Citrini Research
Citrini Research provides insights on thematic equity investing and global macro trading—with cross-asset, lateral thinking. Our promise: you’ll never have to ask “what’s the trade?”
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What they write about
Thematic equity research and global macro, aimed at trends expected to outlast a few earnings cycles. Recurring subjects include artificial-intelligence capital expenditure, semiconductors, defence and missile supply chains, cybersecurity and banking reform. Published as macro memos, sector deep dives and periodic reviews of its thematic universe.
- thematic investing
- global macro
- semiconductors
- artificial intelligence
- defence
- cybersecurity
Recent examples: State of the Themes · Citrini Therapeutics
Written from Citrini Research’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Growth history
Subscribers (thousands, nightly)
260K on Sep 10, 2026 → 264K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #14 today · #13 a week ago · #12 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 63 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 3%
- Best rank seen
- #10
- Rank, 7 days
- −1 place
- Rank, 30 days
- −2 places
- Posts
- 2
- Reactions per post
- 472
- Reactions tracked
- 8.0K
of 525 ranked finance newsletters
on Sep 27, 2026
last 30 days
average, recent posts
across 17 posts
Most-reacted post we have seen: Strait of Hormuz: A Citrini Field Trip — 1.6K reactions on Apr 5, 2026.
Recent posts
- State of the Themes
The changing fall leaves in New York remind us of a fundamental truth. There is a season to everything, especially in markets. When Citrini Research began back in 2023, it was a good time for Thematic Investing™ . Stocks were cheap, sentiment was bleak, and a technological revolution was just beginning to break out. It wasn’t all that difficult to cast a wide net, identify structural tailwinds, and let a rising tide lift the boats. We started in AI, and repeated the blueprint with fiscal primacy, GLP-1s, robotics, energy, defense, healthcare… …and it’s worked pretty well. Since inception on…
- Citrini Therapeutics
Introduction For the past three months, the Citrini Research team has been working with Anthropic’s internal research model 1 to see if we could create novel proteins in a computer that would do what we wanted them to in an actual lab. On the morning of August 12th, I woke to a Slack notification that our autonomous drug design campaign was concluding and the results were being compiled. The previous day, from a nondescript conference room in the Anthropic offices, we prompted Claude to go from an idea to a package ready to submit to a physical lab. Overnight, Claude spawned more than 300…
- Breaking The Wall
The wall between traditional finance and crypto is starting to come down. Imagine that your personal AI has access to all your finances. With the flick of the wrist, it puts your idle cash balances to work, makes investment decisions and negotiates the best mortgage for you. “Claude, find me the cheapest $500K loan and refinance me into it.” Taken far enough, the implications get rather uncomfortable. What happens when millions of agents continuously move deposits toward the highest bidder? Could banks lose the cheap funding they rely on? Is an agentic bank run coming? With consumer-facing…
- Agentic Reality
Seven months ago, we pontificated on a scenario called The 2028 Global Intelligence Crisis – a future in which AI disruptions sent ripples across the global economy. In this thought experiment, we made no directional market calls but rather laid out a series of potential disruptions and how they could interact. Our caveat, that we would be “right about a few and almost certainly wrong about more” got overlooked by a crowd more concerned with the next three months of price action. But things are changing – and we are already beginning to see where our thoughts about the impact of agents…
- Robotics Tipping Point: A Citrini Field Trip
It was 60 degrees, damp and windy – August in San Francisco. Between graffitied picnic tables in a dive bar’s backyard, between local IPAs and cheap lagers, I listened to the “ reindustrialize bros” talk about slicing US-sourced magnet slabs, building electric motors for military drones, and machining actuators for robots Made in America . The energy was palpable – a group of mostly young guys passionate about building technology that exists in your hand rather than on a screen. No one could doubt their enthusiasm, but I needed to see it for myself. Under its new branding of “Physical AI”…
- Macro Memo: Regime Change
One of the first reports Citrini ever circulated was a thesis arguing that Silicon Valley Bank was technically insolvent and at serious risk of failing. In March 2023, SVB collapsed and the report (along with a handful of tweets detailing the setup) began to make the rounds. When the Bank Term Funding Program (BTFP) backstopped interest rate risk from being realized in the banking system, we viewed that as an “all clear” signal to invest in growth. The last transmission mechanism for monetary policy to slow the economy had been taken off the board and tech looked appealing after a year-long…
- Missile Restocking
Our goal at Citrini is to identify trends that are going to sustain longer than a few good earnings reports. And while the collective attention of market participants has been fixated on building out compute, capital cycles where the duration and magnitude are both underpriced… 2018 was likely the cheapest year for organized protection in recorded history : Pax Romana and Pax Britannica can’t hold a candle to the supposed “End of History” in the late 2010s. Today, even as regional conflicts have pushed spending higher, allocation to global defense is still well below the peacetime norm, let…
- Protection Matters
Nuance has not been an especially strong suit of the AI Trade to date. Ask anyone over the past two months about what the rise of agentic coding agents means for cybersecurity and they’ll likely tell you it’s going to result in an explosion of demand. And they’re probably right – after all, agentic AI coding getting better has correlated pretty much 1:1 with frightening cybersecurity breaches increasing in frequency. That was distinctly not the case just six short months ago. In Q1, we watched the market punish cybersecurity stocks so aggressively that we were left searching for adjectives to…
- All Along the AI Watchtower
Bob Dylan wasn’t musing about artificial intelligence related capital expenditures when he wrote “All Along the Watchtower”. Still, he managed to summarize the AI value-accrual debate pretty well… “Businessmen, they drink my wine, plowmen dig my earth. None of them along the line know what any of it is worth” Everyone along the AI value chain thinks they can price the piece directly in front of them. The value of the whole, and who gets to keep it, is where there’s less confidence. Against the backdrop of a historic momentum correction, it’s even harder to see through fog. But in our view…
- Small Themes: June 2026
- Macro Memo: Spin Cycle
- State of the Themes: June 2026
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: Citrini Research. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Nov 11, 2026.