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.

CXMT Corp (688825 CH): Nothing Left to Sell, Everything Left to Re-Rate

CXMT Corporation (688825 CH): The Debut Broke Our Model. It Didn't Break Our Numbers.

China Memory Supply Chain, Who Actually Supplies CXMT

Thematic (Sector/Industry)

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

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YES on Commodity Memory: Structurally Ceded to China State capital and policy mandate make Chinese gains in commodity DRAM and NAND inevitable; treat market share erosion for incumbents as permanent.</li>
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HBM Remains a Korean-American Franchise Through 2030. China cannot shortcut 3–4 years of TSV process learning. SK Hynix and Micron hold the industry's highest-value; the gap is widening, not closing.</li>
<li>
Investment Call: Own Incumbents, Treat China Listings as Options SK Hynix and Micron are preferred for HBM exposure. CXMT and YMTC (both H2 2026 IPOs) are high-risk, high-optionality options only.</li>
</ul>



YES on Commodity Memory: Structurally Ceded to China State capital and policy mandate make Chinese gains in commodity DRAM and NAND inevitable; treat market share erosion for incumbents as permanent.

HBM Remains a Korean-American Franchise Through 2030. China cannot shortcut 3–4 years of TSV process learning. SK Hynix and Micron hold the industry's highest-value; the gap is widening, not closing.

Investment Call: Own Incumbents, Treat China Listings as Options SK Hynix and Micron are preferred for HBM exposure. CXMT and YMTC (both H2 2026 IPOs) are high-risk, high-optionality options only.


THE COMING OF CHINESE MEMORY:       Will China Conquer the Last Semiconductor Oligopoly?