SemiAnalysis (Dylan Patel)
Dylan Patel — founder, CEO & chief analyst of SemiAnalysis; went from anonymous Silicon-Twitter chip poster to one of the most-cited AI-infrastructure analysts, cited on stage by Jensen Huang at GTC.
The single most-followed semiconductor/compute KOL of this cycle — SemiAnalysis is the most-subscribed technology newsletter on Substack (250k+ subscribers) and advises labs, hyperscalers and hedge funds. Patel's influence on the AI trade runs through his calls and benchmark reports (InferenceX, CoWoS/HBM/power bottleneck tracking), which move sentiment on specific names. Listed here for his signature theses, NOT a portfolio.
Top holdings
bullish call — His signature "silent winner" thesis — builds Google's TPU and Meta's MTIA, capturing custom-silicon volume without brand risk. A published CALL, not a disclosed holding.
bullish on TPU — Argues TPUv7 ("900lb gorilla") beat Nvidia to N3 and is scaling fast on internal + external (Anthropic) demand. Thesis/call, not a position.
structurally cautious — Argues the GPU "monoculture" is increasingly vulnerable to Trainium 3, AMD MI450X and Google TPU unless Nvidia sustains extreme co-design. A directional view, not a short position.
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Our take
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