{
  "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": 114,
  "pageCount": 334,
  "prevPage": 113,
  "nextPage": 115,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a Q&A format to validate the thesis that Lasertec's tool is flawed and causes customer dissatisfaction.",
  "elementsJson": [
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/114",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-114",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lasertec “customers are furious because they need to maintain another KLA tool as a backup on P2”: “the problem that the customer has...because Lasertec introduces particles as you clean and put the pellicle on...so you defeat the purpose.”",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7f-de0f1c761365",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.42
      },
      "kind": "paragraph",
      "text": "Lasertec is used for P2 but “defeats the purpose” as it “introduces particles” and debris and requires duplicate work with a KLA tool; “customers are furious”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a827970-dafd-4ab1-b359-81e6422e2deb",
      "frameworkName": null,
      "frameworkSlug": 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. You need to compare P2 and P3. Basically, there is a map to do the P2 and P3 in the same tool. Because you inspect the change before and after. And now the problem that the customer has is they cannot put a Lasertec tool there because Lasertec introduces particles as you clean and put the pellicle on. So, you defeat the purpose. So, what they do is inspect the Lasertec, they clean it and then they inspect it with KLA Teron again and then send it to pelliclization. And after that, again, the Lasertec because after pelliclization, it doesn't matter—”\nQ: “Where does Lasertec play? P1 is KLA, so Lasertec is P2 and P3?”\nA: “Currently, P2 and P3, but the customers are furious because they need to maintain another KLA tool as a backup on P2. And look what's happening in the mask right now.”\nQ: “And that's because the Lasertec tool introduces debris?”\nA: “Correct. Particles, yes. Absolutely.” - Former KLA executive in a leadership role in their EUV mask inspection group",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06aec642-c0a5-4f45-ae1d-495080c28666",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“the problem that the customer has...because Lasertec introduces particles as you clean and put the pellicle on. So, you defeat the purpose.” — 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-bc7f-e2b6187d8dc8",
      "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": "98916c59-f865-406d-a2c4-ef94450811ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "However, since Lasertec's EUV mask inspection tool introduces new particle contamination in P2, key customers like Intel and TSMC are forced to then do a redundant inspection with the same KLA Teron tool used in P1 – defeating Lasertec's entire purpose and creating issues prior to the final step, called P3 which refers to inspection after a thin protective membrane called a “pellicle” is placed on the mask. As a result, Lasertec “customers are furious because they need to maintain another KLA tool as a backup on P2”: “the problem that the customer has...because Lasertec introduces particles as you clean and put the pellicle on...so you defeat the purpose.”",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7505bf9d-d64e-41d4-ba93-cc76532b8109",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "739aad5c-2d81-4670-9e70-cc9809fccbd2",
      "evidence": "The slide frames Lasertec as the antagonist causing customer pain and redundant work.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}