{ "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": 275, "pageCount": 334, "prevPage": 274, "nextPage": 276, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses expert testimony to frame a competitive threat to Lasertec.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/275", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-275", "components": [ { "bbox": null, "kind": "callout", "text": "KLA will quickly replace Lasertec in the key inspection use cases in the mask shop at Intel, TSMC, and other customers; will also create price pressure", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961c-8ca47561353b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.32, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The “better source” the EUV lithography referred to is xenon-based. The ex-KLA executive corroborated that “the KLA xenon works,” using “frozen xenon gas with IR laser as the originator,” unlike Lasertec’s Ushio or Isteq tin-based sources which he stated are a failure. He predicted that the impact on Lasertec would be devastating, with KLA winning each step of EUV mask inspection, in addition to creating brutal price pressure as customers like TSMC used KLA’s entry to crush Lasertec’s pricing: “TSMC will play hard...KLA will win the P2 and P3 [inspection]...that’s for the mask shop.” As KLA’s Teron DUV tools already have a monopoly in P1, KLA would own the mask shop.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e426532a-f58e-40f7-9cc5-4252fe0772f0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "quote", "text": "KLA Xenon-based source “works” while Ushio source “is terrible” and “creates a mess”\nA: “The KLA Xenon works. The Ushio tin source failed. ASML is different. They’re using tin and they’re using IR laser to ignite it. That’s ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they’re using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.”\nQ: “It sounds like it takes ten years to figure it out. It sounds very complex.”\nA: “Correct...I think that Isteq source will not be done in a professional way and it cannot work. You need to understand Isteq was done for research. Research is done in bursts, not continuously. For inspection, you need something to work 24/7, and that’s it. And it’s really hard. It’s totally different.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7d50eaea-5f16-415f-8f54-ba8702fee077", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "quote", "text": "KLA will quickly replace Lasertec in the key inspection use cases in the mask shop at Intel, TSMC, and other customers; will also create price pressure\n“There will be price pressure, and TSMC will play hard, and they’ll play bold as usual. But KLA will win the P2 and P3. That’s for the mask shop.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9aacad47-a9dd-46a9-a5cf-e5c0c2007a0a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — 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-91ad32e6724a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "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": "934a1315-6b7b-495b-b5c1-54ce2c629296", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "70b03044-d147-4392-8d11-428d1a94a4fd", "evidence": "Frames Lasertec's technology as a failure compared to KLA's.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }