4 results back to index
The Perfectionists: How Precision Engineers Created the Modern World by Simon Winchester
Albert Einstein, ASML, British Empire, business climate, Dava Sobel, discovery of the americas, Etonian, Fellow of the Royal Society, interchangeable parts, Isaac Newton, Jacques de Vaucanson, James Watt: steam engine, John Harrison: Longitude, lateral thinking, lone genius, means of production, planetary scale, Richard Feynman, Ronald Reagan, Silicon Valley, Skype, trade route, William Shockley: the traitorous eight
Naval Research Laboratory) Transit-system satellite (courtesy of the National Air and Space Museum, Smithsonian Institution) Bradford Parkinson Schriever Air Force Base, Colorado (courtesy of Schriever Air Force Base, U.S. Air Force) Ops room of Second Space Operations Squadron ASML EUV photolithography machine (courtesy of ASML) Gordon Moore (courtesy of Intel Free Press) John Bardeen, William Shockley, and Walter Brattain First Bell Labs transistor (courtesy of Windell H. Oskay, www.evilmadscientist.com) Chart showing progress from Intel 4004 to Skylake (courtesy of Max Roser/Creative Commons BY-SA-2.0) Main mirror for James Webb Space Telescope Aerial view of LIGO Hanford Observatory LIGO test mass (courtesy of Caltech/MIT/LIGO Lab) Seiko Building with clock in Ginza (courtesy of Oleksiy Maksymenko Photography) Quartz watch (courtesy of Museumsfoto/Creative Commons BY-SA-3.0 de) Makers of Grand Seiko mechanical watch Bamboo creation from Met exhibit (courtesy of Metropolitan Museum of Art) Example of fine urushi work (courtesy of the Japan Folk-Craft Museum) Prologue The aim of science is not to open the door to infinite wisdom, but to set a limit to infinite error.
Its central business is the making, in the many fabs it has scattered around the planet—the one in Chandler is known as Fab 42—of electronic microprocessor chips, the operating brains of almost all the world’s computers. The enormous ASML devices allow the firm to manufacture these chips, and to place transistors on them in huge numbers and to any almost unreal level of precision and minute scale that today’s computer industry, pressing for ever-speedier and more powerful computers, endlessly demands. It takes an enormous machine to allow for the making of something so infinitesimally tiny as a computer chip. This Twinscan NXE:3350B photolithography machine, made by the Dutch company ASML, would fill three jet cargo aircraft. Intel, the world’s biggest chip maker, buys these $100 million machines by the score.
This is why everything that goes on within the ASML boxes does so in warehouse-size rooms that are thousands of times cleaner than the world beyond. There are well-known and internationally agreed standards of cleanliness for various manufacturing processes, and while one might suppose that the clean room at the Goddard Space Center in Maryland, where NASA engineers assembled the James Webb Space Telescope, was clean, it was in fact clean only up to a standard known as ISO number 7, which allows there to be 352,000 half-micron-size particles in every cubic meter of air. Rooms within the ASML facility in Holland are very much cleaner than that.
The Wide Lens: What Successful Innovators See That Others Miss by Ron Adner
ASML, barriers to entry, Bear Stearns, call centre, Clayton Christensen, inventory management, iterative process, Jeff Bezos, Lean Startup, M-Pesa, minimum viable product, mobile money, new economy, RAND corporation, RFID, smart grid, smart meter, spectrum auction, Steve Ballmer, Steve Jobs, Steven Levy, supply-chain management, Tim Cook: Apple, transaction costs
Underlying this phenomenal pace of improvement have been a series of technology revolutions in the design of the tool as well as in the elements that are brought together in the lithography process. But despite all the changes to the different elements, the basic structure of the lithography ecosystem has not changed in over fifty years: the lens and the energy source are essential components that are integrated into the tool by the toolmaker (firms like Canon, Nikon, and ASML), while the mask and the resist are critical complements that are brought together by the customer (semiconductor manufacturers like Samsung, Toshiba, and Intel). Figure 6.2: The semiconductor lithography equipment ecosystem. (Adapted from Adner and Kapoor, 2010.) New generations of lithography tools are marked by transitions to more sophisticated architectures that provide greater control and repeatability, shifting from mechanical to electromechanical to electronic controls; from reflective to refractive light management; and incorporating digital logic throughout the device.
