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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 direct quotes from an expert to validate the thesis of low reliability.",
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      "kind": "callout",
      "text": "Lasertec “system reliability is pretty low” and is “not reliable enough”; reliability needs to be 99.9% else a bad mask leads to defective chips",
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      "text": "KLA expert confirms information on Lasertec reliability issues as coming from “close connections at Lasertec”",
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      "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.",
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      "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.”",
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      "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",
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      "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. But I really can’t go into more than that.” – Ex-KLA director of engineering focused on EUV mask inspection",
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      "text": "“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. But I really can't go into more than that.” — Ex-KLA director of engineering focused on EUV mask inspection",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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