MTS - Research Analyst Intern, AI Infrastructure & Economics

Position: Research Analyst Intern, AI Infrastructure & Economics

Employment Type: Internship, fixed term

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 research analyst interns to support that work. You will support a defined research project with guidance from an analyst, working on GPU cloud providers, AI model developers, or the economics of AI.

No prior full-time experience is required. You can show relevant ability through coursework, independent work, or previous internships.

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.

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.

• Collect and check company, pricing, capacity, and funding data.
• Maintain sources, and distinguish reported facts from estimates.
• Build or update a focused spreadsheet model.
• Draft a short research note and explain the calculations behind it.

• 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,…