{ "docId": "019dd923-622c-750b-8b9a-0f4bec37392f", "docSlug": "f982379e2e48", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 57, "pageCount": 334, "prevPage": 56, "nextPage": 58, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 1, "notes": "The slide uses expert testimony to contradict the company's narrative of a monopoly in actinic inspection.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/57", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-57", "components": [ { "bbox": null, "kind": "callout", "text": "The answer is key to understanding the fraud, and detailed in a later section: the ACTIS EUV system is so unreliable and slow that TSMC, Intel, and Samsung have simply gone back to using DUV and homegrown systems to inspect EUV masks.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc7b-30418ed081cc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "paragraph", "text": "The answer is key to understanding the fraud, and detailed in a later section: the ACTIS EUV system is so unreliable and slow that TSMC, Intel, and Samsung have simply gone back to using DUV and homegrown systems to inspect EUV masks. Even if ACTIS weren't defective, it would have almost no use case or market - EUV masks in production in the fab only need periodic, quick, low-resolution checks, for which DUV is sufficient. That leaves only one use case for ACTIS: R&D in the two mask shops at TSMC and Intel, where a negligible ~6 tools have been installed in total - recall that EUV masks are inspected in only two settings, the mask shop and the fab.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c9325a07-9df2-4099-a073-27ad7e850084", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "KLA non-actinic DUV alternatives are “work really well” and are “well-engineered”; EUV wavelength is less important \"The current KLA systems are pretty good... a well-engineered system is more important than the wavelength...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0ec10bb1-5eb8-4571-9658-619d6ad4f76d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "quote", "text": "TSMC relying on legacy DUV and scanning electron microscope tools... Q: \"You're saying the fact that they're using optical means that they're not getting the results from the Lasertec machine by itself...\" A: \"Correct... What they did was use an optical tool from KLA...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ee8691b-7d9a-486f-983b-b45ada826452", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“What they did was use an optical tool from KLA – the Teron product line. And this is an optical tool with a 193-nanometer light source. So, there's a limitation to what defects it can detect. Very small defects, it cannot clearly distinguish. For something that looks like a defect, they record the coordinates, and then these coordinates are transferred to an electron beam inspection tool, which is only looking at these suspicious-looking defect locations. Is the defect on print or not? So, they need a combination of optical DUV and electron beam inspection to inspect the mask.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO; “The current KLA systems are pretty good, but they're not as good as actinic. Having said that, a well-engineered system is more important than the wavelength...they're using the current DUV tools, and it was announced at the most recent conference that people who are appreciating all the work that KLA did on supporting EUV with the DUV tools. EUV and DUV are different but for supporting EUV inspection, the DUV tools actually do work...Those tools work really well and have been well-engineered for a long period of time. That's what people use. I think today, I think people are using the Lasertec actinic pattern mask inspection tool - they use that when it works...” — Ex-KLA director of engineering focused on EUV mask inspection", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc7b-37ea947a8e8e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b233d5d-607d-4c8e-a11d-4a578f86992a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The use of DUV tools for EUV mask inspection allows Lasertec to masquerade as an “EUV lithography” player, but it raises an obvious question – why is an older DUV technology used at all, given the ACTIS EUV system and Lasertec’s purported “actinic patterned mask inspection” monopoly?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9f018ad0-2074-41ac-b2dc-40fe817837cf", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "81aeb6e6-20e2-4df4-9a34-459184b0a315", "evidence": "The slide explicitly frames the company's technology claims as a 'fraud' and uses expert testimony to contradict them.", "confidence": 0.9 } ], "arcBeats": [ { "to": 80, "from": 11, "beatId": "7e31b42d-7913-4bdc-94a9-6f7195daecb2", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The deck presents numerous slides exposing alleged contradictions and flaws in Lasertec's products and financials.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 60, "from": 43, "beatId": "5311c02f-c388-43cc-9826-568c719ac8a7", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Preempt Rebuttal", "beatSlug": null, "evidence": "The deck anticipates potential rebuttals and addresses them with evidence and expert testimonials.", "position": 4, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }