Overview
This full-time position involves leading research coverage on the financing of the global AI infrastructure buildout. The role focuses on analyzing capital providers, financing structures, terms, and financial risk distribution within the AI infrastructure ecosystem. The research combines proprietary data on datacenters and semiconductor supply chains with detailed financial and credit analysis.
Work can be performed remotely within the United States or in-office, following standard office hours.
Responsibilities
- Analyze the full financing stack supporting AI infrastructure, including:
- Hyperscalers' balance sheets
- Neoclouds and AI cloud debt
- GPU-backed lending
- Datacenter asset-backed securities
- Project finance
- Private credit funds
- Business development companies
- Special-purpose vehicles
- Vendor financing arrangements
- Map financing relationships across the AI ecosystem, identifying lenders, terms, maturity profiles, capital structures, and parties holding credit and asset risk.
- Build quantitative models to assess credit risk across AI infrastructure investments.
- Evaluate counterparty exposure, concentration risk, and dependencies among borrowers, lenders, investors, equipment vendors, and infrastructure providers.
- Model collateral value and resilience, including GPU depreciation, power purchase agreements, datacenter leases, capacity contracts, and equipment financing.
- Analyze interest-rate sensitivity, refinancing needs, maturity walls, covenant structures, and liquidity risks.
- Develop downside and stress scenarios to assess impacts of weaker demand, declining hardware values, construction delays, power constraints, or tighter financial conditions.
- Track lending migration from regulated banks to nonbank financial institutions.
- Assess how private credit and nonbank lending growth affects financial risk concentration and loss propagation during downturns.
- Produce flagship research reports and recurring coverage on AI infrastructure financing and credit markets.
- Build proprietary datasets from bank reports, fund filings, corporate disclosures, securitization documents, loan agreements, and other financial sources.
- Collaborate with datacenter, semiconductor, energy, and supply chain teams to ensure financial analysis aligns with physical infrastructure developments.
- Present research findings to clients and represent credit views through public writing, meetings, podcasts, conferences, and industry discussions.
Requirements
- Deep expertise in credit markets, banking, financial intermediation, structured finance, or related fields.
- Relevant background may include:
- Bachelor's degree in financial economics or related discipline
- Sell-side credit or macroeconomic research
- Buy-side credit research
- Central bank or financial stability research
- Private credit or structured finance experience
- Equivalent professional research experience
- Strong understanding of corporate, bank, and investment fund balance sheets.
- Ability to independently interpret complex financial documents such as bank call reports, corporate filings, fund and BDC disclosures, asset-backed securities documentation, credit agreements, project finance structures, and special-purpose vehicle documentation.
- Strong credit judgment with ability to identify hidden leverage, off-balance-sheet exposure, weak collateral, refinancing risk, and structural subordination.
- Strong empirical and quantitative skills, including building original datasets and analytical models.
- Ability to validate assumptions, defend methodologies, and clearly explain data limitations.
- Excellent written communication skills to produce clear, rigorous research for a professional audience.
- Ability to work accurately and efficiently under publication deadlines.
- High intellectual independence and willingness to publish conclusions that may differ from prevailing market views.
Preferred Skills
- Research or investment experience covering private credit, nonbank financial institutions, leveraged finance, structured credit, asset-backed securities, project finance, financial stability, or bank and nonbank intermediation.
- Understanding of financial intermediation evolution since the 2008 global financial crisis.
- Named authorship on published research from sell-side research teams, central banks, bank economics teams, international financial institutions, or policy/financial research institutions.
- Experience analyzing interest rates and monetary policy transmission into lending standards, credit availability, asset values, and refinancing conditions.
- Familiarity with datacenters, semiconductor economics, AI infrastructure, or power markets.
- Experience analyzing infrastructure financing structures or capital-intensive technology investment cycles.
- Proficiency in Python, SQL, Excel, or other financial modeling and data analysis tools.
- Experience working with large, fragmented, or complex financial datasets.
- Strong presentation and client communication skills.
Growth Opportunities
- Define AI infrastructure credit and financing coverage from the ground up.
- Become a leading industry voice on AI infrastructure financing and associated financial risks.
- Build proprietary credit datasets using unique information on datacenter construction, power availability, accelerator shipments, hardware deployments, and supply chain activity.
- Develop original risk frameworks for emerging financing structures such as GPU-backed lending, neocloud debt, private credit facilities, and AI infrastructure securitizations.
- Expand coverage into adjacent areas including datacenter project finance, energy infrastructure financing, structured credit, financial stability, private market leverage, vendor and equipment financing, and monetary policy and credit transmission.
- Work directly with credit investors, private credit firms, banks, asset managers, limited partners, regulators, and companies involved in financing AI infrastructure.
- Publish research that serves as industry reference material and contributes to policy and regulatory discussions.
- Grow into a leadership role overseeing broader credit, financial markets, and capital structure research.
Location
- United States (Remote or In-office)
- Work hours aligned with office hours
Additional Information
- The employer participates in the E-Verify program to confirm employment eligibility of all newly hired employees.