Two independent research powerhouses in the semiconductor and AI infrastructure space have officially joined forces.

According to reports, SemiAnalysis has acquired thematic investment research firm Citrini Research. The founders of both companies, Dylan Patel and James van Geelen, confirmed the deal on Friday. The acquisition merges SemiAnalysis's deep technical expertise in chip supply chains and AI hardware with Citrini's influential presence in public market investment analysis. This move marks a significant consolidation within the independent research industry amidst the AI boom. The financial terms of the transaction were not disclosed.

Van Geelen will remain in his role as Chief Executive Officer of Citrini Research for the time being. The company will maintain a degree of operational independence rather than being fully absorbed into the SemiAnalysis brand. Additionally, sources indicate that van Geelen is also planning to launch a new fund separately, although he declined to comment on these plans.

Both firms have been prominent independent voices during this AI-driven market surge. A report published by Citrini earlier this year caused significant market turbulence, hitting software stocks hard. Meanwhile, SemiAnalysis has long been considered essential reading for chip industry executives and institutional investors. The merger is widely viewed as a clear signal that comprehensive research, connecting AI hardware buildout to public market stock performance, is becoming a rare and highly valuable asset.


Citrini: The Research House That Shook the Market with a Single Report

Founded in New York in 2023, Citrini Research is a relatively young thematic investment firm. Despite its short history, it has amassed approximately 260,000 subscribers on the Substack platform, making it one of the largest financial subscription services on that site. By December 2025, Citrini had raised around $5.05 million in total funding.

What truly put Citrini on the map was a report released by van Geelen earlier this year titled "The Global Intelligence Crisis in 2028." The paper painted a stark picture of AI rapidly eliminating white-collar jobs faster than the economy could adapt. Its publication caused an immediate stir, triggering a wave of selling in software stocks. This report transformed Citrini from a simple subscription service into a research force capable of moving markets.


SemiAnalysis: The Essential Reading for the Chip World

Founded by Dylan Patel in 2020, SemiAnalysis focuses on semiconductor and AI infrastructure research. Covering critical areas such as GPU supply chains, custom chip roadmaps, and data center economics, it has become a vital reference for industry executives and institutional investors.

Patel has expressed that traditional research firms operate in ways that are "clumsy, outdated, and slow, failing to educate the broader public." He believes the research industry is undergoing profound change, and that a new era requires research conducted by those who genuinely understand the technology, made accessible to a wider audience.

"James has the largest Substack business in finance, along with other ventures," Patel stated. "This merger is about scaling our research to become the best research institution in this new era of research democratization."


The Logic of Integration: Synergy Between Hardware Research and Market Analysis

The strategic rationale behind this acquisition is clear: SemiAnalysis excels at deep technical analysis of supply chains and hardware, while Citrini specializes in tracking how AI infrastructure spending translates into public market performance. Together, they fill the analytical gap between chip hardware buildout and equity investment decisions.

Van Geelen's continued leadership as Citrini's CEO indicates that the two firms will maintain relatively independent operations in the near term, rather than integrating immediately. The undisclosed deal terms also leave outside observers speculating about the ultimate depth of their integration.

"I am very optimistic about the future of independent investment research," van Geelen said in a statement.

In a separate development, aside from the sale of Citrini, van Geelen has new personal ventures on the horizon. According to sources familiar with the matter, he plans to launch a new fund, though specific details remain undisclosed and he has declined to comment further.

This arrangement suggests that while retaining influence over Citrini's operations, van Geelen is simultaneously carving out a new path in investment management—a natural extension of the market influence he has built through his research reports.