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.

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #3 | 18–25 July 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #2 | 28 June – 17 July 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Thematic (Sector/Industry)

United states Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul>
<li>Azure accelerated to 43% cc, guided to 45% next quarter, while supply-constrained. Demand exceeds capacity; memory is first in the procurement queue.</li>
<li>Microsoft attributes US$25bn of its US$190bn CY26 capex to component price inflation, mainly memory. The customer has quantified the sellers' pricing power.</li>
<li>Meta raised its capex floor to US$130-145bn despite FCF of US$784m. Capex is now funded beyond internal cash flow; the cycle extends into 2027.</li>
</ul>


Azure accelerated to 43% cc, guided to 45% next quarter, while supply-constrained. Demand exceeds capacity; memory is first in the procurement queue.
Microsoft attributes US$25bn of its US$190bn CY26 capex to component price inflation, mainly memory. The customer has quantified the sellers' pricing power.
Meta raised its capex floor to US$130-145bn despite FCF of US$784m. Capex is now funded beyond internal cash flow; the cycle extends into 2027.


Microsoft & Meta Results: Capex Keeps Rising, Memory Is The Bottleneck. Stay Bullish Memory