{ "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": 152, "pageCount": 334, "prevPage": 151, "nextPage": 153, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to validate the thesis that the Urashima source is not superior to the Ushio source.", "elementsJson": [ "paragraph", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/152", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-152", "components": [ { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.46 }, "kind": "callout", "text": "Lasertec tries to keep Ushio “in the dark” about Urashima light source problems; has just “as much downtime; Ushio engineers can see the basically two light sources side by side", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a814a93f-978e-4a74-8247-b7741616311c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.53 }, "kind": "paragraph", "text": "Q: “Have you heard anything about how the machines with the Urashima source are doing versus the Ushio one?”\nA: “Lasertec tries to keep us in the dark about that. The machines are right next to our machines and when we need to work with an engineer on one of the Ushio machines, we are getting that help from somebody that’s working on one of the other machines. It’s all the same Lasertec engineers. I get the feeling there’s as much downtime on those machines as there is on ours...my impression from being around them is that the production is about the same.”\nQ: “Are some of the machines that you’re in charge of, with the other light source, right next to those machines, the Lasertec machines? Or are those in a different facility?”\nA: “Some of them are right next to our two.”\nQ: “Oh, so you actually see it? You see the one with the Urashima right next to yours?”\nA: “Oh yeah.”\nQ: “How does that work since they’re trying to keep you in the dark? Are you not allowed to touch it or look at it? That must be weird.”\nA: “Yeah, I mean, we don’t obviously don’t touch it, but we can look. They can’t really stop us from looking.” – Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "097d58f7-3490-4d39-9b81-0ec13fcca9fa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Multiple sources told us that the Urashima light source is as defective as the Ushio one and fails to address its fatal flaws. The Ushio field engineer based inside the Intel fab works closely with Lasertec to service the machines, giving him day-to-day visibility into all aspects of the technology. He stated that while “Lasertec tries to keep us in the dark” about the performance of the machines with the Urashima source versus the Ushio one, that the Urashima tools “are right next to our two”: “we can look...they can’t really stop us from looking.” He stated that the Lasertec engineers he interacts with work on both EUV light sources, and that “there’s as much downtime on those machines as there is on ours...my impression from being around them is that the production is about the same.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5f1db930-3cb3-414c-a13a-a792619f74ca", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Lasertec tries to keep us in the dark” about the performance of the machines with the Urashima source versus the Ushio one, that the Urashima tools “are right next to our two”: “we can look...they can’t really stop us from looking.” He stated that the Lasertec engineers he interacts with work on both EUV light sources, and that “there’s as much downtime on those machines as there is on ours...my impression from being around them is that the production is about the same.” — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc83-61deddc7f6f0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "603623b1-7ae1-4a14-a70f-ca164e0b0388", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "5cb08406-c02b-447a-8590-33ccb245e12d", "evidence": "The slide contrasts the company's narrative with expert testimony.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }