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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a Q&A format to validate the thesis that KLA is displacing Lasertec at TSMC.",
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      "text": "The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC.",
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      "text": "TSMC indicates KLA DUV tools have superior economics, productivity, and throughput vs. Lasertec; using DUV inspection now vs EUV in production; TSMC has basically switched from Lasertec to KLA; “KLA’s share continues to increase”\nQ: “If Lasertec is still mainly selling DUV, that means they basically failed in EUV.”\nA: “The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that’s why I say already two-thirds of the business migrated from originally Lasertec to KLA already. I have to say Lasertec has continued to decrease their share in TSMC.”\nQ: “In fab 18, what happened?”\nA: “The economics, the throughput. If I purchase a tool from KLA, probably for 3-nanometer, TSMC probably needs to purchase 20 mask inspection tools. But if I change to Lasertec, I have to purchase more than 30.”\nQ: “So, you’re saying that TSMC tried using them for 5-nanometer, but it didn’t really work because of the throughput; they only got two machines, and now they’re not going to use them for 3-nanometer. Is that right?”\nA: “Yeah, you can say that. Yes. You can use the DUV light source to inspect, no matter for a DUV mask break or EUV mask break, yes, because you’re just trying to identify the same image and the defect.”\nQ: “Is TSMC using Lasertec in the new fabs? When you said they’re reducing market share, who are they going with instead? KLA?”\nA: “Yes. Now, KLA’s share continues to increase. Now, it’s already two-thirds, and I know it continues to increase to get more from KLA.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC",
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      "text": "The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that’s why I say already two-thirds of the business migrated from originally Lasertec to KLA already. I have to say Lasertec has continued to decrease their share in TSMC. — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "The TSMC executive indicated that KLA’s legacy DUV tools have superior economics, productivity, and throughput versus Lasertec’s EUV systems, and that “KLA’s share continues to increase” at TSMC: “it’s already two-thirds, and I know it continues to increase”; “already two-thirds migrated from originally Lasertec to KLA...I have to say Lasertec has continued to decrease their share in TSMC.” In particular, he criticized Lasertec’s EUV source: “the big thing is the light...for production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC.”",
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