{ "docId": "019dd923-622c-750b-8b9a-0f4bec37392f", "docSlug": "f982379e2e48", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 254, "pageCount": 334, "prevPage": 253, "nextPage": 255, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 1, "notes": "The slide uses a Q&A format to highlight expert testimony regarding the reliability and market viability of Lasertec's EUV inspection tools.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/254", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-254", "components": [ { "bbox": null, "kind": "callout", "text": "Lasertec’s tool is simply not production-worthy, which makes two mask shops at Intel and TSMC, both now full, as the bulk of its market opportunity.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961a-db657cee7eba", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "That leaves only one theoretical driver of growth: Intel's potential addition of a few more ACTIS tools in its fabs, as TSMC views them as a failure for production and eliminates its fabs as a growth opportunity. We note that masks are first inspected in the mask shop, and also periodically inspected in the fab shop as wafers are printed. An ex-KLA director of engineering in its EUV group bluntly framed the dilemma, which captures why inventory has hit $1.2 billion: Lasertec's tool is simply not production-worthy, which makes two mask shops at Intel and TSMC, both now full, as the bulk of its market opportunity: “the Lasertec tool is not 95% reliable...the mask shop...that’s where more of the money is...inspecting in process in the wafer fab – the importance is lower than the mask shop...that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be lower priority overall.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "584a5f67-2a2b-4d7c-8436-10f9d8c0e4aa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.53 }, "kind": "quote", "text": "Not a “production-worthy” tool; tool purchases for wafer fabs are less likely as the value is mostly in the mask shop\nA: “Production-worthy, not so quick.”\nQ: “So, you’re saying it’s not production-worthy?”\nA: “Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” – Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c65b442-c9d0-4389-abec-ef438889ea9b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Yeah, definitely. The question is, is it production-worthy? Is it reliable? People want a 95% reliable tool. The Lasertec tool is not 95% reliable...the mask shop, and that’s where—to be blunt—that’s where more of the money is. The volume is in the fab. Making sure that the mask is good is super important because every mask is making so many chips. Inspecting in process in the wafer fab - the importance is lower than the mask shop, and the market value is lower. And that’s why spending money on an EUV actinic inspection in a wafer fab seems unlikely to me...it would be a lower priority overall.” — Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961a-dd02debc5e3a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0ba7c1c1-071d-4132-9a74-c7b5f20cef74", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "0aeb5d6a-09a2-4683-bbbe-7b1a1c3d896b", "evidence": "Citing an ex-KLA director of engineering to validate the claim.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }