{ "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": 282, "pageCount": 334, "prevPage": 281, "nextPage": 283, "slideType": "cite_precedent", "function": "cite_precedent", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to validate the thesis that KLA is gaining market share over Lasertec at TSMC.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/282", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-282", "components": [ { "bbox": null, "kind": "callout", "text": "For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that's why I say already two-thirds of the business migrated from originally Lasertec to KLA already.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961d-c728a55e5287", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "list", "text": "TSMC indicates KLA DUV tools are superior; “KLA’s share continues to increase”\nQ: “If Lasertec is still mainly selling DUV, that means they basically failed in EUV.”\nA: “The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that’s why I say already two-thirds of the business migrated from originally Lasertec to KLA already. I have to say Lasertec has continued to decrease their amount of share in TSMC.”\nQ: “In fab 18, what happened?”\nA: “The economics, the throughput. If I purchase a tool from KLA, probably for 3-nanometer, TSMC probably needs to purchase 20 mask inspection tools. But if I change to Lasertec, I have to purchase more than 30.”\nQ: “So, you’re saying that TSMC tried using them for 5-nanometer, but it didn’t really work because of the throughput; they only got two machines, and now they’re not going to use them for 3-nanometer. Is that right?”\nA: “Yeah, you can say that. Yes. You can use the DUV light source to inspect, no matter for a DUV mask break or EUV mask break, yes, because you’re just trying to identify the same image and the defect.”\nQ: “Is TSMC using Lasertec in the new fabs? When you said they’re reducing market share, who are they going with instead? KLA?”\nA: “Yes. Now, KLA’s share continues to increase. Now, it’s already two-thirds, and I know it continues to increase to get more from KLA.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "722d9389-5190-481e-a7d4-60564c509048", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.19 }, "kind": "paragraph", "text": "However, KLA’s actinic product is still likely to smash TSMC’s purchases of Lasertec’s legacy DUV machines, of which it still purchases a few for inspection in the fab, despite their lower resolution vs. EUV. TSMC would likely divert those purchases to KLA’s actinic product versus trying to improvise with Lasertec’s DUV system. An ex-TSMC procurement executive bluntly stated they already have a much higher opinion of KLA than Lasertec: “for productivity and for economic considerations, KLA performs better than Lasertec...two-thirds of the business migrated from originally Lasertec to KLA...Lasertec has continued to decrease...their share in TSMC...KLA’s share continues to increase.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "33f0bce5-8881-4c2d-823d-54a1e5b72bd4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "For production, for productivity, and for economic considerations, KLA performs better than Lasertec...two-thirds of the business migrated from originally Lasertec to KLA...Lasertec has continued to decrease...their share in TSMC...KLA’s share continues to increase. — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961d-ca9e0aaa1f1b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "96d178ab-7373-4ef2-8344-920db6e89716", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "TSMC appears to have stopped purchasing Lasertec actinic EUV machines several years ago, given their lack of reliability and throughput, as detailed in prior sections.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4243f4b2-c8c0-4d83-aac0-03ca0db51558", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "635fa0fe-f69b-40cc-86b6-cbab2d774519", "evidence": "Citing an ex-TSMC procurement executive to validate the thesis.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }