AI & Semiconductor Equity Analyst -- Investment Research

Job Description

Company Description:

I/O Fund is an investment research firm focused on identifying leading technology and AI investment opportunities before they become consensus. Our research covers artificial intelligence, semiconductors, cloud infrastructure, networking, memory, data center power, cooling, software, and the broader AI infrastructure stack.

Launched in May 2020, our audited research portfolio reflects five years of transparent performance, delivering a 326% cumulative return since inception — which ranks us above many of Wall Street's legendary firms. Our work centers on providing data-driven analysis to help investors navigate the volatility and long-term opportunity within the AI market.

Our work is read by individual investors, professional investors, and market participants who want clear, differentiated research on where technology markets are moving next. We combine fundamental analysis, technical analysis, public-market data, earnings research, product-level technology work, and portfolio strategy.

We are seeking an Equity Research Analyst with experience in technology, semiconductors, and AI infrastructure to help support and expand our research coverage.

Role Description:

This role is designed for an analyst with approximately 3–5 years of experience who can combine public-markets knowledge, strong writing ability, and financial modeling skills with a genuine interest in semiconductors and AI.

The analyst will work closely with I/O Fund’s lead research team to cover companies across the AI stack, including GPUs, CPUs, custom silicon, AI networking, optical interconnects, memory, data centers, energy, cooling, and related infrastructure.

This is a hands-on research role for someone who can read earnings calls, investor presentations, SEC filings, financial statements, product announcements, and industry commentary — then turn that information into clear investor takeaways. The ideal candidate can maintain models, track numbers, identify changes in expectations, and produce first-draft research that is accurate, structured, and grounded in public-market relevance.

Final investment conclusions and published research will be reviewed by senior leadership, but the analyst is expected to contribute meaningfully through modeling, company research, earnings analysis, theme development, and written research support.

Responsibilities:

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• Cover public companies across semiconductors, AI infrastructure, cloud, networking, memory, optics, data centers, energy, and related technology markets.
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• Review earnings calls, transcripts, investor presentations, SEC filings, press releases, and company materials.
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• Prepare earnings previews, earnings recaps, key takeaways, and internal research notes.
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• Maintain and update financial models, valuation work, revenue growth metrics, margin trends, estimates, and company-level trackers.
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• Identify important changes in guidance, customer demand, product roadmaps, capex commentary, competitive positioning, and market expectations.
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• Support written research across company-specific articles, thematic reports, webinar preparation, portfolio reviews, and investment memos.
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• Create charts, tables, model summaries, and data-backed research materials.
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• Monitor public-market reactions and help connect stock moves to fundamentals, valuation, catalysts, positioning, and revisions.
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• Help track AI infrastructure themes including GPUs, CPUs, custom ASICs, AI networking, optics, HBM, DRAM, power, cooling, and data center buildouts.
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• Work quickly and accurately in a fast-moving research environment where earnings timing, market reactions, and catalysts matter.
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Qualifications:

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• Approximately 3–5 years of experience in equity research, investment research, financial analysis, technology research, or a related public-markets role.
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• Strong interest in semiconductors, AI, public markets, and investment research.
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• Experience reviewing earnings calls, investor presentations, financial statements, and company filings.
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• Ability to build, maintain, and update financial models.
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• Comfort working with revenue growth, margins, valuation, guidance, estimates, earnings revisions, and operating metrics.
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• Strong writing ability, with the ability to summarize complex technology and market developments in clear, investor-friendly language.
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• Ability to separate what is merely interesting from what is investable.
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• High attention to detail and strong numerical accuracy.
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• Comfort working with feedback, edits, revisions, and tight deadlines.
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• Self-directed work style and ability to remain productive without constant oversight.
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• Strong responsiveness, reliability, and ownership.
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Preferred Experience:

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• Prior coverage or research experience in semiconductors, hardware, cloud infrastructure, AI infrastructure, software, or broader technology.
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• Familiarity with companies such as Nvidia, AMD, Broadcom, Marvell, TSMC, Micron, Astera Labs, Arista, Lumentum, Coherent, Arm, Intel, or related AI infrastructure companies.
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• Experience building or maintaining financial models for public companies.
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• Experience writing earnings recaps, investment notes, stock research, or investor-facing analysis.
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• Understanding of AI infrastructure themes such as accelerated compute, custom silicon, AI networking, optical interconnects, HBM, DRAM, data center power, and liquid cooling.
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• Familiarity with valuation, earnings revisions, revenue growth, margins, and catalyst-driven stock analysis.
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Compensation and Location:

Target base salary: $135,000 to $150,000 , based on experience, with potential for a performance-based bonus.

I/O Fund is based in Boulder, Colorado. Remote or hybrid candidates may be considered if they are exceptional, highly self-directed, comfortable working at least 45 hours per week , and able to consistently meet weekly deadlines in a fast-moving research environment.

How to Apply:

Please submit your resume and a brief cover letter to View email address on ziprecruiter.com.

In your cover letter, please address:

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1. What areas of the AI trade you have followed or covered, such as semiconductors, GPUs, CPUs, custom silicon, AI networking, memory, cloud infrastructure, data center power, cooling, software, or related themes.
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2. What type of public-company research, financial modeling, earnings analysis, or investment research you have done before.
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3. Where you think the AI trade is likely to be in 3–5 years.
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4. One area of the AI infrastructure stack you understand well today, and one area you would like to learn more deeply.
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5. How you approach writing investment research for an investor audience, including how you handle detailed feedback, revisions, and tight deadlines.
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6. Please include writing samples of previous work to provide an idea of your writing skills.
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Please note that applications that do not submit a cover letter to View email address on ziprecruiter.com will not be considered.