Written by: Dong Jing, Wall Street Watch
The two independent research institutions in the fields of semiconductor and AI infrastructure have officially come together.
According to Bloomberg, SemiAnalysis has acquired the thematic investment research firm Citrini Research, with the founders of both parties, Dylan Patel and James van Geelen, confirming the deal to Bloomberg on Friday (September 11). This acquisition combines SemiAnalysis's deep technical research in the chip supply chain and AI hardware with Citrini's influence in public market investment analysis, marking a significant consolidation in the independent research industry amid the AI wave. The transaction price was not disclosed.
According to Bloomberg, van Geelen will temporarily remain the CEO of Citrini Research, and Citrini will maintain a degree of operational independence rather than being fully integrated into the SemiAnalysis brand. Meanwhile, the report noted that informed sources revealed van Geelen also plans to launch a new fund separately, but he declined to comment on this matter.
Both institutions are highly regarded independent research voices in the current AI bull market. A report released by Citrini earlier this year caused market turmoil and severely impacted software stocks; SemiAnalysis has long been a must-read reference for executives in the chip industry 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 valuable asset.
Citrini: The "Internet Celebrity" Research Institution 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 existence, the firm has accumulated about 260,000 subscribers on the Substack platform, making it one of the largest Substack subscription operations in the financial sector. As of December 2025, Citrini has raised approximately $5.05 million.
What truly brought Citrini into the spotlight was a report released earlier this year by van Geelen titled "The Global Intelligence Crisis of 2028." The report depicted a future where AI rapidly eliminates white-collar jobs, and the economic system fails to absorb the shock, causing a rapid uproar in the market after its release, leading to a concentrated sell-off of software stocks. This report propelled Citrini from a subscription-based research institution to a research force with market-moving capabilities.
SemiAnalysis: The "Must-Read" Research Institution in the Chip Circle
SemiAnalysis was founded by Dylan Patel in 2020, focusing on semiconductor and AI infrastructure research, covering core issues such as GPU supply chains, custom chip roadmaps, and data center economics, and has become an important reference source for executives in the chip industry and institutional investors.
According to Bloomberg, Patel stated that the operating mode of traditional research institutions is "clumsy, outdated, slow, and has failed to reach the general public." He believes that the research industry is undergoing profound changes, and the research in the new era should be conducted by people who truly understand the field and be open to a broader audience.
"James has the largest Substack business in the financial sector, and has other ventures beyond that," Patel said, "this merger is aimed at expanding our research scale and becoming the best research institution in this era of research democratization."
Integration Logic: Synergy Between Hardware Research and Market Analysis
The strategic logic behind this acquisition is clear: SemiAnalysis excels at deep disassembly of supply chains and technical aspects, while Citrini focuses on tracking how AI infrastructure spending translates into the public market. The combination of the two fills the analytical gap between chip hardware development and stock investment decisions.
Van Geelen will remain CEO of Citrini, meaning the two institutions will maintain a relatively independent operational structure in the short term rather than fully integrating immediately. The undisclosed transaction terms also leave the public watching for the eventual depth of the two institutions' integration.
Van Geelen stated in a declaration: "I am very optimistic about the future of independent investment research."
Additionally, while selling Citrini, van Geelen is also taking new actions on a personal level. According to informed sources cited by Bloomberg, he plans to launch a new fund, but specific details have not been disclosed, and van Geelen himself declined to comment on this.
This arrangement indicates that while van Geelen retains influence over Citrini's operations, he is opening up a new avenue in investment management for himself, which forms a natural extension of the market influence he previously accumulated through research reports.
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