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  "documentTitle": "Lasertec Corporation (6920)",
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  "notes": "Uses a combination of narrative analysis and a direct quote from an industry expert to establish a 'moat' around ASML's technology.",
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      "text": "Impassible for Lasertec to replicate ASML's source; took Cymer/ASML 20 years and required hundreds of people; required \"several billion dollars on the source only\"; ASML currently has ~1,000 staff working on their EUV source; \"that's the scale\"",
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      "text": "In order to understand why ASML is a monopoly in EUV and has a $350B market cap, one must grasp the extreme difficulty and cost of developing of a reliable, high-power EUV light source.",
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      "text": "Impassible for Lasertec to replicate ASML's source; took Cymer/ASML 20 years and required hundreds of people; required \"several billion dollars on the source only\"; ASML currently has ~1,000 staff working on their EUV source; \"that's the scale.\"",
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      "text": "\"ASML and Cymer spent 20 years, and, on average, it was probably 300 people working per year, and then 20 years. ASML spent several billion dollars on the source only - maybe a couple of billion dollars in development. That's the scale. I joined ASML at Cymer in 1999 or maybe 2000, and I worked there for 11 years. And it went into production basically in 2017. That tells you the scope. When I left Cymer, there were 250 or 300 people in the source development team engineering. Right now, if you go to San Diego, I'm sure that there are 600-700, maybe 1,000 people working on it. It's a huge development.\" — Leading figure in the development of Cymer/ASML's EUV light source; headed EUV source effort at one of the largest semicap equipment companies; one of the top scientist/experts in the field",
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      "text": "Source: Scorpion Capital consultation calls with experts; https://www.sdbj.com/news/asml-holding-nv-completes-acquisition-cymer/",
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      "text": "ASML Holding NV Completes Acquisition of Cymer for $3.7B",
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