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Open nowPosted 43 days ago

Senior Research Analyst, AI Infrastructure & Economics

SemiAnalysis53 open roles

Where
San Francisco, CA
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On site
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Your applicationOpen nowSenior Research Analyst, AI Infrastructure & EconomicsSemiAnalysis · San Francisco, CA

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This job: posted 43 days ago

The posting

Employment Type: Full-time Work Setting: In office preferred, hybrid considered Work Location: San Francisco or New York City preferred. We will consider candidates elsewhere in North American time zones. Work Hours: Office hours Find out more here: https://semianalysis.com

About SemiAnalysis

SemiAnalysis is an independent research and analysis firm specializing in the Semiconductor and AI industries. Our in-depth coverage spans the entire supply chain, from semiconductor fabrication processes to cutting-edge AI Models, software, and infrastructure. We are recognized as the leading authority on the semiconductor supply chain, with the highest concentration of industry experts within one team, and a deep-rooted passion for delving into the intricacies.

We are a global team of analysts, each with extensive networks across the semiconductor supply chain and AI ecosystem, publishing industry shaping articles while participating in numerous conferences annually.

Our newsletters reach more than 200,000 subscribers worldwide, including senior management and c-suite leaders at the leading semiconductor and AI companies.

We also offer three core products:

  • Industry Models – we develop and publish industry models on accelerator shipments, datacentre demand and supply, GPU total cost of ownership, and more. We work with hyperscalers, neoclouds, many of the world’s largest hedge funds, and government agencies.
  • Core Research – our public equity markets product, geared towards financial investors, distils our deep technical research and knowledge into key insights on technology and product trends.
  • Consulting and Technical Due Diligence – We conduct custom research and project work to guide key strategic and investment decisions for the largest private equity funds, leading venture capital firms, companies across the AI ecosystem, and government agencies.

1) Position Overview

SemiAnalysis is expanding its coverage of neoclouds, neolabs, and AI tokenomics, and we are hiring senior analysts to lead it. You will research GPU cloud providers, AI model developers, and the economics of AI compute, build the financial models behind our conclusions, and develop research views that withstand detailed scrutiny.

This role suits candidates from finance or consulting who want to study the companies building and using AI. You will work with our technical staff to connect system performance and operating constraints to business results. You will own an assigned coverage area, and we welcome candidates with depth in one area and an interest in learning the others. There is no fixed number of openings; we are casting a wide net and hiring the strongest analysts we meet.

Coverage areas:

  • Neoclouds: GPU cloud providers, capacity deployments, rental pricing, customer contracts, financing, and returns on infrastructure investment.
  • Neolabs: Emerging AI model developers, their compute commitments, funding, products, revenue quality, and competitive position.
  • AI Tokenomics: The cost of producing and serving AI tokens, model pricing, application margins, adoption, and demand for compute. Tokenomics here refers to AI economics, not crypto.

The work you would be joining:

  • AI Cloud TCO Model – the ownership economics of buying accelerators and selling GPU compute.
  • AI Tokenomics Model – our demand-side model tying token throughput, pricing, and usage to accelerator demand.
  • ClusterMAX – our independent GPU cloud rating system, which our commercial work draws on.
  • Are Open Models Catching Up? – recent published research.
  • AI Value Capture: The Shift To Model Labs – recent published research on lab revenue and margins.

2) Responsibilities

  • Own company and sector research from the initial question through publication or a client presentation.
  • Build and maintain financial models using explicit assumptions, documented sources, and downside cases.
  • Analyze GPU rental economics, utilization, capex, depreciation, financing costs, and contract terms.
  • Evaluate AI lab business models, compute spending, funding needs, and product economics.
  • Forecast AI demand from workload volumes, usage patterns, prices, and costs.
  • Interview company executives, customers, suppliers, and industry specialists, and check important claims against independent evidence.
  • Use ClusterMAX findings and other technical research to assess commercial implications, working with technical staff when interpreting benchmark results or reliability claims.
  • Write research that states a conclusion, explains the evidence, and identifies what remains unknown.
  • Lead client discussions, and review junior analysts’ models and written work.

3) Requirements

  • Experience owning research, financial analysis, or commercial diligence in finance, consulting, corporate strategy, or a comparable role.
  • Typically three or more years of relevant experience. We assess demonstrated responsibility and work quality rather than a fixed tenure requirement.
  • Ability to build a financial model from incomplete data and explain its key assumptions.
  • Evidence of independent judgment, including a view you changed after finding contradictory evidence.
  • Clear writing, and the ability to defend a conclusion in a detailed discussion.
  • Interest in AI, and willingness to learn how technical constraints affect costs and business results.
  • Care with confidential information, and clear records of sources, estimates, and unresolved questions.
  • Proficiency in Excel or Google Sheets.

We do not require a particular school, employer, degree, or existing industry network. GPU cluster operations, CUDA, and production software engineering are outside this role, but we do expect you to learn AI infrastructure economics and to question technical claims.

4) Preferred Skills

  • Coverage of cloud software, digital infrastructure, semiconductors, or AI.
  • Credit analysis, project finance, or commercial diligence experience, which applies directly to this work.
  • Backgrounds in investment banking, equity research, asset management, private equity, venture capital, credit, management consulting, transaction advisory, corporate finance, or strategy. Independent researchers and career changers are welcome.
  • Python, SQL, and data collection skills are useful, though production coding experience is not required.
  • A CS or ML degree is not required. We welcome candidates who can demonstrate the required analytical skills through another field or through independent work.

5) Growth Areas

You will own a coverage plan, the models behind your conclusions, and the quality of your published and client-facing work. You will also help junior analysts improve their research and modeling, and you will have the room to build a franchise in an area that is currently underserved by independent research.

SemiAnalysis LLC participates in the E-Verify program to confirm the employment eligibility of all newly hired employees. For more information, visit e-verify.gov.

  • E-Verify Poster: https://www.everify.gov/sites/default/files/everify/posters/EVerifyParticipationPoster.pdf
  • Right to Work Poster: https://www.justice.gov/crt/case-document/file/1133936/dl?inline=
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