SemiAnalysis, the semiconductor and AI infrastructure research firm founded by Dylan Patel, has acquired Citrini Research, a thematic investment research firm founded by James van Geelen. The founders confirmed the transaction to Bloomberg, while financial terms were not disclosed. Van Geelen will remain Citrini’s CEO, and the firm will retain some operational independence rather than being fully absorbed into the SemiAnalysis brand. SemiAnalysis, launched in 2020, is closely followed by chip executives and institutional investors for research on GPU supply chains, custom silicon roadmaps and data-center economics. Citrini, founded in 2023, has about 260,000 Substack subscribers and raised approximately $5.05 million through December 2025. The firm gained broader market attention after publishing a report titled "The Global Intelligence Crisis of 2028," which triggered a selloff in software stocks. Bloomberg also reported that van Geelen plans to launch a separate fund, although he declined to comment on the plan.