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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": "Provides technical background on EUV masks and the manufacturing process.",
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      "text": "Machines made specifically for inspecting photomasks have been Lasertec’s bread and butter since the 1970’s – a small niche versus other segments of the tools market like wafer inspection, defect review, or metrology, hence its historical market cap of $100-200MM.",
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      "text": "EUV mask blank prior to patterning",
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      "text": "EUV masks, known as “reticles”",
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      "text": "Machines made specifically for inspecting photomasks have been Lasertec’s bread and butter since the 1970’s – a small niche versus other segments of the tools market like wafer inspection, defect review, or metrology, hence its historical market cap of $100-200MM. If the pattern on a mask is defective or its surface is contaminated with a microscopic particle, every wafer printed with it will be defective and yields will be low. In photolithography, several masks are used in turn, each one reproducing a layer of the completed circuit design, known together as a mask set. Masks are opaque plates made of multiple layers of various materials, with EUV masks using 40-50 alternating layers of molybdenum and silicon. The process begins with a mask blank, which is then coated with photoresist, exposed to a laser, and developed to etch the final pattern.",
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      "text": "Source: https://agcem.com/products/euv-mask-blanks/; https://www.anandtech.com/show/16581/availability-of-euv-pellicles-to-boost-yields-enable-large-euvbased-chips-",
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