I own ETEC from @ $19-22 p/s, so the current price doesn't bother me a lot.
I like both of these companies. They're in sightly different positions in the feeding chain, but in the chain none-the-less. The chip and logic people need smaller geometries and so need ASMLF, Canon and Nikon to sell the steppers incorporating the Cymer lasers into which is inserted the DPMI/PLAB mask that is fabricated with ETEC equipment. Over the long haul, absent the unexpected, I see all of these companies greatly appreciating in value. I also believe that it is safer to own them all than it is to own less than all.
BTW, did you see the following:
Jan. 26, 1998--DuPont
Photomasks, Inc. (NASDAQ:DPMI), more commonly referred to as DPI, has
expanded capacity at its Danbury, Connecticut, facility to double
production capabilities for Deep Ultraviolet (DUV) pellicles. A
pellicle is an ultra-thin, frame-mounted piece of transparent film
that covers a photomask to create a sealed, contaminant-free
environment. Photomasks are high purity quartz plates that contain
precision images of integrated circuits and are used to pattern the
circuit images onto silicon wafers during the semiconductor
manufacturing process.
The material used to fabricate a pellicle must be compatible with
the light source employed to pattern the circuit images onto the
semiconductor wafers. For example, a pellicle designed to work
exclusively with the i-line steppers that are currently widely
deployed will degrade rapidly under repeated exposure to the light
wavelengths emitted by DUV steppers.
"The industry is undergoing a much more rapid transition to DUV
technology than anyone originally anticipated," said J. Michael
Hardinger, chairman and chief executive officer of DuPont Photomasks.
"As the world's largest supplier of deep sub-micron photomasks and DUV
pellicles, we are committed to staying ahead of the curve to ensure
that we meet the needs of the leading edge of the photomask market."
World's Largest Producer
DPI is the world's largest producer of photomasks that enable the
production of semiconductor devices with 0.35-and-below micron design
rules. DPI is also the only photomask supplier in the world that
manufactures pellicles as well as photoblanks, the polished quartz
plates coated with very thin layers of chrome and photoresist that are
used to make photomasks.
"Our unique level of vertical integration allows DPI to exercise
better control over our output than any other photomask manufacturer,"
noted Hardinger. "Our extensive experience in materials sciences as a
producer of photoblanks and pellicles assures our customers of having
the right technology when they need it."
Industry analysts at Dataquest now predict that DUV stepper
shipments will roughly double from 1997 to 1999, ramping from 300
steppers per year to nearly 600 units. VLSI Research analysts estimate
that the market for DUV tools will experience a compound annual growth
rate of 43.9 percent between 1997 and 2002.
"We are pleased to see that a vendor of DuPont Photomasks'
caliber is taking the appropriate steps to ensure the complete
infrastructure is in place for growth of the DUV market," said Edward
Dohring, president of Silicon Valley Group's Lithography Division. "As
the first equipment manufacturer to ship production DUV step-and-scan
lithography tools and the current market leader, we have long realized
the explosive potential of this market."
Patented Technology
The material DPI uses to fabricate DUV pellicles was patented
while the company was still a business unit of parent E.I. du Pont de
Nemours and Company. Known as Teflon(R) AF, the material in pellicles
is now intellectual property of DPI. Since the most minute speck of
dust can render a photomask useless, pellicles designed to work with
DUV steppers are essential for the advancement of the industry.
Teflon AF has been formulated to provide superior transmission
with both 248 nm DUV light wavelength and 365 nm i-line light
wavelength. Pellicles made with Teflon AF deliver the multi-wavelength
compatibility without experiencing extraordinary degradation under
either light source.
DuPont Photomasks, Inc. (DPI)
DuPont Photomasks, Inc., is the world's leading supplier of
photomasks, operating globally from nine strategically located
facilities in North America, Europe and Asia. The company produces and
supplies photomasks as well as photoblanks (photomask substrates) and
pellicles (protective covers for photomasks). DPI is headquartered in
Round Rock, Texas, and had worldwide sales in fiscal 1997 of over $260
million. DPI maintains a Web site at photomask.com.
For what it's worth, I hear, reliably I believe, that the pellicle thing is BIG; that it confers something close to a working monopoly in the field.
Regards,
John |
