SemiAnalysis acquires Citrini, the merger of two major "internet celebrities" in this round of the AI bull market

Written by: Dong Jing, Wall Street Insights

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

According to Bloomberg, SemiAnalysis has acquired the thematic investment research firm Citrini Research. The founders of both parties, Dylan Patel and James van Geelen, confirmed the deal to Bloomberg on Friday (September 11). This acquisition combines SemiAnalysis's in-depth technical research in the chip supply chain and AI hardware with Citrini's influence in public market investment analysis, marking an important consolidation in the independent research industry amid the AI wave. The transaction price was not disclosed.

According to Bloomberg, van Geelen will temporarily remain as the CEO of Citrini Research, and Citrini will maintain a certain degree of operational independence rather than being fully integrated into the SemiAnalysis brand. Meanwhile, the report noted that insiders revealed van Geelen also plans to launch a new fund, but he declined to comment on this.

Both institutions are highly regarded independent research voices in this round of the AI bull market. A report released by Citrini earlier this year caused market turbulence, severely impacting software stocks; SemiAnalysis has long been a must-read reference for executives in the chip industry and institutional investors. The merger is seen by the market as a clear signal: comprehensive research connecting AI hardware development with public market stock performance is becoming a scarce and high-value asset.

Citrini: The "Internet Celebrity" Research Institution That Shook the Market with a Report

Citrini Research was established in 2023 and is a relatively young thematic investment research firm headquartered in New York. Despite its short establishment time, the firm has accumulated about 260,000 subscribers on the Substack platform, making it one of the largest Substack subscription businesses in the financial sector. Citrini has raised approximately $5.05 million by December 2025.

What truly brought Citrini into the spotlight was a report released by van Geelen earlier this year titled "The Global Intelligence Crisis of 2028." The report depicted a future scenario where AI rapidly eliminates white-collar jobs, and the economic system struggles to absorb the shock, causing a significant market stir upon release, leading to a concentrated sell-off of software stocks. This report elevated Citrini from a subscription-based research institution to a research force capable of moving the market.

SemiAnalysis: The "Must-Read" Research Institution in the Chip Circle

SemiAnalysis was founded by Dylan Patel in 2020, focusing on semiconductor and AI infrastructure research, covering core topics such as GPU supply chains, custom chip roadmaps, and data center economics, and has become an important reference source for executives in the chip industry and institutional investors.

According to Bloomberg, Patel stated that traditional research institutions operate in a "clumsy, outdated, and slow manner, failing to reach the general public." He believes that the research industry is undergoing profound changes, and research in the new era should be conducted by those who truly understand the field and be made accessible to a broader audience.

"James has the largest Substack business in the financial sector, and he also has other businesses outside of that," Patel said, "This merger is aimed at expanding our research scale and becoming 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 deep dissection of supply chains and technology, while Citrini focuses on tracking how AI infrastructure spending translates to the public market. The combination fills the analytical gap between chip hardware development and stock investment decisions.

van Geelen remaining as CEO of Citrini means that the two institutions will maintain a relatively independent operational structure in the short term, rather than immediately fully integrating. The undisclosed terms of the deal also leave the public watching for the depth of the eventual integration between the two institutions.

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

Additionally, while selling Citrini, van Geelen is also making moves on a personal level. According to insiders cited by Bloomberg, he plans to launch a new fund, but specific details have not been disclosed, and van Geelen himself declined to comment on this.

This arrangement indicates that while van Geelen retains influence over Citrini's operations, he is also paving the way for himself in a new investment management track—this forms a natural extension of the market influence he previously accumulated through research reports.