{ "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": 29, "pageCount": 56, "prevPage": 28, "nextPage": 30, "slideType": "key_takeaways", "function": "summarize", "density": "dense", "nDataPoints": 0, "notes": "The slide uses anecdotal evidence from industry interviews to support a thesis of operational failure and reputational decline at Intel.", "elementsJson": [ "headline_text", "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-3e539d2729fa/29", "deckHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa#slide-29", "components": [ { "bbox": null, "kind": "callout", "text": "This, of course, explains the statistical omissions in the SPIE papers lauding the tool's purported uptime.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-25b2-736e-8e5d-42299673e75b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.18 }, "kind": "list", "text": "When we asked the Lasertec engineer for more detail on the tension, he stated that the head of Intel's EUV mask inspection group was responsible for the tools – “the tools were his main area of management at Intel” – and that he was so angry that “he basically wasn't allowed in certain meetings anymore” by “his higher-ups”: “he wanted utilization closer to 85-90%, and being around 60-65% was not cutting it for him...he just tried to press, press, press to make it happen but there was only so much that could be done.” This, of course, explains the statistical omissions in the SPIE papers lauding the tool's purported uptime.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "90ddbda8-1f45-47c4-8acb-27f75e2a16a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.37 }, "kind": "list", "text": "At the outset of our research, we were stumped as to why Intel includes Lasertec in its annual list of supplier awards – until we understood Intel's role as Lasertec's sponsor and anchor investor, and the natural incentive of its EUV mask inspection team to avoid embarrassment, particularly given Intel's interest in promoting its EUV progress to investors and players like Apple. When we asked a senior Marvell employee about the award, he mocked it and laughed – “Marvell has also received that award...[it] is really sitting inside a cubicle that nobody uses...it's not something that we write home about...yeah we'll do a press release...but nobody talks about it”; “Intel is not a cutting-edge company in this day and age by any means...so if Intel is giving out awards...it's not even worth its weight in salt.”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "af62eac0-9387-4edb-a83f-53302a6b035c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"the tools were his main area of management at Intel\" — Lasertec engineer; \"he basically wasn't allowed in certain meetings anymore\" — Lasertec engineer; \"he wanted utilization closer to 85-90%, and being around 60-65% was not cutting it for him...he just tried to press, press, press to make it happen but there was only so much that could be done.\" — Lasertec engineer; \"Marvell has also received that award...[it] is really sitting inside a cubicle that nobody uses...it's not something that we write home about...yeah we'll do a press release...but nobody talks about it\"; \"Intel is not a cutting-edge company in this day and age by any means...so if Intel is giving out awards...it's not even worth its weight in salt.\" — Senior Marvell employee", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-25b2-736e-8e5d-44ff814d64c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.12 }, "kind": "title", "text": "6A. Struggles at Intel (cont'd)", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ee2b5b0-cfba-4338-98e0-193054df5775", "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": "1cda8f3f-43d1-4201-b9e2-57d25d6da7f7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Logical chain", "slug": "logical-chain", "agent": null, "layer": "slide", "matchId": "6f33dcc8-f017-4f25-8210-5851b9847365", "evidence": "The slide presents a logical sequence of events and information about Intel's experience with Lasertec's EUV mask inspection effort.", "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 }