{ "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": 262, "pageCount": 334, "prevPage": 261, "nextPage": 263, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses Q&A format to highlight the competitive disadvantage of Lasertec compared to KLA.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/262", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-262", "components": [ { "bbox": null, "kind": "callout", "text": "TSMC indicates KLA DUV tools have superior economics, productivity, and throughput vs. Lasertec; using DUV inspection now vs EUV in production; TSMC has basically switched from Lasertec to KLA; “KLA’s share continues to increase”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961b-cded41ae1dde", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "TSMC indicates KLA DUV tools have superior economics, productivity, and throughput vs. Lasertec; using DUV inspection now vs EUV in production; TSMC has basically switched from Lasertec to KLA; “KLA's share continues to increase”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7538baba-4f64-489c-915e-eccabbd56a94", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "TSMC and Intel mainly bought tools from Lasertec to have some pricing leverage with KLA", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fe25d28c-4c00-4e07-bc90-b1129ef8e8a2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "quote", "text": "Q: “If Lasertec is still mainly selling DUV, that means they basically failed in EUV.”\nA: “The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that's why I say already two-thirds of the business migrated from originally Lasertec to KLA already. I have to say Lasertec has continued to decrease their amount of share in TSMC.”\nQ: “The economics, the throughput. If I purchase a tool from KLA, probably for 3-nanometer, TSMC probably needs to purchase 20 mask inspection tools. But if I change to Lasertec, I have to purchase more than 30.”\nQ: “So, you're saying that TSMC tried using them for 5-nanometer, but it didn't really work because of the throughput; they only got two machines, and now they're not going to use them for 3-nanometer. Is that right?”\nA: “Yeah, you can say that. Yes. You can use the DUV light source to inspect, no matter for a DUV mask break or EUV mask break, yes, because you're just trying to identify the same image and the defect.”\nQ: “Is TSMC using Lasertec in the new fabs? When you said they're reducing market share, who are they going with instead? KLA?”\nA: “Yes. Now, KLA's share continues to increase. Now, it's already two-thirds, and I know continues to increase to get more from KLA.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "33ed619e-fcde-443a-9f4e-dbfe355174be", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "quote", "text": "“TSMC will keep a minimal share for Lasertec...KLA is what we call opportunistic...they increased the price...they deal with a hard hand. For the past three years, Intel purchased some tools, maybe two or three from Lasertec. But we believe they want leverage with KLA. We mainly think they purchased Lasertec because they want to give some leverage power to KLA because KLA's price is even higher... TSMC spent a lot of money on KLA's particle inspection tools, like SP5, SP7, and SP6. That's very, very expensive.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ac14ed2-acd4-4699-b9d2-6bfc2be37bbc", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“TSMC will keep a minimal share for Lasertec...KLA is what we call opportunistic...they increased the price...they deal with a hard hand. For the past three years, Intel purchased some tools, maybe two or three from Lasertec. But we believe they want leverage with KLA. We mainly think they purchased Lasertec because they want to give some leverage power to KLA because KLA’s price is even higher... TSMC spent a lot of money on KLA’s particle inspection tools, like SP5, SP7, and SP6. That’s very, very expensive.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961b-d0749f51f99d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "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": "10f25c03-8985-408f-95aa-b89bec245d6f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Although TSMC uses a few Lasertec DUV machines in production, there is no growth story there. The procurement executive stated that “TSMC will keep a minimal share for Lasertec” only to have some purchasing leverage with KLA. He added that “two-thirds of the business migrated from originally Lasertec to KLA...I have to say Lasertec has continued to decrease...their share in TSMC.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6aeb5728-cfe5-4ca4-9781-bc3d54208e67", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }