{
  "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": 20,
  "pageCount": 56,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a series of bullet points to build a case of fraud/misrepresentation against Lasertec's product claims.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-3e539d2729fa/20",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Multiple industry executives in touch with Lasertec told us that the company's claims around the \"new\" ACTIS A300 and its purported High-NA capability are simply false and just vaporware.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5c-d91e9e4ae130",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.85,
        "x": 0.07,
        "y": 0.71
      },
      "kind": "list",
      "text": "A diagram of the supposedly High NA optics in the A300 - shown in both the conference paper - is astonishingly lacking in technical specs or details. Instead of being transparent and showing photos of their High NA projection optics as ASML and its strategic partner Zeiss have done for years, Lasertec's engineers show only a simple, crude drawing.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2949f86e-1ba6-4d98-986c-e99fafccca92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.21
      },
      "kind": "list",
      "text": "Multiple industry executives in touch with Lasertec told us that the company's claims around the \"new\" ACTIS A300 and its purported High-NA capability are simply false and just vaporware.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c38c1bc-0ccb-4d30-896c-1ba89b7a54cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.07,
        "y": 0.41
      },
      "kind": "list",
      "text": "A longtime executive at Global Foundries, who deals directly with Lasertec and all aspects of EUV mask inspection, stated that Lasertec's November 2023 press release announcing the ACTIS A300 was \"just a press release to match the shipment of the first [ASML] High-NA system to Intel.\"",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2fdd474-9721-4301-acaf-321067fcb850",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.54
      },
      "kind": "list",
      "text": "As a major red flag regarding the A300's High NA capability, we note a key paper presented by Lasertec engineers a few days before the press release. Presented at an industry conference, the 11-page paper shows the emperor has no clothes, as it was curiously vague on technical details.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e88dd200-d2cf-4b47-81e8-66dba69fbf15",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"they don't have it now, without giving too much info on that - they don't have it...it will require replacement of their optics because...if they open up the aperture, the optics will block....they cannot do it right now...they need...a different curvature, different figure elements - it's a massive upgrade.\" — Ex-KLA executive. \"just a press release to match the shipment of the first [ASML] High-NA system to Intel.\" — Global Foundries executive.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5c-def7caeba795",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.12
      },
      "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": "8d33193a-4048-47b7-afff-84385d8e923e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "Detailed summary / key findings",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7890efcd-4bf9-48b0-996d-e210772e19a4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e272e5e5-f24f-4192-b9d1-12c41777c494",
      "evidence": "The slide systematically dismantles product claims using expert testimony and technical analysis.",
      "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": [
    {
      "to": 40,
      "from": 20,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "905755ed-1026-45f4-a058-5cbb7c876733",
      "evidence": "The document emphasizes the severe consequences of ignoring Lasertec's problems",
      "position": 1,
      "objective": "Highlight the consequences of inaction regarding Lasertec's issues",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}