Research Analyst, AI Networking

SemiAnalysis LLC; San Francisco (CA); On-site; USD 70,000 - 110,000; Full time

Job summary

SemiAnalysis LLC in San Francisco is seeking a Research Analyst to join our Networking coverage team and help build the AI Networking Model — the industry’s leading model on datacenter networking economics. This is a full-time in-office role designed for candidates who can turn technical and financial data into actionable research and client deliverables.

You will collaborate with a global team, track technology transitions, and produce published content for financial clients.

Qualifications

• 0-1 years of experience in equity research, investment banking, the buy-side, start-up or a similarly analytical environment

Responsibilities

• Build and maintain components of the AI Networking Model and Dashboard
• Track and model the copper-to-optics transition: pluggables vs. CPO, ZR/ZR+ coherent optics, DWDM, ROADMs/AWGs
• Follow earnings calls and disclosures from networking/optics suppliers to update models and write analyst notes
• Analyze how cost, power, cooling and supply-chain constraints interact with networking architecture decisions
• Build and maintain three-statement/industry financial models and scenario-based forecasts; prepare research reports, presentations and client deliverables
• Represent SemiAnalysis at industry conferences and build primary-source relationships with vendors and technologists

Skills

Excel modelling

Research skills

Written communication

Verbal communication

Python

PowerPoint

Tools

PowerPoint

Excel

Job description

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.

Position Overview

We're hiring a Research Analyst to join our Networking coverage team, building and maintaining the AI Networking Model - the industry's leading model on datacenter networking architecture, from scale-up, scale-out and scale-across topologies to optics, switching silicon and interconnect economics. This is a cross-functional role requiring you to liaise with members of technical staff, industry partners and financial clients. You'll turn technical and financial information into research, client deliverables and published content, working full-time in-office alongside a small, fast-moving global team.

Key Responsibilities

• Build and maintain components of the AI Networking Model and Dashboard - covering scale-up/scale-out/scale-across architectures, backplane/midplane and rack designs, and switch/transceiver/connector BOM economics
• Track and model the copper-to-optics transition: pluggables vs. CPO, ZR/ZR+ coherent optics, DWDM, ROADMs/AWGs, and emerging technologies like optical circuit switching (OCS - SiPho, MEMs, liquid crystal)
• Follow earnings calls and disclosures from networking/optics suppliers (e.g. Arista, Cisco, Coherent, ADI) to update models and write analyst notes on design wins, TAM shifts and technology transitions
• Analyze how cost, power, cooling and supply-chain constraints (memory, financing, wafers) interact with networking architecture decisions
• Build and maintain three-statement/industry financial models and scenario-based forecasts; prepare research reports, presentations and client deliverables
• Represent SemiAnalysis at industry conferences, build primary-source relationships with vendors, hyperscalers and technologists, and channel those conversations back into research

Requirements

• 0-1 years of experience in equity research, investment banking, the buy-side, start-up or a similarly analytical environment - Prior knowledge in networking/telecom/hardware is nice to have but not required
• Multi-disciplinary and independent thinkers with a sense of curiosity and interest in technology. We prefer sharp generalists and a technical background is nice to have but not required.
• Proficient in three-statement and industry financial modelling; strong Excel skills essential
• Strong research skills - able to synthesize technical and financial information from multiple sources into clear insights
• Excellent written and verbal communication skills, able to convey complex technical ideas clearly
• Familiarity with AI tools, Python or other analytical tools preferred; PowerPoint and Excel proficiency preferred
• Comfortable working independently with a globally distributed team, and willing to work full-time in-office. This position is based in San Francisco.

Growth Areas

• Deepen coverage into adjacent domains as the model matures - e.g. expanding from switching/optics into power & cooling economics, or from datacenter networking into broader interconnect (PCIe, CXL, UALink) as networking architectures evolve
• Build direct source relationships with hyperscalers, ODMs and networking vendors, growing from research support into an independent primary-research voice
• Take ownership of specific model components or company coverage (e.g. a named vendor or technology transition) with increasing autonomy over time
• Develop client-facing skills - from supporting deliverables to leading briefings and presenting research directly to clients
• Opportunity to grow into a senior analyst role and team lead as the Networking coverage team scales

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.

• Right to Work Poster: https://www.justice.gov/crt/case-document/file/1133936/dl?inline=