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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 a technical diagram to illustrate the 'moat' created by the extreme engineering difficulty of the product.",
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      "text": "The most critical and challenging component is the EUV light source; other key sub-systems are the reticle (mask), optical column, and wafer stage.",
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      "text": "Netherlands-based ASML has a monopoly as the only company that produces and sells EUV systems for chip production. The technology took decades to develop and faced enormous struggles and delays, with the first EUV scanner – the machine that “writes” onto a wafer - shipping in 2013 and costing upwards of $200MM each. EUV scanners are the size of a truck and weigh 180 tons, requiring three Boeing 747’s to ship - among the most complex systems developed by man. The most critical and challenging component is the EUV light source; other key sub-systems are the reticle (mask), optical column, and wafer stage.",
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      "text": "Source: https://semiconductor.samsung.com/cn/news-events/tech-blog/a-nano-scale-sketch-on-a-millimeter-scale-wafer-part-2/; Carl Zeiss",
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      "text": "ASML EUV scanner – interior",
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