{ "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": 188, "pageCount": 334, "prevPage": 187, "nextPage": 189, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 0, "notes": "Includes a transcript of a consultation call with a former KLA executive.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/188", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-188", "components": [ { "bbox": null, "kind": "callout", "text": "In the absence of pellicle inspection capability, customers just default to their legacy KLA mask inspection tools: “because you don’t have a pellicle...so you just use the KLA tool” – negating the “EUV monopoly” thesis underpinning Lasertec’s stock.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc85-f1952ff5b40a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Customers are furious because they buy Lasertec's tool in order to inspect masks with a pellicle, but then can't use a pellicle given its inspection deficiencies, which compromises their entire inspection workflow given the risk of debris from not using a pellicle, resulting in yield issues, delays, and bottlenecks: \"it's really a huge issue for the fabs\"; \"if you don't have a good actinic tool, you cannot use a pellicle\"; \"a particle will fall on the mask...every wafer will be zero yield\"; \"so what is the benefit?...don't use a pellicle but it's very painful.\" In the absence of pellicle inspection capability, customers just default to their legacy KLA mask inspection tools: \"because you don't have a pellicle...so you just use the KLA tool\" – negating the \"EUV monopoly\" thesis underpinning Lasertec's stock.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e1f7c389-d36d-4966-8b7a-842aec36f196", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.48, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "Lasertec tool causes its key customers huge delays, yield problems, and bottlenecks\nQ: \"You're saying they don't want to use Lasertec without the pellicles. Walk me through that again.\"\nA: \"If you have an EUV mask and you decided not to put pellicle, so your P1, and P2/P3 inspection changes. You have only P1 and P2, and P2 now because you don't a have pellicle, so you just use the KLA tool. After you finish, you clean the mask. You hope that there is nothing on top of it because you checked it with the KLA tool. You pattern it carefully. You move it to the fab. You put it on the scanner and start to print wafers. However, you print only 2000 wafers, not 10,000, and then stop to inspect them, almost all of them, to make sure that during printing, nothing was added and all the wafers are okay—and usually, more than 50% of the time, some of the wafers will be lost. Then you need to discard those wafers. It's really a huge issue for the fabs.\"\nQ: \"You're saying there are delays, yield issues, bottlenecks in fabs because of the Lasertec tool?\"\nA: \"Absolutely. What happens is if you don't have a way to inspect EUV and use a pellicle, most likely, a particle will fall on the mask, and from then on, every print or every wafer will be zero yield. if you don't have a good actinic tool, you cannot use pellicle. So, what is that benefit? Don't use a pellicle, but it's very painful. That's what I'm saying.\"\nQ: \"But you're saying people are having enough problems with the Lasertec tool that they'd rather just do it without a pellicle?\"\nA: \"With the Lasertec tool, yeah. So, TSMC has in the beginning slowing pellicle adoption because the pellicle was problematic, was exploding. Now, it's a point that TSMC is starting to adopt it but very slowly. Also because the Lasertec tool is really problematic.\" -Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "918a8ba9-5ddf-47ac-8481-8b70662240d1", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“If you have an EUV mask and you decided not to put pellicle, so your P1, and P2/P3 inspection changes. You have only P1 and P2, and P2 now because you don’t a have pellicle, so you just use the KLA tool. After you finish, you clean the mask. You hope that there is nothing on top of it because you checked it with the KLA tool. You pattern it carefully. You move it to the fab. You put it on the scanner and start to print wafers. However, you print only 2000 wafers, not 10,000, and then stop to inspect them, almost all of them, to make sure that during printing, nothing was added and all the wafers are okay—and usually, more than 50% of the time, some of the wafers will be lost. Then you need to discard those wafers. It’s really a huge issue for the fabs.” — 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-bc85-f4cd80859bb1", "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": "e4e20585-ae60-43a8-97df-f90277d88362", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }