Employment Type: Full-Time
Work Setting: In-office
Work Location: New York / San Francisco
Work Hours: Office hours
Find out more here: https://semianalysis.com
About SemiAnalysis
SemiAnalysis is an independent research firm focused on semiconductors and AI. We combine technical research, financial analysis, and industry expertise to help investors and technology companies understand these industries and make informed decisions.
Position Overview
With an estimated $11 trillion of cumulative AI CapEx through 2029 requiring roughly $7 trillion of debt financing, SemiAnalysis is building its Capital & Markets team to answer critical questions about how this investment will be funded. Our mission is to forecast capital needs across neoclouds, hyperscalers, and AI labs; explain how financing structures must evolve to serve those needs, including shorter-duration demand from AI-native companies; and maintain a comprehensive database of funding, offtake, backstop, guarantee, credit enhancement, and off-balance-sheet arrangements that makes interconnected exposures clear.
We are looking for an experienced markets professional with strong pricing knowledge and established investor relationships. You will assess market conditions, investor appetite, and credit pricing, while helping expand our GPU rental indices across chip types and contract durations and develop token price and inflation benchmarks to support underwriting and risk management.
We welcome candidates from credit sales, sales trading, and trading. This role focuses on market analysis and relationships and does not involve managing a trading book.
Key Responsibilities
Provide current views on credit pricing and explain the factors driving changes in the market.
Track new issuance, investor demand, and trading activity to understand how supply and demand affect pricing.
Build and maintain relationships with credit investors, lenders, and other market participants.
Assess which investors are likely to be interested in a financing opportunity and what terms they would expect.
Work with credit analysts to connect their financial analysis with current pricing and investor expectations.
Communicate market insights clearly and explain their implications for the team’s work.
Requirements
5–7 years of experience in credit sales, sales trading, or trading.
Regular experience pricing debt or discussing pricing with investors and traders.
Strong understanding of how company fundamentals, supply and demand, and investor activity affect credit pricing.
An established network across credit markets and a detailed understanding of different investors’ mandates and preferences.
The ability to form a clear market view, explain the reasoning behind it, and reassess it as conditions change.
Strong communication and relationship management skills.
Interest in applying your market experience to analysis and investor relationships without managing trading risk.
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=
Skills Required
- Deep expertise in credit markets, banking, financial intermediation, or structured finance
- Bachelor's degree in financial economics or a related discipline (or equivalent professional research experience)
- Strong understanding of corporate, bank, and investment fund balance sheets
- Ability to independently interpret complex financial documents (bank call reports, corporate filings, fund disclosures, ABS docs, credit agreements, project finance/SPV documents)
- Strong credit judgment to identify hidden leverage, off-balance-sheet exposure, weak collateral, refinancing risk, and structural subordination
- Strong empirical and quantitative skills, including building original datasets and analytical models
- Ability to validate assumptions, defend methodologies, and explain data limitations
- Strong written communication skills to produce rigorous research for professional audiences
- Ability to work accurately and efficiently under publication deadlines
- High level of intellectual independence and willingness to publish contrarian conclusions
- Research or investment experience covering private credit, nonbank financial institutions, leveraged finance, structured credit, ABS, project finance, or financial stability
- Named authorship on published research from sell-side, central bank, bank economics team, IMF, BIS, or policy/financial research institution
- Experience analyzing interest rates and monetary policy transmission into lending standards, credit availability, asset values, and refinancing
- Familiarity with datacenters, semiconductor economics, AI infrastructure, or power markets
- Experience analyzing infrastructure financing structures or capital-intensive technology investment cycles
- Proficiency in Python, SQL, Excel, or other tools used for financial modelling and data analysis
- Experience working with large, fragmented, or difficult-to-structure financial datasets
- Strong presentation and client communication skills
What We Do
SemiAnalysis is an independent research and analysis firm specializing in the semiconductor and artificial intelligence industries. The company provides deep technical and financial insights into the semiconductor supply chain, bridging the gap between business and technology. They offer specialized institutional products, including research models and consulting services, to help industry stakeholders make informed strategic decisions regarding AI infrastructure and semiconductor advancements.
