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.

Roundhill Memory ETF (DRAM US) — Weak Hands Sold the Supercycle. Buy It Back.

Roundhill Memory ETF (DRAM US): Over-Punished, Not Broken – We Stay Long but Trim Our TP to US$70

Thematic (Sector/Industry)

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

<ul>
<li>AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.</li>
<li>There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.</li>
<li>We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.</li>
</ul>


AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.
There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.
We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.


Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)