{ "docId": "019dd923-622c-750b-8b9a-0f4bec37392f", "docSlug": "f982379e2e48", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 112, "pageCount": 334, "prevPage": 111, "nextPage": 113, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a Q&A format to build a case against the reliability of Lasertec's equipment.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/112", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-112", "components": [ { "bbox": null, "kind": "callout", "text": "Off-gassing coats the collector and other key optics components; cost millions to replace; KLA executive witnessed Lasertec optics having to be “repeatedly replaced”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc80-22fd46d0052b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.27 }, "kind": "paragraph", "text": "Numerous problems such as “degradation of imaging optics” and “particulation” onto the mask; debris coating requires imaging optics to be replaced annually as well as numerous mirrors at a cost of millions per year", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0aac30a6-e180-4e3e-9119-9c5791caae92", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.63 }, "kind": "paragraph", "text": "Off-gassing coats the collector and other key optics components; cost millions to replace; KLA executive witnessed Lasertec optics having to be “repeatedly replaced”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ceba35ee-d0d9-45e2-9176-c4993036186b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "quote", "text": "Q: “The off-gassing is coating the optics?” A: “There is one big collector next to the source. They have to frequently replace it in maintenance. Then after the collector, Lasertec has four mirrors. And those four mirrors are coating the imaging optics.” Q: “When you say collector, you’re referring to a mirror?” A: “Yes, everything in EUV is mirrors. There is no lens, a different curvature. So, the collector is number one. And there are another four surfaces or four mirrors that we call imaging mirrors. Each of them costs around a million dollars to produce. That’s how much it costs. If you start and gradually, those are maybe once a year or once a year a half a year they need to replace because they have problems. They have problems there as well. I know that as a fact. I was in the shop and I saw them repeatedly replacing the optics.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "24de62d7-da7c-4b45-af2d-89bff9e7982f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.32 }, "kind": "quote", "text": "Q: “You said the optics are getting off-gassing and particles from the stage. So, you said they have to replace the optics or they have to clean those as well?” A: “Together with the problem with the source of off-gassing, also the stage has a problem with particulation and off-gassing, all of them contribute now to the degradation of the imaging optics and also the particulation on the actual mask of the inspection. And this one, you cannot clean. It coats the source of the EUV light until it develops a few mono-layers of coating of this organic composition, and gradually, you lose it, and you have to replace it.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a285a64c-4b7b-49d1-b98e-531391571425", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.47 }, "kind": "quote", "text": "Q: “So, you have to replace the optics. How often do they have to replace the optics, and how much does that cost?” A: “I heard every year that you need to replace the imaging optics right now…the coating and the amount of VOC are such that every year they have to replace the optics, and this costs—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 costs at least half a million dollars each.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e9f45961-3f3e-4958-b2ce-86d32d064242", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Together with the problem with the source of off-gassing, also the stage has a problem with particulation and off-gassing, all of them contribute now to the degradation of the imaging optics and also the particulation on the actual mask of the inspection. And this one, you cannot clean. It coats the source of the EUV light until it develops a few mono-layers of coating of this organic composition, and gradually, you lose it, and you have to replace it.” — Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc80-276fe0f8e3b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d7638a1b-17db-4d13-bef7-7195da96b0c6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Particles generated by Lasertec’s machine leads to “degradation of the imaging optics…and particulation on the actual mask,” which “you cannot clean” as it coats the source of the EUV light”: “gradually you lose it and you have to replace it.” The KLA expert indicated the problem degrades each of the key optical components, including the EUV collector and four mirrors inside the tool.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88b7d797-4f57-4619-882c-ae10bb12c903", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }