Market Maker

Is the AI boom starting to unravel? While investors remain focused on soaring AI valuations and the likes of Nvidia, Microsoft and Meta, the credit markets are sending a very different warning signal. In this episode, Anthony Cheung and Piers Curran explore the growing risks behind the AI investment boom, with AI-linked corporate debt issuance reaching $466 billion and trading volumes in credit default swaps (CDS) surging to more than $9 billion a week. We explain how CDS markets work, why borrowing costs are rising and what bond traders might be seeing that stock market investors are missing. We take a closer look at CoreWeave, one of the biggest players in AI cloud infrastructure, where soaring debt costs have raised questions about the sustainability of its business model. Could rising borrowing costs trigger a wider crisis across the AI ecosystem, even as demand for computing power continues to accelerate? Finally, we examine whether today's AI boom is following the same path as the dot-com bubble, why…

Some of Britain's biggest high street brands are changing hands. From the £6.7bn Boots takeover to Starbucks' rumoured acquisition of Chipotle and PizzaExpress potentially being sold again, what's driving this wave of deals? This week, Anthony Cheung and Stephen Barnett explore the private equity shake-up transforming UK retail, how billionaire investors make money from familiar brands, and why rising interest rates are forcing firms to rethink their investments. We unpack the financial engineering behind leveraged buyouts, the strategy behind the Boots acquisition, and what it all means for the future of Britain's high street. Is private equity helping or hurting the brands we know and love? Let us know in the comments. Subscribe to Market Maker for weekly insights into financial markets, investment banking and the biggest business stories. 00:00 The UK High Street Shake-Up 00:58 HSBC Banker's Train Fare Scandal 04:15 Starbucks & Chipotle Merger Rumours 07:03 Starbucks' Hidden Money Machine 13:07 The CEO…

How do the world's biggest banks and investment firms actually make their money? In this episode, Anthony Cheung and Piers Curran break down the latest Wall Street earnings from JPMorgan, Goldman Sachs, Morgan Stanley and BlackRock, revealing the business models driving billions in profits. We explore how JPMorgan has built a record-breaking $100 billion net interest income machine, why Goldman Sachs is benefiting from the SpaceX IPO, and how rising bond yields and volatile stock markets are creating very different fortunes across investment bank trading desks. We also unpack BlackRock's extraordinary $15.5 trillion in assets under management, its expansion into private credit and the hidden power of its Aladdin technology platform. Meanwhile, Morgan Stanley's wealth management business is booming, fuelled by newly wealthy SpaceX shareholders and the prospect of the largest intergenerational wealth transfer in history. Finally, we ask which financial giant has the stronger long-term business model: JPMorgan…

How does a billion-dollar M&A deal actually happen? From winning the mandate to negotiating the final sale, what really goes on behind the scenes at investment banks like Goldman Sachs, Morgan Stanley and J.P. Morgan? In this episode, Anthony Cheung and Stephen Barnett break down the entire mergers and acquisitions (M&A) process, drawing on Stephen's experience in investment banking to explain how deals are pitched, structured, negotiated and ultimately completed. We explore how investment banks compete for lucrative advisory mandates, the difference between buy-side and sell-side transactions, and how companies are valued and marketed to potential buyers. Along the way, we unpack the jargon of M&A, from beauty parades and confidential information memorandums (CIMs) to due diligence, letters of intent and sale and purchase agreements. Using Schneider Electric's $22.6 billion acquisition of PTC as a real-world example, we reveal the roles of bankers, lawyers and private equity firms throughout the dealmaking…

France is facing mounting pressure. Government debt has climbed above €3.5 trillion, borrowing costs are surging, and political uncertainty ahead of the 2027 presidential election is making investors increasingly nervous. In this episode, Anthony Cheung and Piers Curran break down why French bond yields are rising, how decades of persistent budget deficits have created a growing debt problem, and why some major French companies can now borrow more cheaply than their own government. We look at Marine Le Pen’s economic plans, France’s huge pension burden, the risk of capital leaving French markets and what could happen if bond yields continue to climb. Could the ECB eventually be forced to intervene, and would that bring the kind of painful fiscal reforms seen during the Eurozone debt crisis? Finally, we ask whether France could be heading towards its own “Liz Truss moment” and what a French debt crisis could mean for the euro, European markets and the wider global economy. 00:00 Is France About to Fail? 01:09…

Could UBS really leave Switzerland? In this episode, Anthony Cheung and Stephen Barnett break down the growing dispute between Switzerland’s biggest bank and the government over new capital requirements and why tougher regulation could have major consequences for UBS and its shareholders. We explain how banks actually work, why Common Equity Tier 1 (CET1) capital matters, what changed after the collapse of Credit Suisse and why forcing banks to hold more capital can make them safer but potentially less competitive. We also look at the battle between traditional banks and fintech challengers, as Monzo considers its next move following takeover interest from Nubank. With Revolut racing ahead and Monzo looking for fresh capital, we explore why some challenger banks have succeeded while others have struggled to scale and what could happen next. 00:00 The Ultimate Banking Mistake 04:10 How Banks Really Work 06:41 What Is CET1? 12:44 Why Banks Are Too Big to Fail 20:18 UBS vs Switzerland 27:54 Why UBS Is Fighting…

