MTS - Senior Research Analyst, AI Infrastructure & Economics

Position: Senior 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:

Semi Analysis 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, data centre 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.

Semi Analysis 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.

• Cluster MAX – 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.

• Own company and sector research from the initial question through publication…