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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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      "text": "TSMC is...delaying purchasing until they fix their offload problem",
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      "text": "Intel over-ordered machine tried to pass machines on to TSMC, which began delaying purchases a year ago\nQ: “You said Intel gave them this big advance. You said they tried to get TSMC to take it. That they over-ordered too many PO’s?”\nA: “What I heard is that TSMC is delaying for N5—for 5 nanometer—delaying purchasing until they fix their problem, and that was the part of the Urashima project that they built, which is the new source that I mentioned.”\nQ: “When did they start delaying? When did you hear this?”\nA: “Yes, just a year ago now.”\nQ: “You’re saying TSMC is pissed off at all their problems right now?”\nA: “Mm-hmm....because of the source, because the original source was Ushio. The Isteq source has been qualified in TSMC and failed. And now, they are basically working on the next generation of it. And they’re hiring a lot of engineers.”\nQ: “For the source?”\nA: “For the source. I’m just connecting all the dots.”\nQ: “You said they tried to change the source and failed. They have Ushio, then they went with Isteq. You said Isteq failed. When?”\nA: “Roughly at the beginning of 2023. It was in evaluation for six months in TSMC.”\nQ: “So, Lasertec changed their source to Isteq. TSMC evaluated for six months, and it failed.”\nA: “Mm-hmm.”\nQ: “Do you know why it failed? Just the same reasons as the Ushio source?”\nA: “What I heard is it’s not stable.”\nQ: “Is it the flickering issue?”\nA: “No, it’s just not stable. It doesn’t work all of the time, it just dies. I know the source. I’ve been in Isteq and my engineers live in Russia.” -Former KLA executive in a leadership role in their EUV mask inspection group",
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      "text": "The executive indicated that Intel gave Lasertec larger advances and more purchase orders than it could use and then tried to pawn them off to TSMC. However, TSMC – as detailed in a previous section – is fed up with Lasertec’s product defects and has ceased buying their EUV inspection machines – “TSMC is...delaying purchasing until they fix their offload problem” and that they started delaying “a year ago now.” He stated that TSMC evaluated the “new” ACTIS A300 with the Urashima light source in early 2023 and that it failed their qualification process.",
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      "text": "\"TSMC is...delaying purchasing until they fix their offload problem\" and that they started delaying \"a year ago now.\" ... \"The Isteq source has been qualified in TSMC and failed.\" ... \"it's not stable. It doesn't work all of the time, it just dies.\" — Former KLA executive in a leadership role in their EUV mask inspection group",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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