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  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "pageNumber": 48,
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  "notes": "Uses a direct quote from KLA's CFO to undermine the competitor's (Lasertec) market position.",
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      "kind": "callout",
      "text": "once again illustrating the naivete of those who mistakenly think Lasertec is the monopoly.",
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      "kind": "paragraph",
      "text": "As yet another stark contrast to its insignificant R&D and capex, we note the massive sums KLA is spending to develop its upcoming actinic EUV mask inspection tool – which as we detail in a later section will be catastrophic for Lasertec.",
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      "kind": "quote",
      "text": "KLA CFO Bren Higgins at Morgan Stanley, March 2023: \"And the economics of running the fab is playing to our optical solutions... 90%-plus reticles are running through KLA systems... over $1 billion across multiple products to solve the reticle challenge\"",
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      "kind": "quote",
      "text": "If you look at the reticle space, for EUV...at the end of this year, I was adding up the numbers as CFO, you kind of roll your eyes you go holy -- wow, over $1 billion across multiple products to solve the reticle challenge in terms of R&D investment. — KLA CFO Bren Higgins",
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      "kind": "source-note",
      "text": "Source: Capital IQ transcripts",
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