This white paper addresses the latest (March 2025) CHEST IAB requests on “Netlist analysis using AI/LLM.” Third-party intellectual property (IP) blocks are ubiquitous in modern system-on-chip (SoC) and ASIC designs. These IPs, however, are often obfuscated through encryption, black-boxing, and logic locking, which makes security verification challenging. This proposal presents an approach that leverages artificial intelligence (AI) and large language models (LLMs) to analyze netlists, infer functionality, and detect security vulnerabilities, even in obfuscated third-party IP.