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SemiAnalysis, the semiconductor and AI infrastructure research firm founded by Dylan Patel, is acquiring Citrini Research, the thematic investment research outfit led by James van Geelen. Van Geelen will stay on as Citrini’s CEO following the deal.
SemiAnalysis has been one of the most closely followed independent research shops in the semiconductor world since Patel launched it in 2020. The firm has grown to employ over 50 people, with some reports putting the headcount closer to 90. Its reports on GPU supply chains, custom silicon roadmaps, and data center economics have become required reading for chip executives and institutional investors alike.
Citrini Research is considerably younger, founded in 2023, but it has punched well above its weight class. The firm has built a substantial Substack audience numbering in the hundreds of thousands of subscribers, and it has raised approximately $5.05 million in funding through December 2025. Van Geelen, who studied biology and psychology at UCLA before pivoting into finance and healthcare, has steered Citrini toward thematic investment research that tracks how AI infrastructure spending ripples through public markets.
Financial terms of the acquisition have not been disclosed, which leaves open questions about how tightly the two firms will integrate. Van Geelen’s retention as CEO suggests Citrini will maintain some operational autonomy rather than being fully absorbed into the SemiAnalysis brand.
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