AI Infrastructure Credit Research Analyst

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 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. 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.

Deep expertise in credit markets, banking, financial intermediation, structured finance, or related areas. 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. 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 limitations of available data. Strong written communication skills and the ability to produce clear, rigorous research for a demanding professional audience. Ability to work accurately and efficiently under publication deadlines. High level of intellectual independence and willingness to publish conclusions that may differ from prevailing market views. Preferred Skills Research or investment experience covering: Private credit Nonbank financial institutions Leveraged finance Structured credit Asset-backed securities Project finance Financial stability Bank and nonbank intermediation Understanding of how financial intermediation has evolved since the 2008 global financial crisis. Named authorship on published research from a: Sell-side research team Central bank Bank economics team International Monetary Fund Bank for International Settlements Policy or financial research institution Experience analyzing interest rates and the transmission of monetary policy into lending standards, credit availability, asset values, and refinancing conditions. Familiarity with datacenters, semiconductor economics, AI infrastructure, or power markets.

analyzing infrastructure financing structures or capital-intensive technology investment cycles.

Proficiency in Python, SQL, Excel, or other tools used for financial modelling and data analysis.

working with large, fragmented, or difficult-to-structure financial datasets. Strong presentation and client communication skills. Growth Areas This role offers the opportunity to: Define SemiAnalysis’s AI infrastructure credit and financing coverage from the ground up. Become a leading industry voice on how the AI buildout is financed and where the associated financial risks are concentrated. Build proprietary credit datasets using SemiAnalysis’s unique information on datacenter construction, power availability, accelerator shipments, hardware deployments, and supply chain activity. Develop original risk frameworks for emerging financing structures such as GPU-backed lending, neoclouds debt, private credit facilities, and AI infrastructure securitizations. Expand coverage into adjacent areas such as: Datacenter project finance Energy infrastructure financing Structured credit Financial stability Private market leverage Vendor and equipment financing Monetary policy and credit transmission Work directly with credit investors, private credit firms, banks, asset managers, limited partners, regulators, and companies involved in financing AI infrastructure. Publish research that becomes reference material for the industry and contributes to policy and regulatory discussions. Grow into a leadership role overseeing broader credit, financial markets, and capital structure research within SemiAnalysis. SemiAnalysis LLC participates in the E-Verify program to confirm the employment eligibility of all newly hired employees. For more information, visit e-verify.gov . E-Verify Poster: https://www.everify.gov/sites/default/files/everify/posters/EVerifyParticipationPoster.pdf Right to Work Poster: https://www.justice.gov/crt/case-document/file/1133936/dl?inline=