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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a 'CEO/Executive Quote' to preemptively rebut market skepticism regarding KLA's competitive positioning.",
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      "text": "once again illustrating the naivete of those who mistakenly think Lasertec is the monopoly.",
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      "text": "For anyone who doubts that KLA will enter the market, various statements by its management team underscore their seriousness. At a 2023 investment conference, KLA’s CFO stated they have already invested “over $1 billion” specifically for EUV mask inspection: “If you look at the reticle space, for EUV...at the end of this year, I was adding up the numbers as CFO, you kind of roll your eyes you go holy – wow, over $1 billion across multiple products to solve the reticle challenge in terms of R&D investment.” He noted their dominance and effective monopoly in inspecting EUV masks with their Teron DUV systems: “in the EUV space, 90%-plus of reticles are running through KLA systems” – once again illustrating the naivete of those who mistakenly think Lasertec is the monopoly.",
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      "text": "And the economics of running the fab is playing to our optical solutions and our wafer inspection solutions to validate reticles in the fab environment. So clearly, that's playing out in the EUV space, 90%-plus reticles are running through KLA systems. We have new capability in the market that as they start to shrink feature sizes, that's an e-beam, electron beam-based capability that should meet those higher end post writing inspection requirements. And we feel pretty good about the strategy and the introduction of new capability, similar to what our competitor is offering and trying to engineer today when you move into a high NA environment [...] and so a lot of investment in the company to meet that timing. If you look at the reticle space, for EUV, the company. I think at the end of this year, I was adding up the numbers as CFO, you kind of roll your eyes you go holly -- wow, over $1 billion across multiple products to solve the reticle challenge in terms of R&D investment.” – KLA CFO Bren Higgins",
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      "text": "“in the EUV space, 90%-plus of reticles are running through KLA systems” – KLA CFO Bren Higgins at Morgan Stanley, March 2023",
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      "text": "Source: Capital IQ transcripts",
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