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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": "Includes a direct expert testimonial highlighting the lack of production-worthiness.",
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      "text": "Lasertec’s lack of production reliability makes it a non-starter for widespread use inside wafer fabs and radically shrinks its TAM – total addressable market.",
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      "text": "Actinic mask inspection tools have only two use cases: 1) inspection inside the mask shop where each new EUV mask is prepared; and 2) inside fabs next to ASML scanners, where masks are periodically inspected during production use. However, the TAM inside mask shops is miniscule and already exhausted. As we detail later, we believe that Lasertec’s two largest customers Intel and TSMC have only 3 and 2 ACTIS machines each, respectively, in their mask shops and appear to have ceased any new installs, making any future tool purchases dependent on production use in fabs: “the mask shop...to be blunt...that’s where more of the money is”; “spending money on EUV actinic inspection in a wafer fab seems unlikely...it would be a lower priority...”",
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      "text": "Not a “production-worthy” tool; tool purchases for wafer fabs are less likely as the value is mostly in the mask shop\nA: “Production-worthy, not so quick.”\nQ: “So, you’re saying it’s not production-worthy?”\nA: “Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” – Ex-KLA director of engineering focused on EUV mask inspection",
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      "text": "“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that's where—to be blunt—that's where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that's why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” — 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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