SemiAnalysis Acquires Citrini Research, Uniting AI Infrastructure and Investment Research

SemiAnalysis has acquired Citrini Research, a thematic investment research firm, the founders of both companies confirmed to Bloomberg on September 11. The transaction price was not disclosed.

The deal combines SemiAnalysis' in-depth research on chip supply chains and AI infrastructure with Citrini's influence in public market investment analysis. James van Geelen will remain CEO of Citrini for now, and the firm will maintain a degree of operational independence rather than being fully folded into the SemiAnalysis brand.

SemiAnalysis, founded by Dylan Patel in 2020, focuses on semiconductor and AI infrastructure research, covering GPU supply chains, custom chip roadmaps, and data center economics. Citrini Research, established in 2023 and based in New York, has amassed about 260,000 subscribers on Substack and raised roughly $5.05 million as of December 2025. A report by van Geelen earlier in 2026, titled "The 2028 Global Intelligence Crisis," triggered market turmoil and hit software stocks.

Patel said the merger aims to scale up research and become the best research organization in a new era of research democratization. Separately, Bloomberg cited sources saying van Geelen plans to launch a new fund, though he declined to comment.