{
  "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": 40,
  "pageCount": 56,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "The slide presents a series of anecdotal evidence and expert testimony regarding potential accounting and operational issues at Lasertec.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-3e539d2729fa/40",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa#slide-40",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lasertec customers who have recently visited Lasertec’s headquarters confirmed seeing highly unusual levels of inventory (cont’d)",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5e-62618cc52cb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.5
      },
      "kind": "list",
      "text": "The ex-KLA executive described Lasertec's $1.2 billion of inventory as \"pretty scary...pretty weird...doesn't seem normal.\" He stated that most of the initial advances and purchase orders for the EUV tool were from Intel.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1420b5bd-bab9-4c5f-aaf5-20f7753d202d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.07,
        "y": 0.37
      },
      "kind": "list",
      "text": "An ex-KLA executive in a senior role in their EUV mask inspection group stated that Lasertec's EUV tool shipments hit the wall about two years ago with delays due to product defects.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "200975f3-f4f2-46ff-838e-f602b039a895",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.07,
        "y": 0.66
      },
      "kind": "list",
      "text": "The executive indicated that Intel gave Lasertec larger advances and more purchase orders than it could use and then tried to pawn them off to TSMC. However, TSMC is fed up with Lasertec's product defects.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ee14e7a-fe1b-45d6-93e6-5e500337ff5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.21
      },
      "kind": "list",
      "text": "Marvell indicated that Lasertec's existing inventory has little value... The senior employee noted that inventory mis-valuation in the semiconductor equipment industry is a common thing, unfortunately, to manipulate earnings.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71695322-96ec-4fd1-9b51-f2949f62555d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.07,
        "y": 0.79
      },
      "kind": "list",
      "text": "Other research sources corroborated the mountain of inventory, such as a senior semiconductor executive in Japan who stated that customers are holding back the orders, waiting for improvement light source-wise.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7602a76b-5fe2-4dfd-ba3a-64f0f79a99c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "I’m telling you, that’s where the problem started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...I definitely understand why because they are not shipping...because they have problems with the source...the customers are delaying orders. — Ex-KLA executive",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5e-67b12dc63e97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "title",
      "text": "7. Lasertec customers who have recently visited Lasertec's headquarters confirmed seeing highly unusual levels of inventory (cont'd)",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31cea4f5-2f46-43e4-83bf-9219a6870c3a",
      "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": "8705265c-bc67-4ce3-833d-d06e7e74f5ae",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "5a9ad2fd-5473-4d08-9873-b8181f51314c",
      "evidence": "The slide contains multiple list/bullet point components.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 56,
      "from": 31,
      "beatId": "3f095ed5-de2f-4a64-bb32-5a79c5566416",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and summary of Lasertec's dire situation",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "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
}