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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a Q&A format to validate the thesis that Lasertec's tools are failing to meet customer needs regarding pellicle inspection.",
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      "text": "Although Lasertec’s entire “monopoly” position in EUV mask inspection is based on its purported ability to inspected masks with a pellicle, the tool cannot reliably do so.",
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      "text": "Our research interviews indicate that Lasertec’s largest customers – notably TSMC, Intel, and Samsung – are struggling, exasperated, and/or furious with its EUV mask inspection system, as well as its DUV systems, which we believe to still comprise the vast majority of its revenue. In this section, we shall quote detailed interviews with TSMC, Intel, Samsung, Global Foundries, and Marvell, in addition to former Lasertec employees based on-site at these customers, as well as experts in communication with these customers. We begin with an ex-KLA executive who described direct conversations with Lasertec and who was in a leadership role in their EUV mask inspection group. He stated that he began discussions “two years ago” with key customers who are “really struggling about what to do” with Lasertec: “the discussions are really hard.” Although Lasertec’s entire “monopoly” position in EUV mask inspection is based on its purported ability to inspected masks with a pellicle, the tool cannot reliably do so.",
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      "text": "Customers “really struggling about that to do” with Lasertec tools failure to inspect pellicles; “discussions are really hard” Q: “Got it. Are any of these customers—Samsung, TSMC, or Intel—have they had enough problems with Lasertec where they’re just like we’re going to now not use pellicles?” A: “The discussions are really hard. I started to have them two years ago when I was there—they’re very hard with the customers. They’re really struggling about what to do. I’m not saying that the only reason why they delayed N3 but N3 right now is delayed.” Q: “You’re saying N3 is delayed because there’s no good solution for pellicle inspection?” A: “I’m not saying only because of that—that’s part of the reasons. There are multiple reasons but definitely one of them is the ability to inspect the EUV pellicle.” -Former KLA executive in a leadership role in their EUV mask inspection group",
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      "text": "“The discussions are really hard. I started to have them two years ago when I was there—they’re very hard with the customers. They’re really struggling about what to do. I’m not saying that the only reason why they delayed N3 but N3 right now is delayed.” — Former KLA executive in a leadership role in their EUV mask inspection group",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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