{ "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": 157, "pageCount": 334, "prevPage": 156, "nextPage": 158, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses Q&A transcripts to build a narrative of technical failure and corporate obfuscation.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/157", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-157", "components": [ { "bbox": null, "kind": "callout", "text": "Ushio source was replaced over a year ago; Ushio tried to cover it up and “pretended” nothing was wrong", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc84-7f502b293fee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.35 }, "kind": "list", "text": "Isteq is an old “LPP source nobody cared about” that “didn’t used to work well”; implausible that it now suddenly works;", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6593b558-e330-4b87-afdc-dd5ea423ca9f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "list", "text": "Ushio source was replaced over a year ago; Ushio tried to cover it up and “pretended” nothing was wrong", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "875c1939-ae78-411a-b8a5-98f32b719320", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.75 }, "kind": "paragraph", "text": "A: “This is from Lasertec. When I was there last year at SPIE in February, a good friend who is the advisor to Lasertec said, have you heard that Ushio’s source has been taken out everywhere? I said I haven’t heard anything. I had just talked to the Ushio guy, and he didn’t say a word to me. He’s the head guy for the source. And I asked him what happened. He said nothing happened.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3ef3e9a1-209f-4fdf-b7ad-2d087d96f64c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "He stated that an advisor to Lasertec confirmed to him that “Ushio’s source has been taken out everywhere.” He eviscerated Isteq’s source as an old, failed technology no one wanted before: “it didn’t use to work well before...so, I’m wondering what happened that all of a sudden this thing is working...this was an LPP source that nobody cared about...what happened in the last couple of years that all of a sudden they have improved their source?...Isteq’s source is a rotating tin target...you’re doing to drip the tin off it easily...it’s not a good situation.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8af19a75-bb02-43ed-b6d9-e8990213a651", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.4 }, "kind": "paragraph", "text": "A: “I don’t know what exactly went wrong with Lasertec because Lasertec then bought that technology from Isteq, that Russian company, which is a refugee now in the Netherlands. Whatever the reason was, they have an exclusive license of 13.5 LPP for metrology and actinic inspection, which all seems good. But what if it doesn’t work, because it didn’t use to work well before. So, I’m wondering what happened that all of a sudden, this thing is working very well? I am not so sure.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b4e1daf8-24b6-4606-ab3b-44427f063074", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“This was an LPP source that nobody cared about. So, the question is what happened in the last couple of years that all of a sudden they have improved their source?...That source, in my opinion, has to be a lot more stable and better than Isteq’s source because Isteq’s source is a rotating tin target. That damned tin, you’re going to drip the tin off it easily – it’s not a good situation.” — 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-bc84-83f85e218fef", "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": "19edd081-f52b-4979-9638-05aa495788e1", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "8c6a8e92-84df-49c7-8a37-74678517d012", "evidence": "The slide uses expert testimony to expose potential technical failures and corporate deception.", "confidence": 0.85 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }