AI Infrastructure Credit Research Analyst

About this role

Employment Type: Full-TimeWork Setting: In-office/Remote
Work Location: United States/RemoteWork Hours: Office hours
Find out more here:

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 are a global team of analysts, each with extensive networks across the semiconductor supply chain and AI ecosystem, publishing industry shaping articles while participating in numerous conferences annually.
Our newsletters reach 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
SemiAnalysis is seeking an AI Infrastructure Credit Research Analyst to lead our coverage of how the global AI infrastructure buildout is financed.
This role will examine who is providing capital, how financing arrangements are structured, the terms attached to that capital, and where the underlying financial risk ultimately sits. The analysis will combine SemiAnalysis’s proprietary datacenter and semiconductor supply chain data with detailed balance-sheet, credit, and financial intermediation research.
The successful candidate will build the firm’s coverage of AI infrastructure credit from the ground up, producing definitive research for credit investors, limited partners, financial institutions, regulators, and other market participants.
Responsibilities

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Analyze the full financing stack supporting the AI infrastructure buildout, including:

• Hyperscalers balance sheets

• Neoclouds and AI cloud debt

• GPU-backed lending

• Datacenter asset-backed securities

• Project finance

• Private credit funds

• Business development companies

• Special-purpose vehicles

• Vendor financing arrangements

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Map financing relationships across the AI ecosystem, identifying:

• Who is lending to whom

• The terms and maturity profiles of the financing

• The structures through which capital is provided

• The parties ultimately holding the credit and asset risk

• Build quantitative models to assess credit risk across AI infrastructure investments.

• Evaluate counterparty exposure, concentration risk, and dependencies across borrowers, lenders, investors, equipment vendors, and infrastructure providers.

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Model the value and resilience of collateral, including:

• GPU depreciation and residual value

• Power purchase agreements

• Datacenter leases

• Capacity contracts

• Equipment financing arrangements

• Analyze interest-rate sensitivity, refinancing requirements, maturity walls, covenant structures, and liquidity risks.

• Develop downside and stress scenarios to assess how weaker demand, declining hardware values, delayed construction, power constraints, or tighter financial conditions could affect borrowers and lenders.

• Track the migration of lending activity from regulated banks to nonbank financial institutions.

• Assess how the growth of private credit and nonbank lending changes where financial risk is concentrated and how losses could spread during a downturn.

• Produce flagship research reports and recurring coverage on AI infrastructure financing and credit markets.

• Build proprietary datasets from bank reports, fund filings, corporate disclosures, securitization documents, loan agreements, and other financial sources.

• Work closely with SemiAnalysis’s datacenter, semiconductor, energy, and supply chain teams to ensure financial analysis is grounded in what is physically being built, contracted, delivered, and energized.

• Present research findings to clients and represent SemiAnalysis’s credit views through public writing, meetings, podcasts, conferences, and other industry discussions.

Requirements

• Deep expertise in credit markets, banking, financial intermediation, structured finance, or related areas.

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Relevant background may include:

• Bachelors' Degree in financial economics or a related discipline

• Sell-side credit or macroeconomic research

• Buy-side credit research

• Central bank or financial stability research

• Private credit or structured finance experience

• Equivalent professional research experience

• Strong understanding of corporate, bank, and investment fund balance sheets.

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Ability to independently interpret complex financial documents, including:

• Bank call reports

• Corporate filings

• Fund and BDC disclosures

• Asset-backed securities documentation

• Credit agreements

• Project finance structures

• Special-purpose vehicle documentation

• Strong credit judgement and the ability to identify hidden leverage, off-balance-sheet exposure, weak collateral, refinancing risk, and structural subordination.

• Strong empirical and quantitative skills, including the ability to build original datasets and analytical models.

• Ability to validate assumptions, defend methodologies, and clearly explain the…