What does it actually take to build a successful career in financial markets? In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales. Jamie shares what senior bankers really look for when hiring graduates, why being teachable can matter more than appearing impressive, and the mistakes young professionals often make once they land their first job in finance. We also discuss the importance of consistency, trust and reputation, why comparing yourself to others can derail your career, and the lessons Jamie learned from nearly two decades inside one of the world’s biggest investment banks. For anyone trying to break into investment banking, sales and trading or financial markets, this is an inside look at what it takes not just to get the job, but to build a career that lasts. 00:00 Breaking Into Finance 02:58 Buy Side to Sell…

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets. We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions. We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world. Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors. 00:00 The Global Energy Shake-Up 02:08 Nigeria’s $1.6BN IPO 04:17 Inside the Dangote Refinery 07:10 How Do You Value African Companies? 12:12 Nigeria’s Energy Revolution 17:45 Lukoil’s $20BN Sale 24:29 Inside Trafigura 28:56 The…

UK government borrowing is surging, bond yields remain elevated and the cost of servicing Britain’s debt is becoming increasingly difficult to ignore. But how serious is the problem and what happens if borrowing costs stay high? In this episode, Anthony Cheung and Piers Curran break down why Britain’s public finances are under pressure, how the bond market can constrain government spending and why the Bank of England’s decision to step back from quantitative tightening could matter for UK borrowing costs. We also explore whether governments can simply keep accumulating debt, why the US and Japan have managed even larger debt burdens, and whether AI-driven productivity growth could eventually offer Britain a way out. Finally, we look at the bigger question facing developed economies: if debt keeps rising, what could actually cause the music to stop? 00:00 Britain’s Debt Problem 02:22 Why Debt Is Getting Expensive 08:56 The Global Debt Problem 10:49 Britain’s Borrowing Surge 11:50 Why UK Inflation Is Different…

HYROX has exploded into one of the biggest trends in fitness, and now private equity wants a piece of it. But what exactly makes the business so attractive? In this episode, Anthony Cheung and Stephen Barnett break down how HYROX makes money, its rapid global expansion and why private equity giant L Catterton has invested in the business. We look at its asset light event model and ask whether HYROX can become a lasting global fitness brand or risks following the same path as CrossFit. We also unpack Oura’s reported $16 billion IPO, from its hardware and subscription model to the 42 billion hours of biometric data it has collected. Could Oura become much more than a wearable technology company, or is there a risk it becomes the next Peloton? (01:52) Oura’s $16B IPO (02:50) Why Oura Is Booming (06:33) The Subscription Engine (08:08) Investors in Oura (10:53) The Role of Robinhood (12:43) IPO Underwriters (15:39) History of Oura (19:12) Oura Business Model (23:41) Oura’s Data Advantage (27:52) The Peloton…

The Federal Reserve has raised interest rates for the first time in three years, with Fed Chair Kevin Warsh delivering a unanimous 25 basis point hike as inflation once again becomes the dominant concern for financial markets. In this episode, Anthony Cheung and Piers Curran break down why the Fed decided to hike, what Warsh means by “removing accommodation”, and why the decision could be an important test of the Fed’s independence amid political pressure from Donald Trump. We also explain the reaction across bonds, equities and the US dollar, why short and long-term Treasury yields are moving differently, and what the Fed’s latest projections could mean for interest rates over the rest of 2026. Whether you’re following markets as an investor or preparing for a global markets interview, this episode gives you a practical framework for understanding one of the most important macro stories shaping the global economy. (00:00) Why This Fed Decision Matters (01:13) Why the Fed Hiked (06:49) Policy Accomodation…

Application season is underway, and if you’re targeting investment banking, understanding what’s actually happening in M&A can give you a real advantage in interviews. In this episode, Anthony Cheung and Stephen Barnett break down the huge resurgence in global dealmaking in 2026, why mega-deals are dominating, which sectors and banks are benefiting, and how interest rates, AI and valuations are shaping the outlook. Most importantly, we explain how to turn that knowledge into better interview answers: which deals to research, how to structure your response and how to demonstrate genuine commercial understanding rather than simply memorising headlines. (00:00) Investment Banking Interview Prep (01:48) The M&A Boom (04:47) Why Mega Deals Are Surging (10:52) What Drives M&A? (17:46) Merger Arbitrage (19:41) The Hottest Sectors (24:04) Which Banks Are Winning? (26:15) How to Target Your Applications (30:21) Stephen's Favourite Episode (33:26) Anthropic IPO Prediction (34:46) Impact of US Mid-Terms (41:23) Number…

Oil is back above $100 a barrel, food prices are climbing and central banks are once again facing pressure to raise interest rates. Is the world heading towards a second wave of inflation? In this episode, Anthony Cheung and Piers Curran explain why the latest inflation threat goes far beyond the headline oil price. China is returning to the crude market just as conflict continues to disrupt global energy supplies, while refinery problems are pushing petrol and diesel prices even higher. At the same time, food commodities including wheat, rice, coffee, sugar and cocoa are rising as war, extreme weather and supply disruption hit global production. We look at how those higher costs eventually reach the supermarket checkout and why a £100 UK weekly shop from 2020 could soon cost around £150. Finally, we break down what this means for the Federal Reserve, Bank of England and other central banks, why bond yields are rising, and whether higher inflation could force interest rates to stay higher for longer. (00:00)…

Nvidia has agreed to acquire Hugging Face for $12.9 billion, paying around 86x revenue for one of the most important platforms in open-source AI. In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down what Hugging Face actually does, why Nvidia wants it, and how the deal fits into Jensen Huang’s wider strategy to control more of the AI ecosystem. We look at Hugging Face’s journey from a failed chatbot to the “GitHub of AI”, why open-source AI is becoming increasingly important, and whether Nvidia’s growing influence should concern regulators and developers. We also look at the parallels with Microsoft’s acquisition of GitHub and the extraordinary returns generated by some of Hugging Face’s earliest investors, including NBA star Kevin Durant. A deep dive into the strategy, valuation and economics behind one of the biggest AI deals of the year. (00:00) Nvidia Buys Hugging Face (08:23) Why Nvidia Moved Now (15:56) Who Made Billions? (18:59) What Is Hugging Face? (27:42) How…

Can governments really control financial markets, or can they simply delay the inevitable? Japan has spent nearly $100 billion trying to support the yen, with the US taking the extraordinary step of joining the intervention. But despite the firepower, the forces driving the currency, interest rate differentials, the carry trade and Japan’s economic fundamentals, haven’t simply disappeared. In this episode, Anthony Cheung and Piers Curran explain how FX intervention actually works, why governments and central banks step into financial markets, and why intervention often treats the symptom rather than the underlying cause. We also revisit the extraordinary 2015 Swiss franc collapse, when the Swiss National Bank abandoned its currency floor and triggered one of the most dramatic moves in modern FX history, before looking at the US Treasury market and the attempts to bring rising long-term bond yields under control. From the Japanese yen to US Treasuries, this is a practical guide to what happens when…

Stripe has just made one of the biggest AI acquisitions yet, buying OpenRouter for around $7.5 billion — a company that was valued at just $1.3 billion only months earlier. So what exactly is Stripe buying, and why has OpenRouter become so valuable so quickly? In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down OpenRouter’s extraordinary rise, how its platform connects businesses to hundreds of different AI models, and why the economics of AI could increasingly favour the platforms routing intelligence rather than the companies building the models themselves. We also unpack the remarkable story of Stripe, founded by Irish brothers Patrick and John Collison, which now processes payments equivalent to around 1.6% of the entire global economy. We explore how Stripe became a critical part of the internet’s financial infrastructure, and why its latest acquisitions point to much bigger ambitions across AI, payments and agentic commerce. From venture capital and AI valuations…

The global IPO market is roaring back but some of the most interesting action isn’t happening on Wall Street. In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett take a whistle-stop tour of the global IPO boom, from China’s extraordinary robotics race and Hong Kong’s growing pipeline of AI listings to what could become the biggest IPO in India’s history. We break down why Chinese robotics companies are attracting huge investor demand, what embodied AI could mean for the next stage of the technology cycle, and why Hong Kong is emerging as an important fundraising hub for the sector. We then head to India to look at the planned listing of the National Stock Exchange, before exploring the surprisingly active IPO markets of Pakistan and Zambia. Finally, we return to the US to ask an important question: with so much investor capital being pulled towards mega AI and technology listings, are other companies being crowded out? A global look at where capital is flowing, why IPO activity is…

Boeing is back in the spotlight following the release of Netflix’s new documentary Freefall: A Reckoning for Boeing. But beyond the safety failures and scandals, there’s another important story: how does Boeing actually work as a business? In this episode of the Market Maker Podcast, we break down the economics behind one of the world’s most important companies. How does Boeing make money? Why can selling aircraft be loss-making while servicing them generates huge margins? Why is its $700bn+ order backlog so important? And how have Boeing and Airbus ended up controlling more than 90% of the commercial aircraft market? We also explore the decisions that changed Boeing: the McDonnell Douglas merger, the shift from engineering excellence towards shareholder returns, billions spent on share buybacks, the development of the 737 MAX and the financial consequences that followed. If the Netflix documentary tells the story of what happened at Boeing, this episode helps explain the business behind it and why the…

SpaceX shares have surged nearly 40% from their recent lows, despite fears that its unusual staggered lock-up structure would unleash a wave of selling. So what actually happened? Anthony Cheung and Stephen Barnett break down how IPO lock-ups work, why SpaceX’s tiny public float matters and how retail buying, index funds and a potential short squeeze helped drive the rebound. We also return to EasyJet following Apollo’s £5.7 billion takeover, unpacking the private equity financing behind the deal, before looking at Cambridge Aerospace — the two-year-old UK defence technology company now valued at more than $3 billion. A packed episode covering IPOs, private equity, debt financing, defence technology and some of the biggest stories moving markets. (00:00) What’s Coming Up (04:21) Why SpaceX Stock Surged (05:27) Staggered Lock-Ups Explained (12:36) Why Investors Bought the Dip (15:45) The SpaceX Short Squeeze (17:24) The Elon factor (21:10) The Success of Staggered Lock-Ups (23:12) Can SpaceX Justify Its…

Nvidia, CoreWeave and Wall Street are pouring hundreds of billions of dollars into AI infrastructure. But how does the financial machine behind the AI boom actually work and where are the risks? In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran unpack CoreWeave’s extraordinary growth and $100bn+ revenue backlog, Nvidia’s role at the centre of the AI ecosystem, and the huge amounts of debt and private capital being used to finance data centres and GPUs. We explain what neoclouds are, why GPUs are increasingly being treated as infrastructure assets, and how firms including BlackRock, Blackstone, Apollo, Goldman Sachs and KKR are helping finance the AI buildout. But there’s another side to the story. We explore the “circular financing” concerns surrounding Nvidia and its customers, the growing concentration risk across the AI industry, and what could happen if hyperscalers such as Microsoft, Alphabet, Amazon and Meta begin to slow their enormous AI spending. Finally, we look at the…

Why would Sainsbury's sell one of Britain's best-known retailers for a fraction of what it originally paid? In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down the sale of Argos and explain why the headline tells only part of the story. Was this a disastrous investment, or a smart strategic decision? They explore how corporate strategy, private equity and changing consumer behaviour transformed one of the UK's most iconic high street brands. Along the way, they also discuss the latest developments at SpaceX, AstraZeneca, Shein and Snap, and what these stories reveal about today's markets and economy. If you're interested in business, investing or improving your commercial awareness, this episode explains the thinking behind one of the UK's biggest retail deals in a simple, engaging way. (00:00) This Week's Biggest Business Stories (03:00) Market Maker Meets Listeners in New York (05:06) SpaceX Earnings & AI Spending (10:09) AstraZeneca's $400BN Merger Talks (12:26)…

A 22-year-old former OpenAI researcher built one of the hottest AI-focused hedge funds on Wall Street, generated extraordinary returns, then watched it unravel in spectacular fashion after a leveraged bet went wrong. Citadel stepped in to buy the portfolio, markets rebounded, and the episode raised important questions about AI investing, risk management and whether today's market is repeating the mistakes of the past. In this episode of Market Maker, Anthony Cheung and Piers Curran explain what really happened to Leopold Aschenbrenner's fund, why leverage can turn winning trades into disasters, how margin calls work, and why Ken Griffin and Citadel emerged as the biggest winners. They compare the story with the collapse of Long-Term Capital Management in 1998, showing why human psychology often matters more than intelligence in financial markets. They also break down why the S&P 500 has returned to record highs, what blockbuster earnings are telling us about the AI trade, whether semiconductor stocks have…

Artificial intelligence is changing the world, but who will actually make the money? In this episode of the Market Maker Podcast, we explore the AI investment ecosystem to understand where value is really being created. From OpenAI and Anthropic to Nvidia, Apple, Microsoft, Alphabet and Amazon, we break down the business models, investment strategies and competitive dynamics shaping the next phase of AI. Rather than focusing on the technology itself, we ask the questions investors should be thinking about. Is the AI boom sustainable? Which parts of the ecosystem are most likely to capture the profits? Could today's winners become tomorrow's losers? And what does all of this mean for investors, businesses and young professionals building careers in an AI-driven economy? If you're interested in investing, business strategy, financial markets or technology, this episode provides a practical framework for understanding one of the biggest investment themes of our time. If you enjoyed the episode, don't forget to…

In this episode, Stephen discusses the often misunderstood field of corporate banking, highlighting its significance within the financial services industry. He explains the core functions of corporate banking, the career paths available, and the technical skills required for success in this area. Whether you're considering a career in corporate banking or just want to understand its impact, this episode is packed with valuable insights! (00:00) Welcome Back and Introduction (02:57) Understanding Corporate Banking Functions (04:56) Corporate Banking vs M&A pay comparison (09:49) Skills needed to excel in Corporate Banking (13:58) The Profile of a Successful Corporate Banker (17:37) Recruitment in Corporate Banking

Why would anyone spend $9.6 billion buying an NFL team? This week, Anthony Cheung and Stephen Barnett break down the record-breaking sale of the Seattle Seahawks and explain why owning a sports franchise has become one of the world's most attractive investments. From guaranteed TV revenues and billion-dollar media rights to stadium economics, private equity, and surprising tax advantages, they unpack the business model that has transformed NFL franchises into some of the most valuable assets on the planet. Along the way, they compare the NFL with European football, explain why scarcity drives valuations, explore the role of concerts and live events, and reveal why billionaire investors continue to compete for sports teams despite eye-watering price tags. If you're interested in finance, investment banking, private equity, M&A or simply want to better understand how billion-dollar businesses really work, this episode is for you. (00:00) Why NFL Teams Cost Billions (03:46) The Seahawks Sale (06:52) Sports M&A…

Five days into office, Andy Burnham is already facing the same question every UK Prime Minister eventually encounters: who really controls the economy? In this episode, Anthony Cheung and Piers Curran break down Burnham's first economic policies, why rising gilt yields matter far more than political headlines, and what investors should really be watching ahead of the Autumn Budget. They revisit the Liz Truss crisis to explain how bond markets forced a government into retreat, why today's starting point may be even more challenging, and whether Burnham's regional growth agenda can survive higher borrowing costs. Along the way they explain bond vigilantes, the importance of the Chancellor, why markets care about fiscal credibility, and the sectors that could emerge as winners and losers from the new government's plans. Whether you're investing, preparing for finance interviews, or simply trying to understand how politics moves markets, this episode explains the mechanics behind one of the biggest stories in…

