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  "documentTitle": "Lasertec Corporation (6920)",
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  "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 highlight negative expert sentiment regarding product reliability.",
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      "text": "TSMC is not buying the High-NA Lasertec tool, to my knowledge. And they're the company that does high volume, high-performance chips...",
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      "text": "TSMC is “not buying” the A300; “no confidence” that it’s a “reliable product”; A150 is “not very reliable”; “has a lot of issues”\nQ: “Is anybody buying less Lasertec, or have they essentially idled or just reduced their utilization of the Lasertec machines because of these frustrations?”\nA: “Well, a recent example would be that TSMC is not buying the High-NA Lasertec tool, to my knowledge. And they’re the company that does high volume, high-performance chips...”\nQ: “You’re talking about the recent ACTIS A300 that they announced in November, which sort of tied into the Intel High-NA announcement. Is that what we’re talking about—the recent product announcement?”\nA: “Yes, I’m talking about that...there’s no confidence in my opinion that it will be a reliable product...”\nQ: “You said you don’t think this A300, this High-NA tool, is going to be reliable.”\nA: “I reviewed again the papers presented in the past year at the various conferences—there was the advanced lithography conference and a photomask conference. I reviewed the papers...reliability, the big thing I hear offline is it’s not very reliable. I’m talking about the A150. A300 is just a product announcement. It’s not shipped. The A150...needs a lot of support, and it has a lot of issues.” – Ex-KLA director of engineering focused on EUV mask inspection",
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      "text": "“the big thing I hear offline is it’s not very reliable” and “needs a lot of support and it has a lot of issues.” ... “TSMC is not buying the High NA Lasertec tool...there’s no confidence in my opinion that it will be a reliable product.” — Ex-KLA director of engineering focused on EUV mask inspection",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "Some of the most damning color we received about TSMC’s experience with Lasertec’s tools is from a former longtime TSMC procurement executive, who stated that he originally introduced Lasertec’s tools into TSMC and is in touch with current TSMC executives as well as with Lasertec management. He slammed the ACTIS A150’s reliability: “the big thing I hear offline is it’s not very reliable” and “needs a lot of support and it has a lot of issues.” Referring to the “new” and purported A300, he stated bluntly that “TSMC is not buying the High NA Lasertec tool...there’s no confidence in my opinion that it will be a reliable product.”",
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