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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "notes": "The slide uses Q&A transcripts and expert summaries to establish a narrative of Intel's 'founding customer' status and influence on Lasertec's pricing/margins.",
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      "text": "Intel is “founding customer” of Lasertec with “significant say in the direction of Lasertec”",
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      "text": "No, I don't remember. $500 million—between $300 to 500 million and that basically translates to the POs that they had from Intel but the POs are at a significantly reduced price. They don't have a lot of margin on those tools, very low margins on those tools.",
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      "text": "Industry source believes that Intel gave Lasertec $300 to $500MM in advances about five years ago, to jumpstart the product. Q&A transcript follows.",
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      "text": "A former KLA executive in a leadership role in their EUV mask inspection effort told us that Intel invested $300 to $500 million in Lasertec a few years ago via advances for future purchases but “at a significantly reduced price...they don’t have a lot of margin on those tools.” A longtime industry analyst who recently completed a consulting project for Lasertec and remains in touch with management stated that Intel “do have a significant say in the direction of Lasertec, and Lasertec views them as sort of their core customer or founding customer...they’ve obviously ordered and prepaid....”",
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      "text": "“No, I don't remember. $500 million—between $300 to 500 million and that basically translates to the POs that they had from Intel but the POs are at a significantly reduced price. They don't have a lot of margin on those tools, very low margins on those tools.” — Former KLA executive in a leadership role in their EUV mask inspection group. “I think that $300 to $500 million is a little high in my estimation. I'm sure they've invested some significant money in Lasertec, and they do have a significant say in the direction of Lasertec, and Lasertec views them as sort of their core customer or founding customer per se...they've also obviously ordered and prepaid for some stuff...” — Longtime semiconductor consultant recently working for Lasertec; close to KLA management",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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