Wall Street isn't the only place where billion-dollar deals are happening. This week, Anthony Cheung and Stephen Barnett break down ITV's agreement to sell its television and streaming business to Comcast, the owner of Sky, and explain why this is far more than just another media acquisition. They explore how investment banks advise on transformational M&A deals, why companies separate business divisions to unlock value, and what the transaction means for the future of UK broadcasting. They also analyse Reformation's upcoming IPO, using it as a case study to explain direct-to-consumer brands, private equity exits, consumer investing and why some retail companies become stock market winners while others collapse. Along the way, they compare brands including Nike, Lululemon, Abercrombie and Allbirds, discuss what makes an attractive IPO candidate, and explain how investment banks position companies before going public. Whether you're preparing for finance interviews, working in markets, or simply want to…

Wall Street has just posted one of its strongest quarters in history. The world's biggest banks delivered record profits as trading desks, investment banking and wealth management all fired at the same time. But with Jamie Dimon warning that conditions are "nearly as good as it gets", is this a peak or just the beginning of an even bigger cycle? In this episode, Anthony Cheung and Piers Curran break down what drove the blockbuster earnings from Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi, why AI has become the biggest force behind investment banking, trading and capital markets, and whether today's record profits could be borrowing growth from tomorrow. They also analyse June's US inflation report, why the biggest monthly decline in CPI since 2020 isn't quite as straightforward as the headlines suggest, and what it means for Federal Reserve interest rate expectations. Finally, they revisit the biggest IPO of the year. After surging in its first few days of trading, why has SpaceX fallen back to its…

This week on Market Maker, Anthony Cheung and Stephen Barnett break down the £5.7 billion bidding war for easyJet and explain why private equity firms are suddenly competing to buy one of Europe's best-known airlines. Using the deal as a case study, they explore how investment bankers value airline businesses, why easyJet became an attractive takeover target, and what students can learn about mergers & acquisitions from a real live transaction. Along the way they explain key airline metrics such as ASK, RASK and CASK, discuss why airlines are notoriously difficult businesses to run, and reveal why the value of airport slots and aircraft fleets matters so much to investors. Whether you're preparing for investment banking interviews, building your commercial awareness, or simply curious about how billion-pound acquisitions happen, this episode provides a practical insight into corporate finance using one of the UK's most recognisable companies. (00:00) Why easyJet a Takeover Target (01:38) The £5.7bn Bidding…

Oil is up but stocks aren't blinking, so why has the market gone numb to the Strait of Hormuz standoff between the US and Iran? Anthony Cheung and Piers Curran break down the real reason traders are shrugging off the latest flare-up, why Trump wants oil prices low ahead of the midterms, and what Iran's grip on the Strait actually means for shipping. Then, new Fed chairman Kevin Walsh is tearing up the old central bank playbook in favour of real-time data over legacy models, and we ask whether that's smart evolution or a risky departure. Finally, Apple's $30 billion deal with Broadcom: is this genuine supply chain strategy or a political shield against Trump's tariffs, and what it really means for iPhone battery life, AI processing, and data privacy going forward. (00:00) Intro (01:36) Iran-US Tensions Explained (08:05) Oil Traders vs. Macro Markets (10:42) Fed Minutes Breakdown (16:10) How the Fed Actually Decides (23:30) CPI Basket Explained (28:54) Fed Goes Quant (33:08) Apple's $30bn Broadcom Deal (39:18)…

Is OpenAI delaying its IPO, and why has it reportedly discussed giving the US government a 5% stake? In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down one of the biggest stories in finance and technology before exploring the latest IPOs shaping global markets. From Bending Spoons' blockbuster listing and Lime's stock market debut to Oman's largest flotation and Wayve's role in the London Stock Exchange's new private markets initiative, we explain what these deals reveal about investing, venture capital, AI and the future of capital markets. Whether you're preparing for investment banking interviews, working in finance, or simply want to understand the biggest business stories of the week, this episode gives you the context behind the headlines in a clear and practical way. (00:00) Coming Up (02:54) OpenAI's 5% US Government Deal (10:06) OpenAI IPO Delay Explained (13:52) Bending Spoons IPO (23:19) Lime IPO Explained (29:28) Oman's Fertilizer IPO (35:22) London's New…

What does it take to keep going when things get tough? In this episode of the Market Maker Podcast, Anthony Cheung is joined by endurance cyclist, two-time cancer survivor and motivational speaker James Golding for a conversation about resilience, mental toughness and performing under pressure. While James has completed some of the world's toughest endurance challenges, this isn't a podcast about cycling. It's about the mindset behind sustained success and how anyone can apply those lessons in their career. Together they explore how to deal with rejection, overcome self-doubt, recover from setbacks and stay focused on long-term goals. Whether you're preparing for interviews, working in investment banking, trading, or simply looking to become more resilient in your professional life, this episode is full of practical insights that can be applied immediately. If you've ever wondered what separates those who thrive under pressure from those who give up, this is an episode you won't want to miss. (00:00)…

Goldman Sachs has advised on more than $1 trillion of mergers and acquisitions in record time, highlighting the return of blockbuster dealmaking. We explain what's driving the surge in investment banking activity, why AI is fuelling both M&A and IPOs, and what it means for markets. We also break down the growing crisis at Thames Water, why nationalisation is back on the table, and how years of private equity ownership led to one of the UK's biggest corporate challenges. Finally, we analyse Snap's dramatic decline from a $130 billion company to under $10 billion, why its founder-led governance matters, and whether its bet on augmented reality glasses can ever pay off. (00:00) Coming Up (02:32) Goldman Sachs Hits $1 Trillion (06:08) M&A League Tables 1H26 (09:08) IPO Markets Returns (17:29) What Next for M&A (19:11) Thames Water Explained (24:32) Special Administration Regime (32:27) Can Thames Water Be Saved? (36:54) Snap's $120B Collapse (40:07) The Founder Control Problem (45:24) Does ESG Still Matter?

SpaceX raised $86 billion in its IPO then borrowed another $25 billion from the bond markets days later. Anthony Cheung and Piers Curran break down the financial engineering behind the deal, what a BAA1 credit rating means, and why Elon Musk is playing a completely different game to everyone else. Micron just posted EBITDA up 15x year-on-year with gross margins jumping from 39% to 85%. We unpack what that tells us about who's really winning the AI race and why it's no longer the Mag 7. Finally, Keir Starmer is out. UK gilt yields broke above 5% for the first time in decades before falling back sharply. We explain why markets rallied on the news and what Andy Burnham as Prime Minister means for U.K. bond markets. (00:00) Introduction (00:22) SpaceX Post-IPO Sell-Off (05:15) Mag 7 vs Semiconductors (12:27) Oil, Iran & the Fed's Hawkish Turn (15:45) Micron's Blowout Earnings (22:18) SpaceX's $25bn Bond Deal Explained (31:29) Keir Starmer Resigns UK Market Reaction

Why would a company generating less than $20 billion in annual revenue spend $60 billion acquiring an AI coding startup? In this episode of AmplifyME Market Maker, Anthony Cheung and Stephen Barnett take a deep dive into SpaceX's blockbuster acquisition of Cursor and explore the strategy behind one of the most talked-about deals in markets. They break down how Cursor went from startup to a $60 billion acquisition target in just a few years, why investors pushed SpaceX above a $3 trillion valuation following the announcement, and what the deal reveals about AI, venture capital, corporate finance and Elon Musk's long-term vision. The discussion also explores the unique economics of highly valued companies, how acquisitions can accelerate growth, and why the world's biggest technology firms are racing to secure AI talent and infrastructure. Plus, a look at Fox's $22 billion acquisition of Roku and the latest developments in UniCredit's ongoing pursuit of Commerzbank. (00:00) Intro (01:45) SpaceX & Cursor Deal…

In this episode, we shine a spotlight on Debt Capital Markets, a crucial yet often overlooked business function within major investment banks like J.P. Morgan, Bank of America, and Citi. Join us as we demystify DCM, explaining its unique role within investment banking divisions and the essential personality traits that make individuals well-suited to this area of finance. From structuring bond offerings to advising clients on debt issuance strategies, DCM professionals play a vital role in facilitating capital raising for corporations and governments worldwide. Get ready to dive deep into Debt Capital Markets and uncover fresh insights into the ever-evolving world of finance. (00:00) What is DCM? (05:50) Working in DCM (08:36) Skills of DCM Analyst (13:48) DCM Progression (14:59) Salary Progression

Artificial intelligence is rapidly changing investment banking, but what does that actually mean for M&A professionals and students looking to break into the industry? In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett explore how AI is being used across mergers and acquisitions, from deal sourcing and due diligence to financial modelling and research. They discuss the rise of specialist finance AI tools such as Rogo, why private equity firms are embracing AI, the risks around automation, and whether junior investment banking roles could look very different in the years ahead. Most importantly, they examine the skills that will become more valuable as AI reshapes finance careers, including communication, judgment, adaptability and relationship building. If you're interested in investment banking, private equity, AI in finance, or the future of financial services careers, this episode is for you. (00:00) How AI Is Changing M&A (01:49) What M&A Bankers Actually Do (04:49) Private…

The SpaceX IPO has captured the world's attention, but away from the headlines there are some major macroeconomic developments investors should be watching. In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran break down the latest US inflation report, discuss whether the Federal Reserve may avoid further rate hikes despite inflation rising to 4.2%, and analyse why the European Central Bank has become the first major Western central bank to raise rates in response to the recent energy shock. They also explore the growing political risk in the UK, where a little-known by-election could have significant implications for bond markets, government borrowing costs and the future of Prime Minister Keir Starmer. Plus, the pair give their predictions on where SpaceX shares could trade after one of the most anticipated IPOs in market history. (00:00) Intro & Themes in Focus (01:41) SpaceX IPO Mania (06:05) US Inflation Hits 4.2% (14:50) Will The Fed Hike? (20:11) ECB Hikes Rates (32:36) The UK…

The AI IPO race is heating up. In this episode of the Market Maker Podcast, we break down the latest developments surrounding the SpaceX IPO and OpenAI’s confidential S1 filing to the SEC. We discuss Goldman Sachs’ huge growth forecasts for SpaceX, the surge in retail investor demand, and why Elon Musk may be positioning SpaceX as one of the biggest AI infrastructure plays in the world. We also dive into OpenAI’s reported internal tensions ahead of its IPO process, including concerns around governance, leadership and whether the company is truly ready to go public. If you're interested in AI, investing, IPOs, venture capital or the future of technology companies, this episode gives you a practical breakdown of what’s happening behind the headlines. (00:00) Intro (01:03) SpaceX IPO Update (08:39) Bankers Selling the Vision (10:35) Retail Demand & Hype (14:20) OpenAI Files for IPO (18:57) OpenAI’s Internal Issues (22:59) Why CEO/CFO Tension Matters (24:57) Goldman & Morgan Stanley

The SpaceX IPO is becoming one of the most fascinating corporate events in modern financial history. This week on Market Maker, we unpack the latest updates from SpaceX’s live IPO roadshow, including Elon Musk’s influence over the process, Goldman Sachs’ strategy, retail investor demand and the unusual decision to lock the IPO price before bookbuilding even began. We also explain Anthropic’s IPO filing, why the AI race with OpenAI is accelerating and how Berkshire Hathaway quietly built one of the most powerful business models in the world after its latest $6.8 billion acquisition. A must-watch episode for anyone interested in investing, IPOs, AI, business strategy and how modern financial markets really work. (00:00) SpaceX IPO Roadshow (06:15) S&P Rejects SpaceX (11:29) Why Banks Are Winning (19:19) Anthropic Files To IPO (27:58) Anthropic vs OpenAI (33:08) Berkshire Hathaway Explained (39:22) Buffett’s Secret Strategy (46:40) Berkshire’s Next Move

What does the World Cup have in common with Wall Street trading desks? In this episode of the Market Maker Podcast, we break down the hidden financial world behind the biggest sporting event on the planet. From Goldman Sachs’ 100,000-run quant model predicting the winner of the tournament, to the rise of Polymarket and decentralised prediction exchanges, this is the World Cup through the lens of markets, trading and probability. We explore how bookmakers operate like market makers, why prediction markets are disrupting the betting industry, and how billions of dollars are now being traded on World Cup outcomes. We also dive into the data behind implied probabilities, elo ratings, liquidity, market inefficiencies and why England may be one of the most mispriced teams in the tournament. Plus, we uncover fascinating ECB research showing how football matches cause trading volume in London markets to collapse in real time. If you want to understand how finance, probability, trading and sport collide, this episode…

In this episode of The Market Maker Podcast, we break down everything you need to know about Elon Musk’s $2 trillion SpaceX empire, the IPO frenzy surrounding the deal, and whether this is the investment opportunity of a generation or the biggest bubble on Wall Street. We analyse the real numbers behind Starlink, XAI, rockets, satellites, AI infrastructure, and the hidden strategy driving Musk’s masterplan. If there’s one video to watch before the SpaceX IPO launches, this is it. (00:00) SpaceX Deep Dive Intro (01:22) Biggest IPO Ever? (05:39) The $2 Trillion Valuation (10:45) Why IPO Now? (13:40) Inside The Prospectus (15:22) Breaking Down The Business (18:46) The AI Infrastructure Bet (27:33) The Space Industry Boom (32:44) Elon Musk’s Control (37:26) Wall Street’s IPO Battle (44:29) Retail Investor Frenzy (49:51) How To Invest In SpaceX (53:15) Why Indexes Changed The Rules

Oil is surging toward $100. Inflation fears are back. The Middle East remains highly unstable. Yet Wall Street trading desks are making record billions and major banks are raising their S&P 500 targets above 8,000. In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran break down how geopolitical volatility is creating huge profits for banks like J.P. Morgan and Bank of America through market making, flow trading and hedging strategies. They also explore whether the AI rally is becoming another dot-com bubble, why semiconductor stocks continue to explode higher and why firms like NVIDIA, Micron and Anthropic are now at the centre of global markets. The conversation covers oil markets, inflation, Fed policy, AI infrastructure spending, hedge fund trading mechanics, risk management and the future of the AI supercycle, explained in a way that is accessible for students, investors and anyone interested in financial markets. The episode also finishes with practical recommendations for free…

Most students know they need to “network” to break into finance. Very few are told how to actually do it properly. In this episode of the Market Maker Podcast, Anthony Cheung sits down with corporate finance analyst Liam Edward Proctor to break down how students can build relationships, stand out in applications and navigate finance careers without coming from a traditional background. Liam shares how he went from a non-target university into corporate finance, common networking mistakes students make, how to approach coffee chats, LinkedIn strategies that actually work and why commercial awareness matters more than ever in today’s graduate market. The conversation also explores rejection, imposter syndrome and how students can create opportunities beyond simply submitting online applications. If you’re applying for internships, spring weeks or graduate roles in finance, this episode is packed with practical advice you can apply immediately. (00:00) Liam’s Finance Journey (01:59) Do You Need Internships?…

In this episode, we break down a surge in global dealmaking, from a $67 billion mega-merger in US utilities to private equity circling Magnum Ice Cream, and why UK takeovers are suddenly booming despite negative headlines. We explain how AI demand is reshaping entire industries, especially energy, infrastructure, and data centres, and why that’s triggering a new wave of consolidation. You’ll also learn how deals are actually financed, using a real-world bond issuance example to connect the dots between M&A and capital markets. And to finish, we look at one of the wildest stories in markets right now: a TikToker trying to raise money to buy a bankrupt airline… and somehow getting hundreds of millions pledged. If you’re looking to break into finance or want to better understand how deals really work, this episode gives you a front-row seat to the mechanics, strategy, and trends shaping today’s M&A landscape. (00:00) Intro & Themes in Focus (01:57) $67BN NextEra AI Power Deal (04:09) Credit Ratings & Deal…

Markets are ripping higher, but why? In this episode, we break down the relentless rally in US equities and why the AI boom is overpowering inflation fears, geopolitics, and rising yields. We explain what’s really driving the S&P 500, why market breadth is narrowing, and whether this rally is starting to look fragile. Then we dive into the IPO frenzy around SpaceX, OpenAI, and Anthropic and what it means for investors and liquidity. Finally, we simplify Nvidia’s latest earnings and its next-gen “Vera Rubin” system, explaining why this could be the backbone of the future AI economy. (00:00) What’s Driving the Market Rally? (05:00) AI vs Macro: Why Markets Don’t Care (08:12) Is This Rally Running Out of Steam? (15:18) SpaceX IPO & AI Hype Explained (26:13) Nvidia Earnings & The Future of AI _____ AmplifyME 2026 Summer Analyst Training Programme (Virtual) AmplifyME 2026 Finance Bootcamp (In-Person)

In this week’s episode, we break down one of the wildest stories in AI right now, Anthropic’s eye-watering $900 billion valuation, and ask whether fundamentals still matter in a market driven by momentum and FOMO. We also dive into the surprising shift in global drinking habits, why giants like Diageo are struggling, and how viral products like BuzzBallz are reshaping the alcohol industry. Finally, we revisit the private credit boom and explore whether cracks are starting to show, as banks step back in and investor sentiment begins to turn. Let us know your thoughts in the comments - where do you think Anthropic’s valuation lands by the end of 2026? (00:00) Intro & Themes in Focus (02:04) Anthropic's $900B Valuation?! (12:50) No One’s Drinking? BuzzBallz Boom (30:37) Private Credit Cracks Showing?

In this episode of the Market Maker Podcast, Anthony Cheung sits down with Ignacio Ramirez Moreno, fixed income advisor, CFA Charterholder, LinkedIn creator, and host of The Blunt Dollar podcast. They discuss how to stand out in finance in the age of AI, Bloomberg Terminal tips and hidden functions, why curiosity matters more than technical skills, and how to build a personal brand on LinkedIn. Ignacio also shares CFA advice for students and professionals, the daily habits and mindset of successful finance professionals, how to turn market news into valuable insights, and career lessons learned from interviewing top finance leaders. Whether you're a student, graduate, analyst, or already working in finance, this episode is packed with practical insights you can apply immediately. (00:00) Intro (02:00) Turning market news into insights (05:35) Bloomberg Terminal functions every finance student should know (09:50) How to post consistently on LinkedIn (13:18) High-decay vs low-decay content (16:05) The Blunt…

This week on the Market Maker deals show, Anthony and Stephen break down the biggest corporate finance stories moving global markets. They unpack UniCredit’s hostile takeover battle for Commerzbank and why CEO Andrea Orcel is being labelled “The Shark” as European banking consolidation heats up again. They also dive into GameStop’s shocking $55bn bid for eBay, Ryan Cohen’s chaotic CNBC interview, and the mechanics behind meme-stock dealmaking. Finally, they explore how Eli Lilly became one of the world’s most valuable companies, why it just raised $9bn in bonds, and how pharmaceutical giants use acquisitions to defend their blockbuster drug pipelines. Whether you're aiming for banking, asset management, accounting, private equity, or advisory, this is essential insight to stay ahead of the curve. (00:00) Intro & Researcher Opportunity (03:04) UniCredit vs Commerzbank (18:50) GameStop’s $55BN Bid for eBay (32:18) Eli Lilly’s $9BN Bond Raise & M&A Strategy Connect with Anthony on LinkedIn Watch the CNBC…

Bond yields are surging, with the US 30-year pushing 5% and UK yields near multi-decade highs but why does it matter? In this episode of the AmplifyME Market Maker Podcast, we explain how rising yields impact your mortgage, stock valuations, and the global economy. From the “risk-free rate” to inflation expectations and central bank policy, we break down the key drivers behind one of the most important forces in markets right now. Despite booming stock markets, bond markets are signalling risk. The question is: who’s right? (00:00) Why Bond Yields Matter (03:00) The 5% Yield Level (06:06) Impact on Mortgages (07:48) Risk-Free Rate Explained (12:27) Stocks vs Bonds Disconnect (14:38) Inflation Expectations (16:58) Trading Opportunities (23:35) Stocks Rip Higher (25:36) S&P Earnings Growth (26:43) UK Political Risk