Employment Type: Full-Time
Work Setting: In-office/Hybrid
Work Location: San Francisco
Work Hours: Office hours
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’re a global team of over 50 analysts, each with extensive networks across the semiconductor supply chain and AI ecosystem, publishing industry shaping articles while participating in 40+ conferences annually.

Our newsletter reaches 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

The Lead Analyst will own and direct SemiAnalysis coverage of wafer fabrication equipment suppliers, chip foundries, and the broader semiconductor manufacturing ecosystem. This role combines deep technical and financial analysis with team leadership, editorial responsibility, and direct client engagement.

The Lead Analyst will lead a small team responsible for coverage spanning equipment suppliers, foundries, materials, and manufacturing process technology.

This role is hybrid, with a primary office location in San Francisco. The analyst is expected to work regularly from the San Francisco office while collaborating with team members across the US and APAC.

Responsibilities

• Lead, mentor, and develop a small team of analysts. Set research priorities, assign coverage areas, and ensure quality, rigor, and timeliness of team output.

• Own and direct coverage strategy across wafer fabrication equipment vendors, foundries, and adjacent segments of the manufacturing supply chain.

• Architect, build, and maintain detailed three statement financial and industry models that underpin WFE and foundry coverage.

• Model and forecast equipment spending cycles, foundry capacity, node transitions, and capital intensity trends.

• Serve as lead author on major research publications, including research notes read by key industry decision makers and our newsletter, the #1 technology publication on Substack.

• Advise institutional clients through research notes, private briefings, and direct conversations on semiconductor capital cycles and competitive positioning.

• Represent SemiAnalysis at semiconductor industry conferences and supplier events globally, including events in San Francisco and Asia.

• Perform in depth research on semiconductor manufacturing and AI driven demand trends, including equipment architectures, process technology shifts, and competitive dynamics.

• Maintain authoritative awareness of earnings, product cycles, and technology shifts across coverage companies and translate these into differentiated, actionable research.

• Coordinate workflows and coverage across US and APAC team members.

Requirements

• 5+ years of experience in equity research, semiconductor industry analysis, or wafer fabrication equipment product management or product marketing at a semiconductor equipment supplier, foundry, or related semiconductor manufacturing company.

• Demonstrated experience managing or mentoring junior analysts with accountability for output quality and timelines.

• Deep understanding of semiconductor manufacturing processes, including lithography, deposition, etch, metrology, advanced packaging, and foundry economics.

• Proven ability to build and audit complex three statement financial models and link them to operational drivers such as capacity, utilization, pricing, and capital intensity.

• Strong grasp of semiconductor capital cycles and equipment demand drivers.

• Advanced proficiency in Excel for financial modeling and data analysis. Familiarity with Python or other data tooling for automation is preferred.

• Experience producing clear, data dense research reports and presentations for institutional audiences.

• Excellent written communication skills, with the ability to explain manufacturing processes, equipment dynamics, and financial implications in precise language.

• Ability to manage multiple workstreams and operate effectively in a hybrid work environment with a San Francisco office base.

• High standards for analytical rigor, integrity, and source transparency. Full professional proficiency in English is required; additional languages are beneficial.

• Undergraduate degree in Engineering, Materials Science, Physics, Finance, Computer Science, Business, or a related technical discipline. Advanced degrees are a plus.

Growth Area

• Deepen expertise in next-generation semiconductor manufacturing, including EUV/High-NA lithography, advanced packaging, and emerging process technologies shaping future WFE demand.

• Expand strategic coverage across the full semiconductor value chain, linking equipment cycles with foundry economics, AI infrastructure demand, and end-market dynamics.

• Develop increasingly sophisticated financial and industry models, incorporating scenario analysis, cycle timing, and cross-sector capital allocation trends.

• Strengthen leadership capabilities, including team development, research direction setting, and scaling high-performance analyst teams across regions.

• Enhance client engagement and influence, including leading high-impact discussions with institutional investors, corporate executives, and industry stakeholders.

• Build thought leadership through flagship publications, conference participation, and direct industry engagement, shaping market narratives and investor perspectives.

• Progress toward a senior leadership role with ownership over sector strategy, research agenda, and client relationships at a firm-wide level.