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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": "The slide uses a Q&A format to highlight the discrepancy between market expectations for Lasertec's EUV tools and the reality of TSMC's production procurement.",
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      "text": "TSMC will not consider the A300 or A150 for production; \"Lasertec X8 ULTRA and X9 ULTRA are the DUV light source but they are inspecting the EUV mask...for the throughput...[EUV] is not necessary.\"",
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      "text": "TSMC “will not consider” Lasertec’s EUV tool for production; only a niche lab/R&D tool in the mask shop; using legacy DUV inspection machines instead as EUV inspection “is not necessary”; only purchased six A150 machines",
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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...”\nQ: “You’re saying TSMC uses the X8 and X9 Ultra in the fab instead of the ACTIS?”\nA: “Yes. Because of the throughput. TSMC will not consider the A300 or A150 for production. They will only exist in the EPO mask house. The EPO—we call it the EP Organization in TSMC. TSMC has already purchased six sets of A150. So, they already bought six tools. Six A150 tools. But last year, they also purchased the first A300. And the first A300 because they changed the light source, Urashima.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC",
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      "text": "The legacy DUV X8 is the only Lasertec inspection tool that TSMC uses for production, not the ACTIS A150\n“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-nanometer light source...Originally, for Lasertec, their original light source for DUV is 213. But now, they promote 193. That’s because KLA is using a 193 nanometer light source.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC",
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      "text": "\"TSMC will not consider the A300 or A150 for production. They will only exist in the EPO mask house... TSMC has already purchased six sets of A150. So, they already bought six tools. Six A150 tools. But last year, they also purchased the first A300.\" — Longtime ex-TSMC procurement executive",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "Given the failure of Lasertec’s EUV tool in a production environment, TSMC simply relies on legacy DUV tools instead, stating that DUV is sufficient to inspect EUV masks in the fab – an ominous fact for the Lasertec EUV bull case. The ex-TSMC procurement executive stated that the only Lasertec tool they are willing to use for production is their MATRICS DUV system, not their ACTIS EUV line – “TSMC will not consider the A300 or A150 for production”; “Lasertec X8 ULTRA and X9 ULTRA are the DUV light source but they are inspecting the EUV mask...for the throughput...[EUV] is not necessary.”",
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