Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

SK Hynix (000660 KS) 1Q26 Results: AI Driving Out of This World Profits

TSMC (2330 TT) 1Q26 Results: AI Drives Record Margins, Management Raises Guidance

Thematic (Sector/Industry)

Zimbabwe Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>AI boom has lifted all semiconductor stocks to historical peaks; on traditional valuation metrics, nothing screens as cheap, with even cyclicals trading above long-term averages.</li>
<li>ROIC vs P/E highlights valuation stretch at the top (Nvidia, ASML), ROIC vs leverage shows balance sheet strength broadly intact, while growth vs returns reveals execution gaps (notably AMD).</li>
<li>
<strong>Preferred positioning:</strong> Overweight TSMC and memory; neutral Broadcom/Applied Materials; underweight Nvidia and ASML tactically; AMD remains the least attractive given return profile mismatch.</li>
</ul>


AI boom has lifted all semiconductor stocks to historical peaks; on traditional valuation metrics, nothing screens as cheap, with even cyclicals trading above long-term averages.
ROIC vs P/E highlights valuation stretch at the top (Nvidia, ASML), ROIC vs leverage shows balance sheet strength broadly intact, while growth vs returns reveals execution gaps (notably AMD).

Preferred positioning: Overweight TSMC and memory; neutral Broadcom/Applied Materials; underweight Nvidia and ASML tactically; AMD remains the least attractive given return profile mismatch.


AI Mania Well Priced: The Semiconductor Trade Turns from Euphoria to Discipline