.gov/usao-ct/pr/nomura-securities-international-agrees-pay-35-million-penalty-stemming-its-0", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"densityScore": 26, "componentCount": 5, "textChars": 541, "nDataPoints": 0, "notes": "The slide uses a primary source document (permit application) to debunk a specific claim.", "elementsJson": [ "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:15.57+00", "seconds": 5.614, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/311", "deck": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-311", "deckJson": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our investigators visited the City of Yokohama’s Housing And Architecture Bureau, and the only permits we could find were from 1997 for Toshiba’s construction of the four buildings, other than Building A, which dates from 1969.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b7-702e-961f-71a8d25785ac", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.33 }, "kind": "image", "text": "Scanned permit documents from the City of Yokohama", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", 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"kind": "paragraph", "text": "Management’s prepared comments on the slide showing the Innovation Park\n“Next, I would like to talk about the new R&D center, Lasertec Innovation Park, InnoPa. A clean room has been newly established at the new site and is being used as a research and development base from July 2023. The first phase of construction was completed at the end of June and operation started in July. 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I would like to ask you about production capacity...when the first phase of construction was completed? Also, the second phase of construction is scheduled to begin in October of this year [...] when it is finished, how much will production capacity grow?”\nOkabayashi [A]: “...we have been increasing production capacity every year. In the current fiscal year, although we are unable to provide figures, the new InnoPa development site has been in use since July for product assembly and final adjustments, and we plan to further increase production volume once the second phase of construction is completed.”\nHirakawa [Q]: “The second phase of construction is scheduled to begin in October, but, this is the same question, when will it be completed and how much will production capacity grow?”\nOkabayashi [A]: “At this time, we have not announced when it will end or how much production will expand. 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I believe you explained that your company is working on expanding capacity, such as with the new InnoPa, and that a clean room was installed during the last fiscal year. I am wondering if the lead time is going to get shorter if you look to the future orders you may have...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:14.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3fed135-7c10-422f-a5e0-e8abbe44ad04", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "quote", "text": "\"...there was a very large investment in Q1 of last year due to the acquisition of a new base we call InnoPa, but since then, there has not been so much investment, although some clean rooms have been installed.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:14.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fecd4a6e-4b9e-40c9-8349-0abd2b9e8187", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“some clean rooms have been installed.” — Lasertec management prepared comments Oct 31, 2023. “As you mentioned, we acquired property including land and buildings called InnoPa, which has about five times the space of our current headquarters building. The first phase of construction was completed last June, and production began in July. In addition, the second phase of construction started last October, and when completed, it too will contribute to production. In this sense, we are working to increase production capacity [...] We are also expanding our production space and workforce. As for the new InnoPa facility, as I explained earlier, the first phase of construction has already been completed and the equipment is now being assembled and adjusted, and the second phase of construction has started. 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