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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "notes": "Uses direct quotes from a 2015 earnings call transcript to demonstrate historical lack of conviction in the EUV market.",
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      "text": "Remember, if we build that tool and there's not a market for it, there's no other application for it. It can only be used for one thing, which is to inspect EUV masks.",
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      "kind": "paragraph",
      "text": "Industry article on KLA cutting is EUV mask inspection headcount, 2015\nKLA-Tencor cuts back EUV investment\nWorkforce set to be cut by up to 10% amid lack of demand for KLA's extreme UV lithography mask inspection tool.",
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      "kind": "quote",
      "text": "Maybe as a follow-up to Wes' question, for you Rick, in terms of the mask inspection for EUV. How do you look at it from a KLA perspective, in terms of the risk/reward the investments? Will you only do it if you're going to get some outside funding? Or is that something you can do, if the customer demand is there...",
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      "text": "No. This is one where we need to work closely with the customers -- the -- to make sure that: a, the demand is there and the commitment is there. Because right now, the uncertainty around the timing of high-volume EUV makes this a very different kind of question in terms of the investment profile. Remember, if we build that tool and there's not a market for it, there's no other application for it. It can only be used for one thing, which is to inspect EUV masks. And if you build an advanced wafer inspection tool, it really matters that people are making wafers and doesn't really matter the technology they're making it with. So for that reason, we're coupled to our customers on this and talking closely with them about their needs. And we'll develop it in conjunction with them as we go forward. But to date, we have not seen compelling interest on their part to want to make that commitment.",
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      "text": "“if we build that tool and there’s not a market for it...”; “we’re coupled to our customers on this and talking closely with them about their needs...to date, we have not seen compelling interest on their part to want to make that investment.” — Richard P. Wallace, KLA CEO",
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      "text": "Source: https://optics.org/news/6/4/35; CapitalIQ earnings call transcript",
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      "kind": "title",
      "text": "When KLA scaled back its EUV mask inspection program in 2015, the CEO’s comments on its earnings call were devastating regarding the lack of a market for EUV mask inspection tools",
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