Two of the hottest AI companies in this bull market have merged! SemiAnalysis acquires Citrini.

Two independent research institutions in the fields of semiconductor and AI infrastructure research have officially come together.

According to Bloomberg, SemiAnalysis has acquired thematic investment research firm Citrini Research , a deal confirmed to Bloomberg by founders Dylan Patel and James van Geelen 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 of the independent research industry in the AI wave. The transaction price was not disclosed.

According to Bloomberg, van Geelen will remain as CEO of Citrini Research for the time being, and Citrini will maintain a degree of operational independence rather than being fully integrated into the SemiAnalysis brand. Meanwhile, the report indicates that sources familiar with the matter revealed that van Geelen also plans to launch a new fund, but he declined to comment.

Both institutions are highly regarded independent research voices in this 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 for chip industry executives and institutional investors. Their merger is seen by the market as a clear signal: comprehensive research linking AI hardware development with public market stock performance is becoming a scarce and high-value asset.

Citrini: A "celebrity" research institution that shook the market with a single report.

Founded in 2023, Citrini Research is a relatively young thematic investment research firm headquartered in New York. Despite its short history, it has already amassed approximately 260,000 subscribers on the Substack platform, making it one of the largest Substack subscription businesses in the financial sector. Citrini had raised approximately $5.05 million in funding as of December 2025.

What truly propelled Citrini into the mainstream was a report published earlier this year by van Geelen titled "The Global Smart Crisis of 2028." The report painted a picture of a future where AI rapidly eliminates white-collar jobs, leaving the economic system unable to absorb the shock. Its release quickly caused a market uproar, leading to a massive sell-off of software stocks. This report transformed Citrini from a subscription-based research institution into a research force with market mobility.

SemiAnalysis: A Must-Read Research Institution in the Chip Industry

Founded in 2020 by Dylan Patel, SemiAnalysis focuses on semiconductor and AI infrastructure research, covering core topics such as the GPU supply chain, custom chip roadmap, and data center economics. It has become an important reference for chip industry executives and institutional investors.

According to Bloomberg, Patel stated that traditional research institutions operate in a "clumsy, outdated, slow, and unpopular" manner. He believes the research industry is undergoing profound changes, and that research in the new era should be conducted by truly knowledgeable individuals and made accessible to a wider audience.

"James has the largest Substack business in the financial sector, as well as other businesses outside of that," Patel said. " This merger is to expand our research scale and become the best research institution in this new era of research democratization ."

Integration Logic: Synergy between Hardware Research and Market Analysis

The strategic logic behind this acquisition is clear: SemiAnalysis excels in in-depth analysis of the supply chain and technology, while Citrini focuses on tracking how AI infrastructure spending translates into public markets . The combination of the two fills the analytical gap between chip hardware development and stock investment decisions.

Van Geelen will remain as Citrini CEO, meaning the two organizations will maintain relatively independent operating structures in the short term, rather than being fully integrated immediately. The undisclosed terms of the deal also leave outside observers to wait and see how deeply the two organizations will ultimately integrate.

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

In addition to selling Citrini, van Geelen is also making new moves on a personal level. According to Bloomberg, citing sources familiar with the matter, he plans to launch a new fund, but specific details have not yet been disclosed, and van Geelen himself declined to comment.

This arrangement indicates that while retaining his influence over Citrini's operations, van Geelen is opening up a new investment management track for himself—a natural extension of the market influence he previously built through research reports.

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