{ "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": 128, "pageCount": 334, "prevPage": 127, "nextPage": 129, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses expert testimony to frame Lasertec as a failure in reliability, contrasting it with the needs of major customers like TSMC, Intel, and Samsung.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/128", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-128", "components": [ { "bbox": null, "kind": "callout", "text": "The reliability is so low that Lasertec’s tool is simply not “production-worthy”: “their tool doesn’t work reliably”; “doesn’t work well enough for production”; doesn’t work well enough overall,” which leads customers to beg KLA to hurry its competing actinic inspection tool – “and that’s why customers want KLA to make a reliable tool.”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc81-2c72a089a241", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The reliability is so low that Lasertec’s tool is simply not “production-worthy”: “their tool doesn’t work reliably”; “doesn’t work well enough for production”; doesn’t work well enough overall,” which leads customers to beg KLA to hurry its competing actinic inspection tool – “and that’s why customers want KLA to make a reliable tool.” The expert stated that “the reliability is bad...they don’t meet the high 90%’s reliability at all,” which then undermines the economics of buying ASML’s expensive EUV scanners: “it needs to be reliable...otherwise the economics don’t work...the scanners are getting very, very expensive.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "94778971-254e-49da-87e1-b30c0d3eb4dc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.73 }, "kind": "quote", "text": "There’s a huge value in EUV because we make more devices per nanometer. We need EUV to move forward, but it needs to be reliable. Otherwise, the economics don’t work. Bottom line, it comes down to economics. And it goes to the scanners. The scanners are getting very, very expensive and the inspection system should support the scanners and they’re getting very expensive, so it doesn’t make sense.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2c9b1912-27e4-4517-9d14-5646fc615824", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.16, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "quote", "text": "Their tool doesn’t work reliably...the tool doesn’t work well enough for production. It has the capabilities that no one else has. So, I would say on the plus side, the capabilities are great. Production worthy, not great. So, you have to mix those things together...reliability is not so good. It’s actinic. It should do what needs to be done and that’s what customers think is that when it works. It doesn’t work well enough overall, and that’s why customers want KLA to make a reliable tool.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "67b27933-f13f-4f0c-98cd-bb352026a4bd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.33 }, "kind": "quote", "text": "With the Lasertec system, the reliability is very difficult to work with...the reliability is bad. So, they don’t meet the high 90%’s reliability at all. That’s the general thing that I hear that I can share overall. It matters. People spend lots of money based on what's going to make their production work.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ce5abb0-9515-4a12-9207-ad47db0b5d0a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“With the Lasertec system, the reliability is very difficult to work with...the reliability is bad. So, they don’t meet the high 90%’s reliability at all. That’s the general thing that I hear that I can share overall. It matters. People spend lots of money based on what’s going to make their production work.” — Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc81-3042eef86739", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "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": "2df0829a-9a4b-4d64-9a77-f2151494a895", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "d627c271-775a-4ff2-9fb5-96ed51189892", "evidence": "Frames Lasertec as the unreliable antagonist to the industry's economic needs.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }