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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a Q&A format to validate the thesis that political pressure favors US-based suppliers like KLA over Japanese competitors.",
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      "text": "KLA will “become the favorite” and have a “super advantage” over Lasertec due to the CHIPS Act; Lasertec will be in “trouble because the CHIPS Act is for US suppliers”",
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      "text": "KLA will “become the favorite” and have a “super advantage” over Lasertec due to the CHIPS Act; Lasertec will be in “trouble because the CHIPS Act is for US suppliers”",
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      "text": "Lasertec’s largest customers “are under intense pressure” to use US suppliers; Lasertec will lose business as a result “Intel, Samsung, and TSMC are under pressure from the U.S. government to use U.S. suppliers. That’s for sure. So, whether Lasertec can really still be the choice - it’s very political - unless KLA really screws up. If KLA screws up - which I don’t think so - Lasertec, I bet they will suffer a little bit…they may lose some of these things in the U.S. because of the CHIPS Act…– Former head of TSMC R&D; played key role in 5nm transition and vendor/tool selection",
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      "text": "Q: “What do you think will happen to Lasertec once KLA launches their competing product? It sounds like they are going to be in trouble at that point.”\nA: “That’s right. That’s right. That’s a very good question. I guess you are very familiar with the CHIPS program under the current Biden administration. This is actually super, super, big-time for suppliers, for foundries, and also universities like us. The CHIPS Act really focuses on U.S. manufacturing 5-nanometer and then so on to 3. So, EUV is one…KLA always brings up their option…the Japanese suppliers are in a bit of trouble because the CHIPS Act is for U.S. suppliers. So, Applied and KLA go first. The U.S. CHIPS Act right now, it’s still at the very beginning because this is the first year it’s going to launch. I think KLA definitely has a super advantage…the Lasertec guys are going to be put into the second choice. That’s a problem. ASML is fine because nobody now can replace ASML. But KLA is very, very strong. KLA apply in terms of EUV, metrology inspection, and packaging. But under the CHIPS Act, I think KLA becomes the favorite. So, that is something you need to think about because it is starting to become very, very political.” – Former head of TSMC R&D; played key role in 5nm transition and vendor/tool selection",
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      "text": "“That’s right. That’s right. That’s a very good question. I guess you are very familiar with the CHIPS program under the current Biden administration... I think KLA definitely has a super advantage...the Lasertec guys are going to be put into the second choice... But under the CHIPS Act, I think KLA becomes the favorite.” — Former head of TSMC R&D",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "TSMC’s ex-head of R&D described the US CHIPS Act as a seismic event – “this is actually super, super big time for suppliers”; “Japanese suppliers are in a bit of trouble…KLA definitely has a super advantage…the Lasertec guys are going to be put into second choice…KLA is very, very strong…in terms of EUV…under the CHIPS Act…KLA becomes the favorite.” He continued that “Intel, Samsung, TSMC are under pressure from the US government to use US suppliers…Lasertec, I bet they will suffer….they may lose some of these things in the US because of the CHIPS Act.”",
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