{
  "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": 51,
  "pageCount": 56,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The slide uses anecdotal evidence from industry experts and former employees to build a bearish case against Lasertec.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-3e539d2729fa/51",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3e539d2729fa#slide-51",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lasertec's actinic EUV tool is so defective and unreliable that TSMC, Intel, and Samsung have all quietly substituted non-EUV alternatives for inspecting EUV masks",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5f-2a236f4343ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.07,
        "y": 0.55
      },
      "kind": "list",
      "text": "The ex-KLA engineering director stated that if the Lasertec tool is 'not working...people can get by' using DUV, exposing that Lasertec's so-called 'monopoly' in actinic EUV tools is irrelevant.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00044909-3874-4979-8a64-8e088e6f1a41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.66
      },
      "kind": "list",
      "text": "A leading EUV lithography expert... told us that all three of Lasertec's key customers have quietly built their own EUV mask inspection systems as a workaround given its defective tool.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56b41d1a-fb62-400d-ba62-57fe0c9384b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "list",
      "text": "Holon's technical literature actively promotes its scanning electron microscope tool for EUV mask inspection... The semiconductor executive stated that Holon's tool only costs $5 to $7 million, versus $40-60MM for Lasertec's actinic EUV tool.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d03b84e-f56f-4639-8220-226c068cd8b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.07,
        "y": 0.37
      },
      "kind": "list",
      "text": "An ex-KLA director of engineering... stated that non-EUV methods like KLA's Teron DUV tools are perfectly sufficient as 'alternatives for the inspection.'",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb10af13-3fce-4951-970c-8238956685f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“is the best way to do that” — An ex-KLA director of engineering. “a well-engineered system is more important than the wavelength” — An ex-KLA director of engineering. “the DUV tools actually do work [for EUV masks]...those tools work really well and have been well-engineered for a long period of time.” — An ex-KLA director of engineering. “made essentially their own...in-house inspection system...so did Intel...Intel doesn't talk about it, but they did” — A leading EUV lithography expert.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e5f-2e095010b45f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "title",
      "text": "10. Lasertec's actinic EUV tool is so defective and unreliable that TSMC, Intel, and Samsung have all quietly substituted non-EUV alternatives for inspecting EUV masks (cont'd)",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ddb0b10-4882-41bf-a9b0-498137aeb20d",
      "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": "0f89f9e9-ca7f-44ae-91f0-451bff9a3776",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Authority citation",
      "slug": "authority-citation",
      "agent": null,
      "layer": "slide",
      "matchId": "4b4e259a-cb88-4e5b-92c1-1bc9a1a6081e",
      "evidence": "quote: “...parallel inspections of the same masks...just to make sure there are no defects.” — Japanese semiconductor executive.",
      "confidence": 0.7
    },
    {
      "name": "Logical chain",
      "slug": "logical-chain",
      "agent": null,
      "layer": "slide",
      "matchId": "ab555acc-6858-4075-ad14-93491da44f62",
      "evidence": "list/bullet: The expert added that he is friendly with the CEO of Holon - a Japanese company that makes the e-beam tool used by TSMC and that it is rapidly gaining adoption...",
      "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
}