{ "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": 271, "pageCount": 334, "prevPage": 270, "nextPage": 272, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a quote to frame KLA's delayed entry as a deliberate strategic choice rather than a failure, contrasting it with Lasertec's lack of High NA capability.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/271", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-271", "components": [ { "bbox": null, "kind": "callout", "text": "Given Lasertec's inspection tool lacks High NA capability, as detailed in an earlier section, KLA's patient entry into the market with High NA technology is an existential threat.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961c-1aa470ce9c90", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "KLA appeared to believe that actinic EUV mask inspection only made sense in conjunction with High NA EUV lithography – which is only beginning now, with ASML shipping the first High NA EUV scanner just a few weeks ago in April 2024 to Intel. At KLA’s investor day, they stated that their actinic tool is “in development, intersecting with High NA EUV,” with an executive commenting that “we could have developed that earlier” but “we are confident that we are ready for the market at the right time...and be ready whenever high NA EUV will be available.” Given Lasertec’s inspection tool lacks High NA capability, as detailed in an earlier section, KLA’s patient entry into the market with High NA technology is an existential threat.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "00702ea0-34bd-46c6-835d-8c39cbb47629", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "quote", "text": "Ahmad Khan, KLA executive\n“And then when high NA EUV comes, you can really shrink the pitch. That's why KLA says that for 5-nanometer, 3-nanometer, 2-nanometer, we think our optical inspection 193 system, along with 8xx multi-beam reticle inspection system is sufficient. And when high NA EUV comes with severe pitch reduction and mass pelliclization, you can bring in an actinic inspection system. We could have developed that earlier, but the complexity of the actinic system is much higher, and that's why we chose this path. And therefore, we are confident that we are ready for the market at the right time. And we're giving actinic the appropriate time to do the development and be ready whenever high NA EUV will be available.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "57aa91fb-0625-4b95-b1b5-ec680049d8d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"And then when high NA EUV comes, you can really shrink the pitch. That's why KLA says that for 5-nanometer, 3-nanometer, 2-nanometer, we think our optical inspection 193 system, along with 8xx multi-beam reticle inspection system is sufficient. And when high NA EUV comes with severe pitch reduction and mass pelliclization, you can bring in an actinic inspection system. We could have developed that earlier, but the complexity of the actinic system is much higher, and that's why we chose this path. And therefore, we are confident that we are ready for the market at the right time. And we're giving actinic the appropriate time to do the development and be ready whenever high NA EUV will be available.\" — Ahmad Khan, KLA executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961c-1d970798d2bb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts; CapitallQ earnings call transcript", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6674be78-8e44-4795-881a-93293c6d3db5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.07, "y": 0.45 }, "kind": "title", "text": "KLA investor day comments, June 2022", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ae00a86-0cc2-4fb2-a077-6b863b720e9b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "16e83dfb-4e1e-4caa-8c86-3da034ae1218", "evidence": "Uses executive quotes to frame a strategic narrative about market entry timing.", "confidence": 0.85 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }