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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 highlighted text to emphasize the expert's critique of Intel's 'song and dance' narrative.",
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      "kind": "callout",
      "text": "Ushio source had “degradation”; Lasertec/Intel did a premature victory lap and then had to rip out the light sources",
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      "text": "Intel outsourced actinic development to Lasertec and proclaimed themselves as “the winner” only to have the tool fail",
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      "text": "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.",
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      "text": "He stated “the Ushio source [had] degradation,” and criticized “people” who we presume to be Intel’s mask inspection group: “...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...”; “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.”",
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      "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? And I have not seen long-term performance data at all.” – Leading EUV lithography expert close to Lasertec’s customers",
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      "text": "“Intel said we’re going to go ahead and play with Lasertec. 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. But three years later, we’re hearing the Ushio source doesn’t work, and now we have another source from a Russian company called Isteq.”– Leading EUV lithography expert close to Lasertec’s customers",
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      "text": "“The Ushio source [had] degradation. 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.” — Leading EUV lithography expert close to Lasertec’s customers",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "The EUV lithography expert was highly critical of Intel’s credibility with respect to Lasertec, noting their large investment and need to save face as its sponsor.",
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