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.

Thematic (Sector/Industry)

Macau Software / Thematic (Sector/Industry)

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<li>Anthropic's leaked S-1 shows revenue scaling $400m (FY24) to $4.6bn (FY25) to $11.5bn in Q2 2026 alone — but $518bn of non-cancelable compute commitments dwarf the last $965bn private mark.</li>
<li>Anthropic's ~1.8x operating-loss-to-revenue ratio beats Zhipu's ~6.5x and MiniMax's ~3.2x — better unit economics than either listed China AI name, though customer concentration remains the key risk.</li>
<li>No formal call on Anthropic or OpenAI — IPO timeline and audited financials aren't out yet; we reiterate BULLISH MiniMax (FV HK$340) and NEUTRAL Z.AI/Zhipu (FV HK$1,000).</li>
</ul>


Anthropic's leaked S-1 shows revenue scaling $400m (FY24) to $4.6bn (FY25) to $11.5bn in Q2 2026 alone — but $518bn of non-cancelable compute commitments dwarf the last $965bn private mark.
Anthropic's ~1.8x operating-loss-to-revenue ratio beats Zhipu's ~6.5x and MiniMax's ~3.2x — better unit economics than either listed China AI name, though customer concentration remains the key risk.
No formal call on Anthropic or OpenAI — IPO timeline and audited financials aren't out yet; we reiterate BULLISH MiniMax (FV HK$340) and NEUTRAL Z.AI/Zhipu (FV HK$1,000).


Anthropic's Leaked S-1 Vs. China's AI Tigers: The $2 Trillion Question