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  "documentTitle": "Lasertec Corporation (6920)",
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  "notes": "The slide uses a combination of historical acquisition data and expert testimony to establish a 'moat' around ASML's technology.",
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      "text": "ASMLが実現したような錫方式の極端紫外線光源を開発することは、レーザーテックにとって不可能だろう。",
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      "text": "It is impossible for Lasertec to replicate ASML's tin-based EUV source. It required 20 years, hundreds of staff, and billions in funding. Even today, ASML employs 1,000+ people specifically for this light source development.",
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      "text": "ASML is monopolizing EUV lithography with a $350B market cap. Developing high-power EUV sources is extremely difficult, requiring massive investment. ASML spent $7B and 20 years, including the $4B acquisition of Cymer, to commercialize the technology.",
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      "kind": "quote",
      "text": "「今は600人〜700人、ひょっとしたら1000人ほどが従事しています。大規模な取り組みです」 — サイマー（のち、ASML）ともう1社で極端紫外線光源の開発における中心的な役割を果たした人物、当該分野における名だたる科学者・専門家 qw142",
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      "text": "Source: Scorpion Capital expert interview; San Diego Business Journal, May 30, 2013",
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      "kind": "title",
      "text": "ASML Holding NV Completes Acquisition of Cymer for $3.7B",
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