{ "docId": "019dd923-622c-750b-8b9a-3e539d2729fa", "docSlug": "a8e4eb348e06", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 18, "pageCount": 56, "prevPage": 17, "nextPage": 19, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes from an Ushio engineer and other industry experts to undermine Lasertec's marketing claims.", "elementsJson": [ "headline_text", "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-3e539d2729fa/18", "deckHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa#slide-18", "components": [ { "bbox": null, "kind": "callout", "text": "The “new” ACTIS A300, announced with fanfare in Nov 2023 as Lasertec’s next-generation EUV product and driver of growth, is a hoax", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-25b2-736e-8e5c-b0490f9f459a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.854, "x": 0.073, "y": 0.475 }, "kind": "list", "text": "Although the Urashima source attempts to use laser-produced plasma (LPP) similar to ASML's technology, where the plasma is better controlled, versus the Ushio source's inferior laser-assisted discharge-produced plasma (LDP) approach, Urashima is still plagued by the same inspection failures as Ushio. The plasma which emits EUV is just as unstable, leading to fluctuations and lack of brightness and power. The Ushio engineer provided details we find damning: \"...the same results happen on their inspections\" with Urashima; \"they get a dark frame or they get a false defect...it's light source fluctuation\"; \"in these light sources, the brightness is just going to fluctuate\"; \"difficult thing to control\"; \"hard to get enough power...to get the brightness up.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1a5058b9-bcfc-4308-bc53-066303ed551c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.854, "x": 0.073, "y": 0.66 }, "kind": "list", "text": "Experts we interviewed described the Ushio source as an unmitigated disaster and ridiculed claims that the Isteq source is superior as coming from the \"same people\" – presumably Lasertec and Intel – who made similarly false claims about the Ushio source several years ago: \"the Ushio source [had] degradation and they took it out...the same people who came to me and said, wow, we won the war and we got Lasertec...it's all good with Ushio...the same people two years later said yeah by the way everybody in the field has taken the source out.\" He expressed similar doubt about the Isteq source: \"Isteq has not quite done their job\"; \"Lasertec and Intel will...do a song and dance...well, how much data do you have...I have not seen long-term performance data at all.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42eb32b8-afaa-4659-af4a-e9a3ad198ff6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.854, "x": 0.073, "y": 0.37 }, "kind": "list", "text": "The engineer indicated that the Urashima source is \"down at least as often as the Ushio light source\"; \"they have the exact same inspection issues, so the Lasertec Urashima source has all the same problems\"; \"the light source has its own set of weaknesses\" in addition to those that afflict the Ushio source; \"I think that probably contributes to the downtime.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a7314951-559b-4409-a642-0463f362eabc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.854, "x": 0.073, "y": 0.214 }, "kind": "list", "text": "We asked the Ushio engineer whether the A150 and Urashima A300 machines look any different when they are open, except for the two different EUV sources: \"it's all the same, as far as I can tell,\" replying affirmatively when we then asked if everything else inside the tools is identical. He stated that Lasertec's field engineers \"complain\" about the Urashima source as much as the A150 and that they are skeptical of their own company's technology: \"I work a lot with the boots on the ground at Lasertec, and they complain about having to maintain their light sources...[they] feel that management made some compromises....\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bb8b4902-a138-4ad0-a18d-f25cab70281e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I work a lot with the boots on the ground at Lasertec, and they complain about having to maintain their light sources...[they] feel that management made some compromises.... — Ushio engineer", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-25b2-736e-8e5c-b5e82804df42", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.854, "x": 0.073, "y": 0.123 }, "kind": "title", "text": "4. The \"new\" ACTIS A300, announced with fanfare in Nov 2023 as Lasertec's next-generation EUV product and driver of growth, is a hoax (cont'd)", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "69d3b51e-4e28-40f6-9ac8-605807a98edb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.413, "x": 0.073, "y": 0.068 }, "kind": "title", "text": "Detailed summary / key findings", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c818cda6-da8c-49f3-9218-7198fc8d1f47", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Story Moments", "slug": "story-moments", "agent": "Storyteller", "layer": "slide", "matchId": "97ff6d28-86eb-4358-b0b3-7411dafe2d73", "evidence": "Experts we interviewed described the Ushio source as an unmitigated disaster and ridiculed claims that the Isteq source is superior as coming from the \"same people\" – presumably Lasertec and Intel – who made similar claims before.", "confidence": 0.6 } ], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "f0ecf066-3f2e-4d0e-9f75-1a0f773de2ec", "evidence": "The slide systematically presents evidence to debunk a company's product claims.", "confidence": 0.9 } ], "arcBeats": [ { "to": 30, "from": 11, "beatId": "ddd47c98-0c7b-4601-b841-6a759c3fbbf3", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Detailed explanation of Lasertec's product flaws and customer dissatisfaction", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }