{ "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": 174, "pageCount": 334, "prevPage": 173, "nextPage": 175, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes from an industry expert to undermine the credibility of Lasertec's technology.", "elementsJson": [ "paragraph", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/174", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-174", "components": [ { "bbox": null, "kind": "callout", "text": "They did not show anything – I am really skeptical about that source from Isteq or from the Russians. As is, it would not work. It's nothing but a lab prototype, slightly more than an idea.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc85-173cf1068cb8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "paragraph", "text": "He stated that neither Lasertec nor Isteq has ever shown this source works and that it’s just a little lab experiment: “they did not show anything – I am really skeptical”; “as is, it would not work…it’s nothing but a lab prototype, slightly more than an idea.” He added that this source “is also tin-based…that’s why they would have similar problems” and that tin simply doesn’t work for EUV mask inspection: “requirements for cleanliness are ridiculous…I don’t think tin has any chance to do it.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "653b40a1-6617-44cb-877a-905072343822", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "“That's why Lasertec was looking for a cleaner source or for a better source. They licensed the technology from Russia/Isteq, basically the idea and maybe bought a piece or two for internal development...that technology is also tin-based. That's why they would have similar problems...I am personally not a big fan of any tin-based sources, especially for EUV mask inspection, because the requirements for cleanliness are ridiculous. So, I don't think that tin has any chance to do it. But, again, then, you can basically physically block tin, but then it would mean that you lose a lot of light. That's probably what they're doing at this moment. And then, they still caught a lot of EUV photons and they get a lifetime out of that, and they hope to improve what they call the debris mitigation strategies to the point where they can either fully open or lens block or something like that.”", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "678a91bd-2c50-4866-8b1a-6048ccb99116", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "quote", "text": "“They did not show anything - I am really skeptical about that source from Isteq or from the Russians. As is, it would not work. It's nothing but a lab prototype, slightly more than an idea. There is some hardware around it, but I don't think that it's doable...it's difficult. It's not a surprise that they have a lot of problems with that source as well. It's a very difficult technology”", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e063de5e-7df8-4b5a-80de-357f0cbff689", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“They did not show anything – I am really skeptical about that source from Isteq or from the Russians. As is, it would not work. It's nothing but a lab prototype, slightly more than an idea. There is some hardware around it, but I don't think that it's doable...it's difficult. It's not a surprise that they have a lot of problems with that source as well. It's a very difficult technology” — Leading figure in the development of Cymer/ASML’s EUV light source.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc85-1be8e7649ded", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "1df4b7fd-f342-4cb4-b8bc-90d0fa87e622", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The Cymer expert also slammed the “new” Urashima source that Lasertec has licensed from Isteq, and we view his color as particularly damning given his intimate knowledge of Isteq and its technology.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bf7ffa96-2a7c-4e8b-95fc-1d6cc4ecf28f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "c4d7a8af-90cf-465b-b3c2-8994b44e4b6b", "evidence": "Uses expert testimony to validate claims", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }