{ "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": 273, "pageCount": 334, "prevPage": 272, "nextPage": 274, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "dense", "nDataPoints": 0, "notes": "The slide uses expert quotes to frame KLA's absence from the actinic market as a conscious business decision rather than an inability to execute.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/273", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-273", "components": [ { "bbox": null, "kind": "callout", "text": "KLA consciously let Lasertec have the actinic market and can easily re-enter it", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961c-5d0a9cecd8ed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "We note skepticism among some in the industry given KLA’s secrecy and previous delays, which led us to press our research sources to verify that KLA’s market entry is real. An ex-KLA executive stated that KLA spent years working on its actinic EUV tool and developed a prototype, and that the delays were not technological but due to a miscalculation as to when ASML’s EUV scanners would launch, given that ASML had been delayed for a decade – without ASML EUV scanners, there would be no EUV masks to inspect and no market for such tools. A longtime industry consultant who is close to KLA and recently completed a consulting project for Lasertec stated KLA “made a conscious decision” to walk away from the market as no customers wanted to pay for the product.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ca9d63cc-1d69-4079-a69f-3a9b82120011", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "KLA’s delays simply due to miscalculating when ASML would introduce EUV; KLA already invested years in the technology... Basically ASML delayed the EUV tool for 10 years until two and a half years ago... KLA was not carefully thinking when to start it and started too late.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "157fed37-5591-4971-84ad-a0d6b435c391", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "KLA consciously let Lasertec have the actinic market and can easily re-enter it. It wasn’t by accident that KLA missed the market. They made a conscious decision to miss the market... KLA went away from the actinic market for a few years while others continued to work on it, including Lasertec.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bdf0488b-22a6-41e7-84cc-3e99d2d0be4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Basically ASML delayed the EUV tool for 10 years until two and a half years ago. When Intel came to Lasertec that was just about or just before ASML started to talk about releasing, and KLA was already solving that problem for three years - and they just took their time. Basically, between the pellicle and the delay of ASML, KLA was not carefully thinking when to start it and started too late. It’s enormous, and it takes more than a regular program. It takes five to eight years, not three to five years like a regular program. — Former KLA executive in a leadership role in their EUV mask inspection group. It wasn’t by accident that KLA missed the market. They made a conscious decision to miss the market. They were working on an actinic inspection tool, and they decided to stop working on it unless they could get the customers to pay for it and probably, more specifically, Intel. They wanted something like $500 million to continue the work. I think customers were frankly rather pissed about that and instead decided to work with Lasertec. KLA went away from the actinic market for a few years while others continued to work on it, including Lasertec. — Longtime semiconductor consultant recently working for Lasertec; close to KLA management", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961c-61a12b3d7223", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "2ece4aad-294c-4860-aecf-7fcdd1da53e9", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "preempt_rebuttal", "slug": null, "matchId": "63d939c0-8b8e-4e06-8f5e-67dd14539e05", "evidence": "The slide explicitly addresses and refutes potential counter-arguments regarding KLA's market absence.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }