{ "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": 158, "pageCount": 334, "prevPage": 157, "nextPage": 159, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A transcript format to validate the negative assessment of Isteq's technology.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/158", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-158", "components": [ { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.39 }, "kind": "callout", "text": "Ushio source “is terrible” and “creates a mess”; new Isteq source “cannot work”; just an R&D concept not suited for 24/7 production use; KLA Xenon-based source “works”", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5a13cc58-e330-4af4-a50b-8d809f5b0bbb", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc84-4f768c4a8517", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "list", "text": "A: “The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.”\nQ: “It sounds like it takes ten years to figure it out. It sounds very complex.”\nA: “Correct...I think that Isteq source will not be done in a professional way and it cannot work. You need to understand Isteq was done for research. Research is done in bursts, not continuously. For inspection, you need something to work 24/7, and that's it. And it's really hard. It's totally different.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "525ffd5b-b8cd-49c4-8c94-63a724abf225", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "He stated he has visited the company and is familiar with the management team, similar to the EUV lithography expert. He dismissed the Isteq source as simply a laboratory R&D project and not suitable for a commercial product...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ba3984e2-0155-40c4-ae2a-2bd691680252", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc84-51a4110c8065", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8f8d727f-d202-43de-a587-4458ff318e7f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Av ex-KLA executive in a leadership role in their EUV mask inspection group corroborated the damning color on Isteq’s source.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c73ceb5f-9183-4f37-8b4e-722f91d72d4a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "e41e89f0-e96d-4fb9-aaff-0885049d971d", "evidence": "Uses expert testimony to validate a technical claim.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }