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The Memory/CPU activity isn’t equivalent to a specific SQL Server wait type. It is really tracking the absence of suspensions or waits from a database perspective. Essentially Memory/CPU identifies when the query is being executed and retrieving data only from the memory cache, thus the name.
An OS process or thread can be in any one of 3 states: running, runnable, or suspended. Running or runnable are categorized by DPA as memory/cpu. It's processing or in a processing queue (which can be observed at the OS as load average, signal waits, VM CPU Ready Time type of resource contention).
Note: The above includes content derived from Rob Mandeville in a related article at https://thwack.solarwinds.com/message/366649#366649