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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 argues that Lasertec's solution is economically unviable for high-volume fabs like TSMC.",
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      "text": "TSMC would theoretically require 110 of the Lasertec tools at $50MM each to cover their daily mask throughput of 550 – implying an absurd $5.5 billion of spend.",
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      "text": "Holon equipment photos",
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      "text": "Holon’s technical literature actively promotes its scanning electron microscope tool for EUV mask inspection – “becoming indispensable for EUV lithography.” The semiconductor executive stated that Holon’s tool only costs $5 to $7 million, versus $40-60MM for Lasertec’s actinic EUV tool. While KLA’s DUV Teron tool is also expensive, its mask inspection throughput is vastly higher thus requiring a much smaller number of machines – TSMC complained to us that Lasertec’s system could only inspect a pitiful 5 EUV masks per day, out of the 550 masks their fab needed inspected daily. Thus, the combination of KLA’s DUV tool plus Holon’s $5-7MM SEM tool is far less expensive. TSMC would theoretically require 110 of the Lasertec tools at $50MM each to cover their daily mask throughput of 550 – implying an absurd $5.5 billion of spend.",
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      "kind": "quote",
      "text": "The KLA leading-edge optical inspection tool costs maybe $40 or $50 million. The SEM tool costs maybe $5 or $7 million...so the financial setup of optical and the CD-SEM is less money.",
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      "text": "The KLA leading-edge optical inspection tool costs maybe $40 or $50 million. The SEM tool costs maybe $5 or $7 million...so the financial setup of optical and the CD-SEM is less money. — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO",
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      "text": "Source: Scorpion Capital consultation calls with experts; https://www.holon-ltd.co.jp/english/product/about.html",
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