Equity Research Intern

About Cypher CapitalCypher Capital is a multi-strategy hedge fund investing across listed equities, thematic opportunities, systematic strategies, and digital assets / venture. The fund combines deep fundamental research, quantitative signals, and disciplined risk management. We are hiring one to two Equity Research Interns to join the fund’s fundamental research team covering our core thematic sectors.Role OverviewThe intern will support the hedge fund in identifying, researching, and tracking listed companies across the firm’s core investment themes. This is a real seat, not a shadowing programme: interns carry live coverage, their work feeds directly into investment discussions, and their output is held to the same standard as the rest of the team. The internship has no fixed duration and is hired with conversion in mind: strong performers move into a full-time Junior Equity Analyst role as the fund scales.Sector CoverageCoverage spans the themes we believe define this market cycle:•   AI Compute & Semiconductors: accelerators, custom silicon, foundry, and the networking that ties AI clusters together.•   AI Infrastructure, Power & Energy: generation, grid equipment, and the data-centre power and cooling behind the compute build-out.•   Memory & Storage: DRAM, HBM, NAND, and the equipment chain supplying the memory supercycle.•   Robotics & Humanoid (“Physical AI”): platforms, actuators, sensors, and the supply chain of embodied AI.•   Technology (TMT): hyperscalers, internet platforms, software, media, and large-cap technology broadly, including the Googles and Amazons of the world, well beyond the AI angle.Key Responsibilities•   Own and expand the fund’s sector stock universes, watchlists, and coverage dashboards (prices, market caps, valuation, catalysts, and positioning).•   Run the earnings process for assigned names: maintain the calendar, prepare sharp previews, and deliver concise post-results updates while they still matter.•   Support the fund’s financial models: update estimates, comparable-company tables, and valuation work in Excel / Google Sheets.Ideal Candidate•   Final-year student, recent graduate, or up to ~2 years of experience in equity research, investment banking, asset management, consulting, or a similarly analytical seat.•   A genuine, demonstrable obsession with markets: AI, semiconductors, power and energy infrastructure, robotics, or technology at large. A personal portfolio, stock pitches, a blog, or serious coursework all count as evidence.•   Strong financial modelling and data-crunching skills (Excel / Google Sheets), with a working grasp of valuation (multiples, comps, DCF).•   Detail-oriented and fast; comfortable running several workstreams at once in an entrepreneurial, high-ownership environment.•   Crypto or digital-asset exposure is a plus, not a requirement.Requirements•   Pursuing or holding a Bachelor’s degree in computer science, engineering, mathematics, economics, finance, or a related analytical field.•   Hands-on fluency with AI tools and a track record of applying them to real research and analysis; we expect AI-native workflows.•   Able to build and maintain dashboards, watchlists, and data trackers; familiarity with Bloomberg, CapIQ, or FactSet is a plus.What Success Looks Like (First 90 Days)•   Own and keep current the stock universes and watchlists for one or two assigned themes.•   Produce a weekly sector tracker (moves, news, earnings, catalysts) that the investment team actually reads.•   Deliver clean earnings previews and recaps for assigned names within 24 hours of results.•   Write two to three one-page company notes with a clear view and the key debate.•   Build one working model, or materially upgrade an existing one, with sensible drivers.Internship Details•   Openings: 1–2 interns.•   Duration: open-ended, with no fixed term. We hire with conversion in mind, not for a set number of months.•   Paid internship; compensation discussed at offer stage.•   Conversion: high convertibility; strong performers move into a full-time Junior Equity Analyst role.•   Location: fully flexible, with no location preference. We hire for talent, not geography.•   Reporting line: CIO, Partners, and Investment Directors.How to ApplyReach out directly to harsh@cyphercapital.com with your CV and one piece of your own work: pick one of our sectors, write a detailed overview of it, then choose two companies within that sector and lay out your view and forecasts for each. Use the subject line “Equity Research Intern”. The research sample matters far more than the pedigree. Show us how you think.