Building the Cycling City: The Dutch Blueprint for Urban Vitality by Melissa Bruntlett, Chris Bruntlett
active transport: walking or cycling, ASML, autonomous vehicles, bike sharing scheme, car-free, crowdsourcing, en.wikipedia.org, Frank Gehry, Guggenheim Bilbao, intermodal, Jones Act, Loma Prieta earthquake, megacity, new economy, oil shale / tar sands, side project, Silicon Valley, Skype, smart cities, starchitect, the built environment, the High Line, transit-oriented development, urban planning, urban renewal, wikimedia commons
According to Braakman, the site selected for the Hovenring was definitely not arbitrary: “It was a major three-lane roundabout with no grade separation, a lot of congestion problems, and a lot of road-safety issues.” That particular intersection was also located on a planned east–west cycling corridor linking the city center, the airport, and Veldhoven, home to the ASML campus: a Philips spinoff and the largest supplier of photolithography systems in the world. “In order to give right-of-way, and get more traffic through that intersection, we had to separate the networks of driving and cycling,” says Braakman. After considering numerous design options, including a series of Berenkuil-like sunken tunnels, the Dutch engineering firm ipv Delft presented the stunning circular suspension bridge concept, which took vertical separation to the next level.
Valuation: Measuring and Managing the Value of Companies by Tim Koller, McKinsey, Company Inc., Marc Goedhart, David Wessels, Barbara Schwimmer, Franziska Manoury
activist fund / activist shareholder / activist investor, air freight, ASML, barriers to entry, Basel III, BRICs, business climate, business cycle, business process, capital asset pricing model, capital controls, Chuck Templeton: OpenTable:, cloud computing, commoditize, compound rate of return, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, discounted cash flows, distributed generation, diversified portfolio, energy security, equity premium, fixed income, index fund, intangible asset, iterative process, Long Term Capital Management, market bubble, market friction, Myron Scholes, negative equity, new economy, p-value, performance metric, Ponzi scheme, price anchoring, purchasing power parity, quantitative easing, risk free rate, risk/return, Robert Shiller, Robert Shiller, Savings and loan crisis, shareholder value, six sigma, sovereign wealth fund, speech recognition, stocks for the long run, survivorship bias, technology bubble, time value of money, too big to fail, transaction costs, transfer pricing, two and twenty, value at risk, yield curve, zero-coupon bond
Earnings in any given year are supported by not just that year’s R&D or brand advertising CAPITALIZING EXPENSED INVESTMENTS 457 EXHIBIT 21.4 Pretax ROIC and CFROI per Sector, 2003–2013 10-year average of median ROIC and CFROI by sector,1 % ROIC CFROI 1st to 3rd quarter spread Health care Information technology Consumer staples Consumer discretionary Industrials T Total Materials Energy TTelecommunication services Utilities 0 5 10 15 20 25 30 1 For the 1,000 largest U.S. nonfinancial companies by market capitalization. expenses, but instead by many prior years of these expenses. It has taken companies such as Coca-Cola and PepsiCo many decades and billions of dollars to build their global brand names. Pharmaceutical companies such as Pfizer and Novartis, and high-tech companies such as Intel and ASML, had to invest in research projects over many years to build and sustain their current product offerings. The economics of investments in intangible assets are very similar to those of investments in tangible assets. Their treatment in ROIC should therefore also be the same to ensure that it adequately reflects the IRR of the underlying investments, following the logic laid out in the prior section.