SemiAnalysis acquires Citrini, merging two of the world's leading independent AI research firms. Both started as blogs and gradually grew into independent research institutions with massive influence on global capital markets. They even wrote about SemiAnalysis's growth journey before. SemiAnalysis specializes in in-depth research on the semiconductor supply chain and AI infrastructure. Citrini focuses more on thematic investing, cross-asset, and narrative-driven research, with an emphasis on second-order effects. This merger kind of welds together research on 'what’s really happening inside the silicon and server racks' with 'how these changes rewrite stock prices, macro trends, and trading narratives.'