{ "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": 156, "pageCount": 334, "prevPage": 155, "nextPage": 157, "slideType": "quote_slide", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a direct quote to undermine the credibility of the company's technical claims by referencing past failures.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/156", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-156", "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.58 }, "kind": "callout", "text": "Ushio source had “degradation”; Lasertec/Intel did a premature victory lap and then had to rip out the light sources and replace with an Isteq source; new source also has problems and lacks performance data", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4bf80d0a-abbc-48a6-9432-b1203370d4d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "A few pages prior, we quoted a leading EUV lithography expert close to all major players including Lasertec, ASML, and KLA - as well as the industry’s three key customers TSMC, Intel, and Samsung – who indicated that Urashima was simply a cover-up for the failure of the Ushio source. He described the Ushio source as an unmitigated disaster and ridiculed claims that the Isteq source is superior as coming from the “same people” – presumably Lasertec and Intel – who made similarly false claims about the Ushio source several years ago: “the Ushio source [had] degradation and they took it out...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.” He expressed similar doubt about the Isteq source: “Isteq has not quite done their job”; “Lasertec and Intel will...do a song and dance...well, how much data do you have...I have not seen long-term performance data at all.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b29f6d2-da63-4772-9682-edecd3fe4197", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "quote", "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", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e983a732-f644-461c-8256-55868577bd04", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "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", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc84-3cb4a677b273", "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": "69e510fb-5347-404e-9a38-ec03c41be6bf", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "4ba01710-d3e7-4381-bc87-079ad73db91c", "evidence": "Uses expert testimony to highlight a pattern of false claims by the company.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }