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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": "Uses expert testimony to contradict the market narrative regarding the necessity of EUV inspection tools.",
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      "text": "TSMC has concluded that EUV mask inspection is a failure given Lasertec’s defective technology, and now simply uses legacy DUV tools instead with a ~200nm light source – stating that DUV is sufficient for EUV masks in production.",
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      "text": "Only need quick, lower resolution inspection in the fab but with higher throughput which Lasertec’s tool cannot provide",
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      "text": "Using legacy DUV inspection machines instead, as EUV inspection “is not necessary”",
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      "text": "The legacy DUV X8 is the only Lasertec inspection tool that TSMC uses for production, not the ACTIS A150",
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      "text": "As a result, TSMC’s purchases are focused on KLA and Lasertec’s old DUV tools called MATRICS X8 and X9 – not its ACTIS EUV line. The TSMC executive stated that “if you care about production throughput, you have to use a 213nm light source.”",
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      "text": "“Their X8 is the DUV light source. X8 Ultra. For production, when we talk about the production tool, it’s mainly for production, for the production mask inspection tool. From Lasertec, they have two models. The first one is called X8 Ultra. Another one is the X9 Ultra. They are using the original light source. It’s 213 nanometers. X9 Ultra, they are using a 193-nm light source...Originally, for Lasertec, their original light source for DUV is 213. But now, they promote 193, because KLA is using a 193 nm light source.” – Longtime ex-TSMC procurement executive",
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      "text": "A: “Both the Lasertec X8 Ultra and X9 Ultra are the DUV light source, but they are inspecting the EUV mask. The main reason is for the throughput. And it is not necessary...” Q: “You’re saying TSMC uses the X8 and X9 Ultra in the fab instead of the ACTIS?” A: “Yes. Because of the throughput. TSMC will not consider the A300 or A150 for the EPO mask house.” – Longtime ex-TSMC procurement executive",
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      "text": "“TSMC just wants to do quite frequent monitoring. Every day, they check the mask. A quick check. If you go through a quick check, the best resolution is not necessary. It’s not necessary.” – Longtime ex-TSMC procurement executive",
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      "text": "He stated that even though EUV is 13.5nm and can theoretically catch smaller defects, DUV is sufficient for the quick mask checks that TSMC needs to do in production: “TSMC just wants to do quite frequent monitoring...a quick check...the best resolution is not necessary.”",
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      "text": "“if you care about production throughput, you have to use a 213nm light source.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC; “TSMC just wants to do quite frequent monitoring...a quick check...the best resolution is not necessary.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC; “Yes. Because of the throughput. TSMC will not consider the A300 or A150 for production. They will only exist in the EPO mask house.” — 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": "TSMC has concluded that EUV mask inspection is a failure given Lasertec’s defective technology, and now simply uses legacy DUV tools instead with a ~200nm light source – stating that DUV is sufficient for EUV masks in production.",
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