Research Analyst, AI Infrastructure & Economics

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 junior analysts to research GPU cloud providers, AI model developers, and the economics of AI. You will build company datasets, update financial models, and write research alongside senior analysts.

We welcome recent graduates and early-career candidates from finance, consulting, economics, accounting, or other analytical fields. Independent research, internships, and student projects can demonstrate the skills we need. You do not need prior GPU engineering experience. You should enjoy working through unfamiliar subjects and checking whether the numbers support a claim.

Coverage areas:

• Neoclouds: Track GPU fleets, available capacity, rental prices, customer contracts, financing, and datacenter deployments.

• Neolabs: Research emerging AI model developers, their funding, compute access, products, customers, and spending.

• AI Tokenomics: Track model prices, token usage, serving costs, application economics, and demand for AI compute.

You can apply with an interest in one or several areas. Your initial assignments will reflect your strengths and the coverage needs of the team.

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

• Build and maintain company profiles and datasets with source links and dates.

• Read company disclosures, financial statements, pricing pages, and technical material.

• Reconcile conflicting figures, and distinguish announced, contracted, installed, and available GPU capacity.

• Build spreadsheet models for revenue, operating costs, cash flow, and unit economics.

• Update assumptions when new evidence changes an estimate.

• Prepare questions for company and customer interviews, record the evidence, and follow up on missing information.

• Work with technical staff to understand what benchmark results imply for customer costs and provider economics.

• Draft research notes and charts, explain your calculations, and flag uncertainty.

• Support consulting projects with company comparisons, market research, and financial analysis.

3) Requirements

• Typically zero to three years of relevant experience. Recent graduates and candidates changing careers are welcome.

• Comfort with spreadsheets, basic accounting, percentages, and financial statements.

• Ability to explain a calculation and check its units.

• Clear writing, and care with source records.

• Evidence of interest in AI, technology markets, or business economics through reading, coursework, projects, or work.

• Willingness to ask questions, learn unfamiliar concepts, and revise your work after feedback.

A CS or ML degree, a particular university, and prior employment at a well-known firm are not required. GPU cluster operations, CUDA, and production software engineering are outside this role.

4) Preferred Skills

• Internships or projects in banking, investment research, consulting, accounting, or corporate finance.

• A company model, investment memo, or independently researched article that shows your ability.

• Python and SQL are optional and useful, but not expected.

5) Growth Areas

You will learn to connect financial analysis with evidence about AI systems and how they are used. As your work becomes more independent, you will take responsibility for company coverage and for sections of published research, working directly with the senior analysts on your track.

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=