{ "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": 260, "pageCount": 334, "prevPage": 259, "nextPage": 261, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses expert testimony and press citations to build a bearish case against Lasertec's growth prospects related to TSMC.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/260", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-260", "components": [ { "bbox": null, "kind": "callout", "text": "TSMC cannot be a growth driver or key customer going forward for Lasertec for other reasons – an alarming fact as it is the world’s largest chipmaker and one of the three anchors that every inspection vendor depends on.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961b-60764b749ea1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.75 }, "kind": "list", "text": "TSMC won't adopt advanced High-NA EUV chipmaking tools until 2030 or later\nTSMC doesn't need ASML's new High-NA EUV lithography machines for its next-gen A16 process\nTSMC in no rush to embrace ASML's High-NA EUV technology", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8bb94e65-1736-4a23-a052-1f27f1ec46f5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "First, Lasertec’s actinic inspection system is only relevant for masks with a pellicle, and TSMC generally doesn’t use pellicles – a thin membrane to protect the mask from debris. Lasertec’s tool purportedly allows inspection through the membrane, although in reality it introduces debris thus defeating its purpose and requiring duplicative inspection with a KLA DUV system. Second, TSMC is not moving to ASML’s new High NA system, using multi-patterning instead – eliminating High NA as a growth driver despite its hype as the next big thing in EUV.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "396144be-b794-4334-8ab3-024e4dc6a1f6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "One other thing I would point out is on the High-NA side. If you've been reading the news reports, it looks like TSMC is not going to push very hard on High-NA. What they've decided to do, apparently, is do multiple patterning standard EUV rather than trying to do single pattern High-NA.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "09c6a13f-d0e7-485b-9f11-ec9dcd3b2b75", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "quote", "text": "Intel uses pellicles. TSMC has had a mixed history of using pellicles or not using pellicles, but for the most part, hasn’t been.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a46ce110-72aa-4933-8176-c9c71bc4649c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Intel uses pellicles. TSMC has had a mixed history of using pellicles or not using pellicles, but for the most part, hasn't been.\" — Longtime semiconductor consultant recently working for Lasertec; \"One other thing I would point out is on the High-NA side. If you've been reading the news reports, it looks like TSMC is not going to push very hard on High-NA. What they've decided to do, apparently, is do multiple patterning standard EUV rather than trying to do single pattern High-NA.\" — Longtime semiconductor consultant recently working for Lasertec", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961b-65ebb7fa6f15", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9a731c3c-14e2-4a92-8ace-3badb36d8e44", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "TSMC cannot be a growth driver or key customer going forward for Lasertec for other reasons – an alarming fact as it is the world’s largest chipmaker and one of the three anchors that every inspection vendor depends on.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ddeeeba-d6d4-4fa4-a154-a50c1dea856d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "preempt_rebuttal", "slug": null, "matchId": "76e04a02-a621-42af-9cb8-f8a1396aab7f", "evidence": "The slide systematically dismantles the growth thesis for a specific customer (TSMC) using expert quotes and press evidence.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }