{ "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": 272, "pageCount": 334, "prevPage": 271, "nextPage": 273, "slideType": "cite_precedent", "function": "cite_precedent", "density": "overcrowded", "nDataPoints": 1, "notes": "The slide uses a Q&A format to provide credibility to the claims made by former KLA executives.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/272", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-272", "components": [ { "bbox": null, "kind": "callout", "text": "KLA is developing a competing tool that will launch in 2025 – \"of course it's happening\"", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961c-33972eeeae92", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.07, "y": 0.78 }, "kind": "list", "text": "KLA's may be investing roughly a billion dollars into their competing product", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7802fec9-9bd1-4da9-9c33-e19a540b7d23", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.07, "y": 0.42 }, "kind": "list", "text": "KLA is developing a competing tool that will launch in 2025 – “of course it's happening”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "948ddd43-7a22-4c42-8e74-ed2bffc91c62", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.82 }, "kind": "paragraph", "text": "Q: “Do you know how much KLA is investing in their actinic product, roughly?” A: “They were talking about almost a billion-dollar investment. Of course, I cannot disclose how much it eventually—you think about cleaning rooms and all this, and it adds up to roughly a billion-dollar asset.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1345b242-6646-42a4-9a4d-53ab52bbf30f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.27 }, "kind": "paragraph", "text": "The first executive stated the timeline was originally end of 2024, but that he believes the beta version will ship in mid-2025 with KLA accepting purchase orders in Q3 2025. He stated it's “almost a billion dollar investment”: “it's happening according to all indications I have...of course it's happening...it's not bullshit...they are investing tremendously...they have committed to Wall Street.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "538458ab-db06-47ca-a3b0-da33ae6fc005", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.19 }, "kind": "paragraph", "text": "an ex-executive in a leadership role in its EUV group, who was directly involved in its development and is in touch with colleagues; a current executive with a key role in source development; and an ex-director of engineer in the EUV group.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "69567227-9833-4ab9-a4b8-b0a1491b93d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.59 }, "kind": "paragraph", "text": "Q: “So, your job at KLA was to work on this tool?” A: “I was the head of [redacted] for that tool. I had [redacted] engineers reporting to me, including the [redacted].” Q: “Do you stay in touch with people at KLA?” A: “I do.” Q: “But it's real, it's happening? It's just a question of exactly when. Is that fair to say?” A: “It's happening according to all the indications I have, it's happening. Of course, it's happening. It's not bullshit. They are investing tremendously. They committed to Wall Street. It's happening.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "69d8147b-b13d-4b56-9e63-f3161c9596da", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.46 }, "kind": "paragraph", "text": "Q: “When do you think the KLA tool will launch?” A: “They were saying last year the end of 2024. That's not going to happen. I believe they will ship around mid-2025 the beta's. They will start ramping up production and when they see three months down the road installation goes well, they will start releasing or accepting PO's. I believe around the third quarter of 2025, they will accept POs and maybe start shipping in 2026-ish.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e2948703-6ffa-40c2-8a9e-a26f7cc84fc9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"It's happening according to all the indications I have, it's happening. Of course, it's happening. It's not bullshit. They are investing tremendously. They committed to Wall Street. It's happening.\" — Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961c-34703008e701", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "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": "b0c5000e-ba71-4c20-8423-cd186f3dd326", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "We spoke with 3 KLA sources who indicated that its actinic tool is coming in 2025", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6c1ca2b-e1f0-4bd2-90a2-a89df1a312c8", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }