MTS - 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 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.
• 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.

• 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…