SemiAnalysis Core Research eyes $100M year on buy-side demand

SemiAnalysis has grown from a Substack newsletter into an institutional research shop whose Core Research service targets hedge funds, long-only asset managers, venture investors and corporate strategy teams. It sits alongside industry models, a data product and consulting as one of four institutional lines.

The scale of the pivot is the story. The Information reported that SemiAnalysis "expects to do more than $100 million in sales this year," up from about $20 million the prior year, on subscriptions, models and consulting sold to hyperscalers, semiconductor giants, startups and institutional clients. Founder Dylan Patel, 29, now leads a "60-employee firm with projected revenues of $100 million in 2026."

The free-tier funnel is still doing work. The Substack newsletter reaches more than 200,000 subscribers, and the firm is explicit that "newsletter subscription does not include the institutional models or Core Research."

Recent Core Research pieces indexed on the page cover "Vera Rubin NVL72 vs GB200 NVL72?", "Can AMD break the CUDA Moat?" and "Kimi K3," a mix that reflects where the paying customer base wants primary research: accelerator roadmaps, the CUDA lock-in question, and frontier-model due diligence.