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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a technical argument to debunk a common investment thesis regarding EUV pellicles.",
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      "kind": "callout",
      "text": "残念ながら“ペリクル説”は幻想だ。",
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      "text": "極端紫外線露光技術に詳しい投資家は、前ページの解説について異議を唱えるかもしれない。例えば、ACTIS装置が独占状態なのは、ペリクルというマスクについている保護用の薄膜を通しながらもアクティニック検査ができる唯一の装置だからだ、と。ペリクルは極端紫外線マスクの分野でかなり騒がれている技術で、\"レーザーテック物語\"を推す証券アナリストにとって便利な宣伝ツールだ。ところが、ペリクルを貼る場合、貼る過程で新たな微粒子汚染が発生していないかを確認するために改めて検査しなければならない。ペリクルを通しで十分な感度で検査できるのはアクティニック、つまり13.5ナノメートルの光源が搭載された検査装置だけだ、という説がある。しかし、レーザーテック株を推す連中には気の毒だが、残念ながら\"ペリクル説\"は幻想だ。例えば、半導体装置製造の最大手であるTSMCは原則としてペリクルを使わず、極端紫外線マスクの検査に深紫外線装置を使う。また、インテルなどでは、ACTISは装置は汚染されがちで、検査中に微粒子が発生するため、導入すれば生産性が下がると判断している。結果としてレーザーテックが得意なペリクル付きのマスクにも、並行してKLA製のTeron深紫外線装置を使わなければならない。",
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      "kind": "source-note",
      "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": "極端紫外線マスク用のペリクル：左と中央はASML製、右はImec製",
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