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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses news headlines to substantiate the claim that major chipmakers are receiving significant US government funding, which creates a structural bias toward US suppliers.",
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      "kind": "callout",
      "text": "The Chips Act has been surprisingly successful so far",
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      "text": "the second that KLA launches its actinic EUV tool and creates a competing option, Lasertec as a Japanese supplier is in major trouble.",
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      "text": "Intel Receives $8.5 Billion in Grants to Build Chip Plants\nTSMC Will Receive $6.6 Billion to Bolster U.S. Chip Manufacturing\nU.S. gives Samsung $6.4 billion to build chip factories in Texas",
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      "text": "TSMC’s ex-head of R&D stated that President Biden’s CHIPS Act is fast becoming a major threat to Lasertec, stating that it will force recipients of US government subsidies to purchase tools from US suppliers – the second that KLA launches its actinic EUV tool and creates a competing option, Lasertec as a Japanese supplier is in major trouble. The CHIPS Act became law in 2022 and authorizes ~$300 billion in funding and subsidies for chip manufacturing on US soil. Intel received $8.5 billion in March 2024, the largest grant to date – illustrating the pressure it will be under to buy tools from US players like KLA; TSMC received $7 billion the same month, to fund a fab in Arizona; and Samsung received $6.4B. We note that these three chipmakers comprise almost all of Lasertec’s revenue.",
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      "text": "Source: Scorpion Capital consultation calls with experts; https://www.nytimes.com/2024/03/20/us/politics/chips-act-grant-intel.html; https://www.nytimes.com/2024/04/08/us/politics/tsmc-taiwan-chips-grants.html; https://www.washingtonpost.com/technology/2024/04/15/samsung-chips-act-taylor-texas/; https://www.ft.com/content/26756186-99e5-448f-a451-f5e307b13723",
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      "text": "CHIPS Act, recent press all from March/April 2024",
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