{ "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": 24, "pageCount": 56, "prevPage": 23, "nextPage": 25, "slideType": "key_takeaways", "function": "summarize", "density": "balanced", "nDataPoints": 0, "notes": "The slide uses a narrative approach to discredit Lasertec's technical strategy by highlighting past rejections of current partners.", "elementsJson": [ "headline_text", "bullet_list" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-3e539d2729fa/24", "deckHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa#slide-24", "components": [ { "bbox": null, "kind": "callout", "text": "It is obvious that Lasertec would have evaluated Isteq over five years ago prior to rejecting it for Ushio - and are now desperately trying to cover up the Ushio failure and trying Isteq as a Hail Mary.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-25b2-736e-8e5d-6b8564e51d88", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.07, "y": 0.33 }, "kind": "list", "text": "The Isteq LPP laser-produced plasma technology upon which the \"new\" Urashima source is based was developed over a decade ago. Lasertec could easily have licensed it prior to the ACTIS A150 launch in 2019 but chose Ushio instead. Given that there are only two or three EUV source suppliers to choose from, it is obvious that Lasertec would have evaluated Isteq over five years ago prior to rejecting it for Ushio - and are now desperately trying to cover up the Ushio failure and trying Isteq as a Hail Mary. We note various Isteq papers going back to 2013 on their LPP system; as well as an international patent application for their LPP technology back in 2019/2020,", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c94c31f-88de-4ddf-8b91-d26569746e41", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.07, "y": 0.21 }, "kind": "list", "text": "Isteq indicated that they are in touch with Lasertec's key customers - namely Intel and TSMC - and that they are unhappy with Lasertec's inspection machine: \"it's under NDA so I cannot reveal the nature\" of the communication; \"no company...is fully satisfied with their inspection product...absolutely every product now has different problems...APMI, actinic patterned mask inspection is a huge challenge.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b02c1028-4d05-4eea-b59f-190280eb0241", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"it's under NDA so I cannot reveal the nature\" of the communication; \"no company...is fully satisfied with their inspection product...absolutely every product now has different problems...APMI, actinic patterned mask inspection is a huge challenge.\" — Isteq", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-25b2-736e-8e5d-6d9c92986d1b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.12 }, "kind": "title", "text": "5. Lasertec's EUV ambitions have always been vaporous given the impossibility of developing an EUV light source without investing USD billions (cont'd)", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c9f50f31-5718-4945-a419-4f6d1ea8a01b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Detailed summary / key findings", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d94f5a27-616a-4985-becd-f7f55577bc0e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Story Moments", "slug": "story-moments", "agent": "Storyteller", "layer": "slide", "matchId": "02912477-6164-4de1-90c3-c80d4c6c0e5b", "evidence": "The Isteq LPP laser-produced plasma technology upon which the \"new\" Urashima source is based was developed over a decade ago.", "confidence": 0.6 } ], "frameworks": [], "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 }