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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
SemiAnalysis is seeking an AI Infrastructure Credit Research Analyst to lead our coverage of how the global AI infrastructure buildout is financed.
This role will examine who is providing capital, how financing arrangements are structured, the terms attached to that capital, and where the underlying financial risk ultimately sits. The analysis will combine SemiAnalysis ’s proprietary datacenter and semiconductor supply chain data with detailed balance-sheet, credit, and financial intermediation research.
The successful candidate will build the firm’s coverage of AI infrastructure credit from the ground up, producing definitive research for credit investors, limited partners, financial institutions, regulators, and other market participants.
Responsibilities
Analyze the full financing stack supporting the AI infrastructure buildout, including:
Hyperscalers balance sheets
Neoclouds and AI cloud debt
GPU-backed lending
Datacenter asset-backed securities
Project finance
Private credit funds
Business development companies
Special-purpose vehicles
Vendor financing arrangements
Map financing relationships across the AI ecosystem, identifying:
Who is lending to whom
The terms and maturity profiles of the financing
The structures through which capital is provided
The parties ultimately holding the credit and asset risk
Build quantitative models to assess credit risk across AI infrastructure investments.
Evaluate counterparty exposure, concentration risk, and dependencies across borrowers, lenders, investors, equipment vendors, and infrastructure providers.
Model the value and resilience of collateral, including:
Develop downside and stress scenarios to assess how weaker demand, declining hardware values, delayed construction, power constraints, or tighter financial conditions could affect borrowers and lenders.
Track the migration of lending activity from regulated banks to nonbank financial institutions.
Assess how the growth of private credit and nonbank lending changes where financial risk is concentrated and how losses could spread during a downturn.
Produce flagship research reports and recurring coverage on AI infrastructure financing and credit markets.
Build proprietary datasets from bank reports, fund filings, corporate disclosures, securitization documents, loan agreements, and other financial sources.
Work closely with SemiAnalysis ’s datacenter, semiconductor, energy, and supply chain teams to ensure financial analysis is grounded in what is physically being built, contracted, delivered, and energized.
Present research findings to clients and represent SemiAnalysis ’s credit views through public writing, meetings, podcasts, conferences, and other industry discussions.
Requirements
Deep expertise in credit markets, banking, financial intermediation, structured finance, or related areas.
Relevant background may include:
Bachelors' Degree in financial economics or a related discipline Sell-side credit or macroeconomic research Buy-side credit research Central bank or financial stability research Private credit or structured finance experience Equivalent professional research experience Strong understanding of corporate, bank, and investment fund balance sheets.
Ability to independently interpret complex financial documents, including:
Bank call reports Corporate filings Fund and BDC disclosures Asset-backed securities documentation Credit agreements Project finance structures Special-purpose vehicle documentation Strong credit judgement and the ability to identify hidden leverage, off-balance-sheet exposure, weak collateral, refinancing risk, and structural subordination.
Strong empirical and quantitative skills, including the ability to build original datasets and analytical models.
Ability to validate assumptions, defend methodologies, and clearly explain the limitations of available data.
Strong written communication skills and the ability to produce clear, rigorous research for a demanding professional audience.
Ability to work accurately and efficiently under publication deadlines.
High level of intellectual independence and willingness to publish conclusions that may differ from prevailing market views.
Preferred Skills
Research or investment experience covering:
Private credit
Nonbank financial institutions
Leveraged finance
Structured credit
Asset-backed securities
Project finance
Financial stability
Bank and nonbank intermediation
Understanding of how financial intermediation has evolved since the 2008 global financial crisis.
Named authorship on published research from a:
Sell-side research team
Central bank
Bank economics team
International Monetary Fund
Bank for International Settlements
Policy or financial research institution Experience analyzing interest rates and the transmission of monetary policy into lending standards, credit availability, asset values, and refinancing conditions.
Familiarity with datacenters, semiconductor economics, AI infrastructure, or power markets.
Experience analyzing infrastructure financing structures or capital-intensive technology investment cycles.
Proficiency in Python, SQL, Excel, or other tools used for financial modelling and data analysis.
Experience working with large, fragmented, or difficult-to-structure financial datasets.
Strong presentation and client communication skills.
Growth Areas
This role offers the opportunity to:
Define SemiAnalysis ’s AI infrastructure credit and financing coverage from the ground up.
Become a leading industry voice on how the AI buildout is financed and where the associated financial risks are concentrated.
Build proprietary credit datasets using SemiAnalysis ’s unique information on datacenter construction, power availability, accelerator shipments, hardware deployments, and supply chain activity.
Develop original risk frameworks for emerging financing structures such as GPU-backed lending, neoclouds debt, private credit facilities, and AI infrastructure securitizations.
Expand coverage into adjacent areas such as:
Datacenter project finance Energy infrastructure financing Structured credit Financial stability Private market leverage Vendor and equipment financing Monetary policy and credit transmission Work directly with credit investors, private credit firms, banks, asset managers, limited partners, regulators, and companies involved in financing AI infrastructure.
Publish research that becomes reference material for the industry and contributes to policy and regulatory discussions.
Grow into a leadership role overseeing broader credit, financial markets, and capital structure research within SemiAnalysis .
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