Research Analyst - Memory Markets

Employment Type: Full-Time
Work Setting: Remote
Work Location: Korea/International
Work Hours: Office hours
Find out more here: https://semianalysis.com

About SemiAnalysis

SemiAnalysis is an independent research and analysis firm specializing in the Semiconductor and AI industries. Our in-depth coverage spans the entire supply chain, from semiconductor fabrication processes to cutting-edge AI Models, software, and infrastructure. We are recognized as the leading authority on the semiconductor supply chain, with the highest concentration of industry experts within one team, and a deep-rooted passion for delving into the intricacies.

We’re a global team of over 50 analysts, each with extensive networks across the semiconductor supply chain and AI ecosystem, publishing industry‑shaping articles while participating in 40+ conferences annually.

Our newsletter reaches more than 200 000 subscribers worldwide, including senior management and C‑suite leaders at the leading semiconductor and AI companies.

We also offer three core products:

• Industry Models – we develop and publish industry models on accelerator shipments, datacenter demand and supply, GPU total cost of ownership, and more. We work with hyperscalers, neoclouds, many of the world’s largest hedge funds, and government agencies.

• Core Research – our public equity markets product, geared towards financial investors, distills our deep technical research and knowledge into key insights on technology and product trends.

• Consulting and Technical Due Diligence – We conduct custom research and project work to guide key strategic and investment decisions for the largest private‑equity funds, leading venture‑capital firms, companies across the AI ecosystem, and government agencies.
  

We are seeking a Memory Market Analyst to own supply-and-demand modeling across the DRAM, HBM, and NAND markets and contribute directly to the development of our Memory Model and Accelerator & HBM Model.

This is not a purely financial role. Memory supply cannot be modeled credibly without understanding the technical factors that drive bit growth, including node migrations, wafer capacity conversions, die-size penalties, NAND layer transitions, yield ramps, and packaging constraints.

You will translate this technical understanding into rigorous and defensible supply, demand, pricing, and financial forecasts used by leading asset managers, hyperscalers, and semiconductor companies worldwide.

The role is ideally based in Seoul, although exceptional candidates in other locations will also be considered.

• Build and maintain bottoms-up supply models for DRAM, HBM, and NAND.

• Model fab-by-fab wafer capacity, node migration schedules, yield ramps, and bit growth from technology shrinks and wafer additions.

• Track production and technology transitions across Samsung, SK hynix, Micron, Kioxia, SanDisk, CXMT, and YMTC.

• Assess the effects of die-size changes, wafer-capacity conversions, process transitions, and manufacturing constraints on industry supply.

• Model HBM supply in detail, including trade ratios against commodity DRAM.

• Analyze TSV capacity, packaging bottlenecks, stack configurations, production yields, and qualification timelines.

• Track HBM qualification and supply agreements involving major AI accelerator and hyperscale customers.

• Evaluate how HBM production affects broader DRAM availability, product mix, pricing, and profitability.

• Build demand models across AI accelerators, servers, smartphones, PCs, automotive, and other end markets.

• Develop particular depth in AI-driven HBM demand and high-density memory-module requirements.

• Forecast contract and spot pricing, market sufficiency or deficits, inventory cycles, and customer purchasing behavior.

• Translate market assumptions into revenue, gross-margin, earnings, and capital-expenditure implications for covered companies.

• Track memory-maker earnings, capex announcements, capacity plans, product roadmaps, and industry developments.

• Identify and communicate key market catalysts to institutional clients in near-real time.

• Publish concise, data-rich research notes on memory-market developments.

• Contribute to major SemiAnalysis newsletter reports and deep-dive research projects.

• Support institutional clients through calls and the SemiAnalysis support portal.

• Conduct channel checks with industry executives, investor-relations teams, customers, suppliers, and other supply-chain participants.

• Build and maintain relationships across Korea’s memory and semiconductor ecosystem.

• Represent SemiAnalysis at industry conferences, company meetings, and events across Korea and the broader APAC region.

• 2–5+ years of experience in equity research, industry analysis, corporate strategy, business planning, or a related role.

• Relevant experience at a memory manufacturer, OSAT, semiconductor supplier, financial institution, research firm, or memory-adjacent company.

• Strong working knowledge of memory-technology fundamentals, including:

  • DRAM node naming and migration economics.

  • NAND layer scaling and architecture transitions.

  • HBM stack construction and packaging.

  • Bits per wafer, cost per bit, yields, and manufacturing economics.

• Demonstrated ability to build and defend bottoms-up supply-and-demand models using fragmented or incomplete information.

• Proven three-statement financial-modeling skills.

• Ability to connect technology, capacity, pricing, and product-mix assumptions to revenue, margins, cash flow, and capital intensity.

• Advanced proficiency in Excel.

• Exceptional written and verbal communication skills, with the ability to present complex analysis clearly and concisely.

• Comfort working in a fast-moving pricing and news environment while balancing speed, accuracy, and analytical rigor.

• Full professional proficiency in English.

• Korean-language proficiency.

• Existing relationships across the Korean memory, semiconductor, equipment, materials, packaging, or investment ecosystem.

• Familiarity with Python for data analysis, automation, and model maintenance.

• Experience conducting channel checks or engaging directly with semiconductor executives, suppliers, customers, and investor-relations teams.

• Experience covering Samsung Electronics, SK hynix, Micron, Kioxia, SanDisk, CXMT, YMTC, or related supply-chain companies.

• Understanding of AI accelerator architectures and how accelerator deployments influence HBM capacity and memory demand.

• Experience producing institutional-quality research reports or presenting analysis to investors and corporate decision-makers.

• Ability to work across technical, financial, and commercial datasets to identify inconsistencies and develop independent conclusions.

This role provides the opportunity to develop into a leading expert at the intersection of memory technology, semiconductor manufacturing, artificial intelligence infrastructure, and financial markets.

Potential growth areas include:

• Taking broader ownership of SemiAnalysis’ global Memory Model and Accelerator & HBM Model.

• Developing deeper expertise in HBM, advanced packaging, AI accelerator supply chains, and next-generation memory technologies.

• Expanding coverage into memory equipment, materials, controllers, modules, and adjacent semiconductor companies.

• Leading major research reports and becoming a recognized external voice on global memory-market developments.

• Building direct relationships with senior executives, investors, hyperscalers, and semiconductor-industry leaders.

• Representing SemiAnalysis at major global conferences, client meetings, and industry events.

• Mentoring junior analysts and helping develop the firm’s memory-research capabilities.

• Progressing into a senior analyst, research lead, or broader semiconductor-sector leadership position.