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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 'preempt_rebuttal' structure to dismantle a specific bull case argument regarding EUV pellicle inspection.",
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      "text": "Sadly for bulls, a pellicle-based thesis is a fantasy: TSMC – the largest player – doesn’t use pellicles for EUV masks and is content with non-actinic DUV tools; and for others like Intel, the ACTIS is highly contamination-prone and spews particles during inspection, defeating its purpose and requiring redundant inspection with KLA’s Teron DUV system, even if a pellicle is used.",
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      "text": "Three images of EUV pellicles",
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      "text": "Investors with a keen understanding of EUV lithography may dispute the previous page and argue that the ACTIS EUV system has a “monopoly” because it is the only tool capable of “actinic” inspection through a pellicle. Pellicles are a much-hyped concept in the EUV mask space and key to the Lasertec story among sell-side analysts pushing the stock. A pellicle is a thin membrane to protect the mask from particle contamination that would cause defects during wafer exposure; a mask must be inspected again in case pellicle placement caused new particles. In theory, only an “actinic” 13.5nm EUV source can inspect through a pellicle with sufficient sensitivity. Sadly for bulls, a pellicle-based thesis is a fantasy: TSMC – the largest player – doesn’t use pellicles for EUV masks and is content with non-actinic DUV tools; and for others like Intel, the ACTIS is highly contamination-prone and spews particles during inspection, defeating its purpose and requiring redundant inspection with KLA’s Teron DUV system, even if a pellicle is used.",
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      "text": "Source: https://www.asml.com/en/news/stories/2022/the-euv-pellicle-indistinguishable-from-magic; https://bits-chips.nl/artikel/ut-research-shines-light-on-mechanical-stability-of-euv-pellicles/; https://semiengineering.com/euv-pellicles-finally-ready/",
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      "kind": "title",
      "text": "Examples of EUV mask pellicles – two left from ASML, far right from Imec",
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