Author: Dong Jing
Two leading independent research institutions in the semiconductor and AI infrastructure sectors have officially joined forces.
According to Bloomberg, SemiAnalysis has acquired thematic investment research firm Citrini Research. The founders of both companies, Dylan Patel and James van Geelen, confirmed the transaction to Bloomberg on Friday (September 11). This acquisition merges SemiAnalysis's deep technical expertise in the chip supply chain and AI hardware with Citrini's influential public market investment analysis, marking a significant consolidation within the independent research industry amid the AI wave. The transaction price was not disclosed.
Bloomberg reported that van Geelen will temporarily remain as CEO of Citrini Research, and Citrini will maintain a certain degree of operational independence rather than being fully integrated into the SemiAnalysis brand. Meanwhile, the report noted that, according to people familiar with the matter, van Geelen also plans to launch a separate new fund, but he declined to comment on this.
Both institutions have been highly influential independent research voices closely watched by the market during this AI bull run. A report released by Citrini earlier this year triggered market turbulence, significantly impacting software stocks. SemiAnalysis has long been essential reading for chip industry executives and institutional investors. Their merger is seen by the market as a clear signal: Comprehensive research connecting AI hardware development with public market stock performance is becoming a scarce and highly valuable asset.
Citrini: The 'Internet-Famous' Research Firm That Shook the Market with One Report
Citrini Research was founded in 2023 and is a relatively young thematic investment research firm headquartered in New York. Despite its short history, the firm has amassed approximately 260,000 subscribers on the Substack platform, making it one of the largest Substack subscription businesses in the finance sector. By December 2025, Citrini had raised a total of about $5.05 million in funding.
What truly propelled Citrini into the spotlight was a report titled "The 2028 Global Intelligence Crisis," released by van Geelen earlier this year. The report depicted a future where AI rapidly eliminates white-collar jobs, and economic systems struggle to absorb the shock. Its release quickly sent ripples through the market, leading to concentrated selling of software stocks. This report elevated Citrini from a subscription-based research firm to a research force capable of moving markets.
SemiAnalysis: The 'Must-Read' Research Firm in the Chip Industry
SemiAnalysis was founded by Dylan Patel in 2020. It focuses on semiconductor and AI infrastructure research, covering core topics such as GPU supply chains, custom chip roadmaps, and data center economics. It has become a crucial reference source for chip industry executives and institutional investors.
According to Bloomberg, Patel stated that traditional research institutions operate in a manner that is "clunky, stale, slow, and fails to educate the masses." He believes the research industry is undergoing a profound transformation, and research in the new era should be conducted by those who truly understand the field and made accessible to a broader audience.
"James runs one of the largest Substack businesses in finance, while also having other ventures," Patel said. "This merger is about scaling our research to become the best research institution in this new era of democratized research."
The Integration Logic: Synergy Between Hardware Research and Market Analysis
The strategic logic behind this acquisition is clear: SemiAnalysis excels at deep-dive supply chain and technical analysis, while Citrini specializes in tracking how AI infrastructure spending translates into public market performance. Their combination fills the analytical gap between chip hardware development and stock investment decision-making.
van Geelen's continued role as CEO of Citrini means the two firms will maintain relatively independent operational structures in the near term, rather than undergoing immediate and full integration. The undisclosed terms of the transaction also leave observers watching to see the ultimate depth of their consolidation.
van Geelen said in a statement: "I am excited about the future of independent investment research."
Furthermore, alongside the sale of Citrini, van Geelen is making personal moves. According to Bloomberg, citing sources familiar with the matter, he plans to launch a new fund, although specific details have not been disclosed, and van Geelen himself declined to comment on this.
This arrangement indicates that while retaining operational influence over Citrini, van Geelen is carving out a new path in investment management—a natural extension of the market influence he has built through his research reports.
