Research Analyst, AI Networking

About SemiAnalysis

SemiAnalysis is an independent research and analysis firm specializing in the Semiconductor and AI industries. Our 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.

Position Overview

We're hiring a Research Analyst to join our Networking coverage team, building and maintaining the AI Networking Model. This role is full-time in-office and based in San Francisco.

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
• Switch/transceiver/connector BOM economics
• Track and model the copper-to-optics transition, including:
• Pluggables vs. CPO
• ZR/ZR+ coherent optics
• DWDM, ROADMs/AWGs
• 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 the interaction of cost, power, cooling, and supply-chain constraints (memory, financing, wafers) 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 & Tech Stack

• 0–1 years of experience in equity research, investment banking, the buy-side, start-up, or a similarly analytical environment.
• Multi-disciplinary and independent thinkers with a sense of curiosity and interest in technology.
• Proficient in three-statement and industry financial modelling.
• Strong Excel skills are essential.
• Strong research skills — able to synthesize technical and financial information from multiple sources into clear insights.
• Excellent written and verbal communication skills.
• Familiarity with AI tools, Python, or other analytical tools is preferred.
• PowerPoint and Excel proficiency is preferred.
• Comfortable working independently with a globally distributed team.
• Willing to work full-time in-office.

Qualifications

• Prior knowledge in networking/telecom/hardware is nice to have but not required.
• A technical background is nice to have but not required.