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  "documentTitle": "Lasertec Corporation (6920)",
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  "presentationDate": "2024-06-05 00:00:00",
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      "text": "Lasertec has a inspection two-year window before multi-beam mask inspection takes over; ASML, KLA, NuFlare and others will enter the market",
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      "text": "KLA appears ready to leapfrog and make Lasertec obsolete as the transition to High NA gains momentum in 2024 – Lasertec cannot support High NA, while KLA has patiently prepared for it as the next phase of EUV lithography.",
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      "text": "We note his comments that KLA is working on an electron beam solution, consistent with KLA’s comments that it is timing its actinic EUV product to “intersect” with High NA. KLA appears ready to leapfrog and make Lasertec obsolete as the transition to High NA gains momentum in 2024 – Lasertec cannot support High NA, while KLA has patiently prepared for it as the next phase of EUV lithography. We find this particularly ominous as Intel is the first and most aggressive adopter of ASML’s High NA technology – and Intel is Lasertec’s “founding customer” and was its only hope for future actinic EUV purchases. The Japanese semiconductor executive stated that Lasertec’s window is “maybe another two years”: “KLA is working on it...Nuflare is working on a tool and ASML has a division where they’re working on a multi-beam inspection tool...which means it has much better throughput compared to the Holon inspection tool.”",
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      "text": "Q: “How long do you think Lasertec’s window is?”\nA: “Maybe another two years.”\nQ: “And what happens then? E-beam or KLA, or what do you think will happen?”\nA: “E-beam inspection will come out.”\nQ: “And are there any big companies working on it besides KLA for E-beam?”\nA: “Yes, KLA is working on it. NuFlare is working on a tool, and ASML has a division where they’re working on a multi-beam inspection tool.”\nQ: “For EUV masks?”\nA: “If they can establish the process, they can modify it for wafer inspection. And this is a multi-beam solution, which means it has much better throughput compared to the Holon inspection tool.”- Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO",
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      "text": "KLA is working on it...NuFlare is working on a tool and ASML has a division where they’re working on a multi-beam inspection tool...which means it has much better throughput compared to the Holon inspection tool. — 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",
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