MTS - Research Analyst Intern, AI Infrastructure & Economics
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Key skills for this role
Role Overview
SemiAnalysis is expanding its coverage of neoclouds, neolabs, and AI tokenomics, and we are hiring research analyst interns to support that work. You will support a defined research project with guidance from an analyst, working on GPU cloud providers, AI model developers, or the economics of AI.
No prior full-time experience is required. You can show relevant ability through coursework, independent work, or previous internships.
Coverage areas:
Neoclouds: Track GPU fleets, available capacity, rental prices, customer contracts, financing, and datacenter deployments.
Neolabs: Research emerging AI model developers, their funding, compute access, products, customers, and spending.
AI Tokenomics: Track model prices, token usage, serving costs, application economics, and demand for AI compute.
The work you would be joining:
AI Cloud TCO Model – the ownership economics of buying accelerators and selling GPU compute.
AI Tokenomics Model – our demand-side model tying token throughput, pricing, and usage to accelerator demand.
ClusterMAX – our independent GPU cloud rating system, which our commercial work draws on.
Are Open Models Catching Up? – recent published research.
AI Value Capture: The Shift To Model Labs – recent published research on lab revenue and margins.
Key Skills for This Role
Full Job Posting
1) Position Overview
SemiAnalysis is expanding its coverage of neoclouds, neolabs, and AI tokenomics, and we are hiring research analyst interns to support that work. You will support a defined research project with guidance from an analyst, working on GPU cloud providers, AI model developers, or the economics of AI.
No prior full-time experience is required. You can show relevant ability through coursework, independent work, or previous internships.
Coverage areas:
Neoclouds: Track GPU fleets, available capacity, rental prices, customer contracts, financing, and datacenter deployments.
Neolabs: Research emerging AI model developers, their funding, compute access, products, customers, and spending.
AI Tokenomics: Track model prices, token usage, serving costs, application economics, and demand for AI compute.
The work you would be joining:
AI Cloud TCO Model – the ownership economics of buying accelerators and selling GPU compute.
AI Tokenomics Model – our demand-side model tying token throughput, pricing, and usage to accelerator demand.
ClusterMAX – our independent GPU cloud rating system, which our commercial work draws on.
Are Open Models Catching Up? – recent published research.
AI Value Capture: The Shift To Model Labs – recent published research on lab revenue and margins.
2) Responsibilities
- Collect and check company, pricing, capacity, and funding data.
- Maintain sources, and distinguish reported facts from estimates.
- Build or update a focused spreadsheet model.
- Draft a short research note and explain the calculations behind it.
3) Requirements
- Comfort with spreadsheets, basic accounting, percentages, and financial statements.
- Ability to explain a calculation and check its units.
- Clear writing, and care with source records.
- Evidence of interest in AI, technology markets, or business economics through reading, coursework, projects, or work.
- Willingness to ask questions, learn unfamiliar concepts, and revise your work after feedback.
- Academic work samples are accepted. A CS or ML degree, a particular university, and prior employment at a well-known firm are not required.
4) Preferred Skills
- Coursework or projects in finance, economics, accounting, consulting, or a comparable analytical field.
- A company model, investment memo, or independently researched article that shows your ability.
- Python and SQL are optional and useful, but not expected.
5) Growth Areas
You will finish the internship with a completed research project, a model you built or maintained, and a written note you can explain end to end. Strong interns are a natural pipeline into the Research Analyst, AI Infrastructure & Economics role.
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=
About SemiAnalysis
Independent semiconductor and AI research firm serving technology companies, investors, and institutional clients with analysis and consulting.
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