SemiAnalysis, a research firm focused on semiconductors and AI infrastructure, is expected to generate more than $100 million in revenue this year, according to a Sept. 18 report by Substrate. The company has about 100 employees and traces its origins to a WordPress blog launched by founder Dylan Patel in 2020. By 2023, its revenue had already reached seven figures.
The report said subscriptions account for less than 5% of total revenue. Most of the business comes from data models, its institutional research product Core Research, and consulting services. SemiAnalysis currently operates 12 models spanning networking, fab equipment, foundry, energy and other areas, with roughly 50 analysts on staff.
Its readership includes senior executives from major technology companies, including Nvidia CEO Jensen Huang, AMD CEO Lisa Su, Meta CEO Mark Zuckerberg, Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman. The report also noted that its CoWoS and HBM supply chain models had projected Nvidia H100 shipments at 400,000 units per quarter, while OpenAI used its InferenceX as a third-party benchmark when unveiling its in-house Jalapeño chip at Hot Chips. Patel has also recently raised $500 million for SemiAnalysis Capital Fund I for early-stage startup investments, and the firm plans to expand into energy by sending analysts into the field to engage with grid and utility stakeholders.
SemiAnalysis, a research firm focused on semiconductors and AI infrastructure, is expected to post more than $100 million in revenue this year, according to a Sept. 18 report by Substrate. The company has about 100 employees.
Founder Dylan Patel started the business in 2020 as a WordPress blog. By 2023, SemiAnalysis had reached seven-figure revenue. Less than 5% of total revenue comes from subscriptions, with the bulk generated by data models, its institutional research product Core Research, and consulting work.
Business mix and client base
SemiAnalysis currently runs 12 models covering networking, fab equipment, foundry, energy and other sectors. It has about 50 analysts. Its clients include most major global technology companies.
According to the report, its readers include Nvidia CEO Jensen Huang, AMD CEO Lisa Su, Meta CEO Mark Zuckerberg, Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman.
Model track record and fundraise
The firm’s CoWoS and HBM supply chain models had projected Nvidia H100 shipments at 400,000 units per quarter. When OpenAI introduced its in-house Jalapeño chip at Hot Chips, it used SemiAnalysis’ InferenceX as a third-party benchmark.
Patel has also recently raised $500 million for SemiAnalysis Capital Fund I, which is aimed at early-stage startup investing. The company plans to expand into energy, with analysts set to meet directly with stakeholders across power grids and utilities.
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