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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a Q&A transcript format to build a case against Lasertec's competitive position.",
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      "text": "KLA owns the P1 inspection in the mask shop with their Teron product line and no one else can compete",
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      "text": "Mask inspection involves four steps, each with distinct inspection tools: P0, P1, P2, and P3. The first step P0 refers to inspection of the mask blank in the blank shop, before it’s etched with a chip pattern. Customers typically use Lasertec’s relatively inexpensive ABICS blank inspection tool. P1 inspection occurs after mask writing, where KLA’s Teron inspection machines dominate and have a monopoly due to their unique “Die to Database” technology. Defects discovered by the Teron in P1 are then fixed with a Carl Zeiss tool, after which P2 inspection occurs – the primary use case for Lasertec’s ACTIS EUV tool.",
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      "text": "KLA owns the P1 inspection in the mask shop with their Teron product line and no one else can compete... There's a monopoly there because KLA is the only tool that has Die to Database... that's perfected and that's what KLA is good at, so they dominate the P1.",
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      "text": "“There's a monopoly there because KLA is the only tool that has Die to Database. You can compare the right chip to the left chip, and you know that if three are the same, there is no problem.” — Former KLA executive in a leadership role in their EUV mask inspection group",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "Lasertec’s particle contamination problem makes it highly problematic for P2 mask inspection – the only step in the inspection process where its EUV tool can be used.",
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