{
  "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": 46,
  "pageCount": 56,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses expert testimony and source interviews to validate the timeline and technical feasibility of KLA's product launch.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-3e539d2729fa/46",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa#slide-46",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "KLA's patient entry into the market with High NA technology is an existential threat.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5e-8a012f88f415",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.85,
        "x": 0.07,
        "y": 0.57
      },
      "kind": "list",
      "text": "We note skepticism among some in the industry given KLA's secrecy and previous delays... An ex-KLA executive stated that KLA spent years working on its actinic EUV tool and developed a prototype.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ce2d714-1521-42ca-845a-df7271c10397",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "list",
      "text": "KLA stated that actinic EUV mask inspection only made sense in conjunction with High NA EUV lithography... KLA's patient entry into the market with High NA technology is an existential threat.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "405202b8-e266-4bc6-8bc5-112078e0c6dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.85,
        "x": 0.07,
        "y": 0.37
      },
      "kind": "list",
      "text": "We spoke with 3 KLA sources who indicated that its actinic tool is coming in 2025... The first executive stated the timeline was originally end of 2024, but that he believes the beta version will ship in mid-2025.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c77a4870-d47a-4862-a38d-0900892acbd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.07,
        "y": 0.77
      },
      "kind": "list",
      "text": "A second KLA executive, with extensive experience in EUV source development, confirmed their technical ability to launch the tool given their \"virtual monopoly for the DUV tool\".",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f541d208-1bea-45a3-8163-5dcefd243b5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "it's happening according to all indications I have...of course it's happening...it's not bullshit...they are investing tremendously...they have committed to Wall Street. — Ex-executive in a leadership role in KLA's EUV group",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5e-8d7aa0873b0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "title",
      "text": "9. KLA's impending launch of an EUV actinic patterned mask inspection tool will be catastrophic for Lasertec (cont'd)",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef882784-8e58-416a-bd57-85656d949c3b",
      "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": "9c2ff52d-a794-479b-9230-25279915ba2a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "3dc4cd9a-e274-4cad-8d20-a861828a8e9b",
      "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}