Memory Analyst

Employment Type: Full-Time
Work Setting: Remote
Work Location: Korea
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.
  

1) Position Overview

SemiAnalysis is seeking a highly motivated Memory Analyst to support our research and industry-modelling efforts across the Korean semiconductor ecosystem, with a particular focus on the memory industry.

This role is ideal for an intellectually curious and numbers-driven analyst who can combine financial analysis, industry research, and primary-source intelligence to identify the core operating and financial drivers of semiconductor companies.

The successful candidate will work closely with senior SemiAnalysis analysts to:

• Maintain detailed financial and industry models.

• Conduct company, market, and supply-chain research.

• Engage directly with semiconductor industry participants.

• Publish timely, data-rich analysis for institutional clients and the broader semiconductor industry.

We place greater emphasis on analytical ability, attention to detail, intellectual curiosity, and demonstrated semiconductor industry knowledge than on academic pedigree, looking for someone who can join as soon as possible.

2) Responsibilities

Financial and Industry Analysis

• Build, maintain, audit, and improve detailed financial models for Korean and global semiconductor companies.

• Analyze company earnings, financial statements, revenue and earnings drivers, operating metrics, capital expenditure, manufacturing capacity, product mix, pricing, gross and operating margins, technology transitions, and competitive positioning.

• Rapidly identify the key factors affecting a company’s revenue, profitability, capacity, pricing, technology roadmap, and customer demand.

• Support SemiAnalysis’s memory research across DRAM, High-Bandwidth Memory (HBM), NAND flash, enterprise SSDs, memory equipment, semiconductor materials, and related supply chains.

Research and Market Intelligence

• Monitor and evaluate earnings calls, company disclosures, regulatory filings, industry and technology news, product and manufacturing roadmaps, supply-chain developments, pricing information, and market data.

• Translate Korean-language disclosures, industry developments, and channel checks into clear, actionable English-language research.

• Conduct proactive primary research with semiconductor companies, suppliers, customers, investors, and other market participants.

• Ask thoughtful questions and identify gaps, inconsistencies, unsupported assumptions, and areas requiring further investigation within publicly available information.

• Develop and maintain relationships with semiconductor companies, investor-relations teams, industry executives, equipment and material suppliers, customers, channel partners, institutional investors, and other relevant industry participants.

Research Publications and Client Support

• Produce concise, accurate, and data-rich research notes, company updates, financial-model revisions, industry presentations, and client responses.

• Support institutional clients through meetings, calls, conferences, and timely responses to research questions.

• Clearly communicate research conclusions, supporting evidence, assumptions, risks, limitations, and areas of uncertainty.

• Provide frequent and structured updates on research progress, new findings, model assumptions, data limitations, key risks, and outstanding questions.

Collaboration

• Work closely with SemiAnalysis analysts covering memory, semiconductor manufacturing, AI accelerators, datacenters, storage, networking, and AI infrastructure.

• Independently manage multiple research workstreams while contributing effectively within a globally distributed team.

3) Requirements

• Have at least one year of professional experience in equity research, investment research, semiconductor industry analysis, investment banking, management or strategy consulting, corporate strategy, or another relevant analytical role.

• New graduates with strong semiconductor industry knowledge or relevant internship, research, or project experience are also welcome to apply.

• Have prior experience covering, researching, or working within the semiconductor industry.

• Demonstrate strong financial-modeling skills, including the ability to build and maintain company operating models, connect operational assumptions to financial results, analyse revenue, margins, earnings, cash flow, and capital expenditure, and review models for accuracy, consistency, and logical errors.

• Possess strong quantitative ability and a genuine interest in working with numbers, datasets, and detailed operating assumptions.

• Have a good understanding of the memory industry, including major companies and suppliers, memory products and technologies, market structure, supply-and-demand dynamics, pricing cycles, manufacturing capacity, and competitive positioning.

• Be familiar with leading memory companies and ecosystem participants, including Samsung Electronics, SK Hynix, Micron, Kioxia, SanDisk, CXMT, and other relevant memory, equipment, and material suppliers.

• Have full professional fluency in both Korean and English, including the ability to conduct industry conversations and primary research in Korean, interpret Korean-language disclosures and technical information, and produce clear, professional written research in English.

• Be able to rapidly understand a company’s business model, revenue and earnings drivers, competitive advantages, industry positioning, key risks, and valuation framework.

• Demonstrate strong attention to detail and maintain high standards for data accuracy, model consistency, source quality, assumption transparency, and research documentation.

• Maintain a proactive and highly communicative working style, with a willingness to ask questions, challenge assumptions, escalate issues, admit and correct mistakes, and provide regular progress updates.

• Be able to work independently, prioritize effectively, and manage multiple research workstreams.

• Demonstrate a high degree of integrity, intellectual honesty, professionalism, and respect for confidential information.

• Show deep curiosity about semiconductors and a strong motivation to become an industry expert.

• Be comfortable going beyond headline information to understand the underlying operational, technological, and financial realities of a company or industry.

• Be resourceful in developing industry contacts and sourcing high-quality information.

• Focus on producing excellent work rather than relying on credentials, academic pedigree, or school reputation.

4) Preferred Skills

• Existing relationships with Korean semiconductor companies, investor-relations teams, industry executives, equipment and material suppliers, customers, channel partners, or institutional investors.

• Previous sell-side or buy-side equity research experience covering semiconductors, technology hardware, memory, or related technology sectors.

• Direct research experience involving DRAM, HBM, NAND, enterprise SSDs, memory equipment, semiconductor materials, or the Korean semiconductor supply chain.

• Advanced proficiency in Microsoft Excel.

• Experience working with large, detailed, and interconnected financial or industry models.

• Familiarity with analytical and automation tools such as Python, SQL, data-visualization platforms, and financial or market-data tools.

• Experience writing institutional-quality research reports.

• Experience presenting investment, financial, or industry conclusions to professional audiences.

• Based in South Korea, preferably within reasonable proximity to Seoul or major Korean semiconductor industry hubs.

5) Growth Areas

• Develop deep expertise across the Korean and global memory semiconductor industries.

• Build and eventually own detailed company and industry models used by leading institutional investors and semiconductor executives.

• Progress from supporting company analysis to independently owning companies, technologies, or industry coverage areas.

• Publish original and differentiated research within assigned coverage areas.

• Gain direct exposure to semiconductor management teams, investor-relations professionals, institutional investors, equipment and material suppliers, customers, industry experts, and global semiconductor conferences.

• Collaborate with specialists covering AI accelerators, semiconductor manufacturing, datacenters, storage, networking, and AI infrastructure.

• Build a differentiated professional network across South Korea, Asia, and the global semiconductor ecosystem.

• Take on increasing responsibility for client discussions, research projects, industry relationships, and strategic analysis as experience develops.