{ "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": 295, "pageCount": 334, "prevPage": 294, "nextPage": 296, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "Uses a Q&A transcript format to validate the thesis.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/295", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-295", "components": [ { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.59 }, "kind": "callout", "text": "Actinic/EUV mask inspection won’t work for high NA lithography", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55ac6496-5d34-480b-8133-35bd94bc3025", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Lasertec’s technology cannot support High NA – and its claims around the purported High NA capabilities of the “new” ACTIS A300 lack credibility.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961e-584a05641887", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "TSMC, Intel, and Samsung’s use of DUV, electron beam, and HHG systems indicates that Lasertec’s market window for actinic EUV mask inspection is rapidly closing, as the next phase in EUV is High NA lithography, with Intel taking delivery of the first ASML High NA scanner last month. As detailed in an earlier section, Lasertec’s technology cannot support High NA – and its claims around the purported High NA capabilities of the “new” ACTIS A300 lack credibility. High NA mask inspection requires an electron beam solution similar to Holon’s. The Japanese semiconductor executive friendly with Lasertec’s CEO explained High NA’s requirement for optical proximity correct (OPC): “actinic is not going to be sufficient for mask inspection because sub-resolution assist features will become necessary...those features you cannot detect with actinic light...ultimately an electron beam solution is required...they need features on a mask that are smaller than 13.5nm...higher resolution than EUV is required...and people are working on an electron beam solution...KLA is one of them.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4d4f6909-c45b-4ac5-9be3-8e32ac332e54", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.63 }, "kind": "quote", "text": "A: “Just one more aspect. Ultimately, actinic is not going to be sufficient for mask inspection because sub-resolution assist features will become necessary down the road. And those features you cannot detect with actinic light. So, ultimately, an electron beam solution is required.” Q: “Walk me through that. Are you talking about the High-NA EUV or something else?” A: “Yeah, pretty much High-NA, what they call the inverted lithography—OPC technology, light correction on the mask. So, they need features on the mask that are smaller than 13.5 nanometers. So, these features cannot be quantified using EUV anymore. A tool with a higher resolution than EUV is required. And people are working on an electron beam solution. And KLA is one of them.” - Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "32446e56-12dc-466f-9dfd-da9a663aae3a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“actinic is not going to be sufficient for mask inspection because sub-resolution assist features will become necessary...those features you cannot detect with actinic light...ultimately an electron beam solution is required...they need features on a mask that are smaller than 13.5nm...higher resolution than EUV is required...and people are working on an electron beam solution...KLA is one of them.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961e-5f5a9972152c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a311c775-f645-40e5-b06b-5d63417f867d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "49258856-ed24-4ccf-b1d3-e94b11f30eb4", "evidence": "Frames Lasertec as having a closing market window and lacking credibility.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }