Market Maker

Afleveringen

1. Trump's Midterm Defeat: Why Stock Markets Are Surging

   4 november 2026 · 35 min

   Afspelen
   Donald Trump's Republicans have suffered a major defeat in the US midterm elections, with Democrats taking control of both the House and Senate. But while markets initially plunged on fears over the future of the AI boom, stocks have staged a remarkable comeback. So why are investors celebrating a result that could derail Trump's economic agenda? Lees meer

   In this episode, Anthony Cheung and Piers Curran break down the market reaction to the Democratic blue wave, explaining why US Treasury yields have fallen, Big Tech stocks are rallying and investors are increasingly viewing political gridlock in Washington as a potential positive for financial markets.

   We also explore what the election means for the AI infrastructure boom, including proposed restrictions on data centre construction in Texas, the surge in renewable energy stocks and the implications for oil prices as pressure mounts on Trump over the Iran conflict.

   Could a divided US government actually create the perfect conditions for another stock market rally? And with history suggesting equities tend to perform strongly following midterm elections, is this the outcome investors were hoping for?

   00:00 Democrats' Blue Wave Victory

   02:38 Trump's Midterm Election Defeat

   06:17 Can Prediction Markets Beat Polls?

   08:55 Why Stock Markets Initially Fell

   12:42 Why US Treasury Yields Plunged

   16:24 Gold, the Dollar and Copper

   17:51 Texas Threatens the AI Boom

   22:25 Why Clean Energy Stocks Surged

   24:28 Trump, Iran and Oil Prices

   28:33 Is This a Goldilocks Market?

   32:20 Why Stocks Rally After Midterms

2. How to Break Into Investment Banking | Goldman Sachs, Evercore & Jefferies Offers

   4 november 2026 · 46 min

   Afspelen
   In this episode of the Market Maker Podcast, Anthony Cheung speaks with Rachel Feeley, a student at University College Cork who secured multiple investment banking offers despite coming from a non-target university with no existing industry connections. Lees meer

   Rachel shares practical advice on building a competitive CV, securing spring weeks, networking, preparing for investment banking interviews and converting opportunities into internship offers.

   We also explore how to use AI for interview preparation, the importance of communication skills and the five strategies that made the biggest difference to her success.

   Whether you're exploring a career in finance or actively applying for investment banking internships, this episode is packed with actionable advice to help you stand out.

   Explore AmplifyME's free M&A Finance Accelerator

   The 4 stages to becoming a confident speaker

   00:00 How Rachel Broke Into Banking

   01:06 Why Investment Banking?

   04:13 Breaking In From a Non-Target Uni

   10:01 Networking That Works

   16:15 Building a Standout CV

   25:01 How to Ace Banking Interviews

   27:40 Using AI for Interview Prep

   32:01 Converting Spring Weeks Into Offers

   35:55 5 Tips for Landing Banking Offers

   43:53 Balancing Uni and Applications

   47:00 Where to Start in First Year

3. Will AI Replace Management Consultants? | Accenture, McKinsey, BCG & Bain

   1 november 2026 · 25 min

   Afspelen
   Is artificial intelligence threatening the future of management consulting? As AI transforms the industry, firms like McKinsey, BCG, Bain and Accenture face growing questions about their business models, profitability and graduate recruitment. Lees meer

   In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett explore how AI could disrupt traditional consulting services, why smaller boutique firms are gaining ground, and whether AI-driven automation will mean fewer opportunities for graduates.

   We also discuss what the future of management consulting could look like, which skills will remain valuable, and what students hoping to break into consulting should consider as the industry evolves.

   00:00: Will AI Kill Management Consulting?

   03:28: Is AI a Threat or Opportunity?

   05:36: Accenture: Revenue & Job Cuts

   07:59: What Do Consultants Actually Do?

   11:01: Could AI Replace Consulting Firms?

   16:06: The Rise of Boutique Consultancies

   18:45: Are Graduate Consulting Jobs at Risk?

   23:21: The Future of Management Consulting

4. Anthropic's $1.75 Trillion IPO: Are Investors Overreacting to the Risks?

   28 oktober 2026 · 1 uur 4 min

   Afspelen
   Anthropic is preparing for one of the biggest IPOs in history, targeting a valuation of up to $1.75 trillion. But behind the extraordinary growth of Claude lies an $80 billion headline loss, a complex ownership structure and hundreds of billions of dollars in future spending commitments. Lees meer

   In this episode, Anthony Cheung and Piers Curran break down Anthropic's S-1 filing, revealing how revenues have surged 14-fold in just one year, why its improving profit margins are exciting investors and what the numbers tell us about the sustainability of the AI boom.

   We also examine Anthropic's unusual five-class share structure, the influence of Amazon and Google, and why public shareholders could have virtually no control over the company's direction.

   Finally, we explore whether Anthropic can justify its enormous valuation, the growing risks around AI infrastructure and energy demand, and whether this landmark IPO signals a new chapter for artificial intelligence or another warning sign of an AI bubble.

   00:00 Anthropic's $1.75 Trillion IPO

   04:10 Who Really Controls Anthropic?

   10:05 Anthropic's Five Share Classes

   21:20 The Hidden Risks for Investors

   27:06 Anthropic's Explosive Revenue Growth

   31:16 The Financials & Concentration Risk

   38:31 The Truth Behind the $80 Billion Loss

   42:34 The $750 Billion AI Spending Bet

   47:03 Can Anthropic Become Profitable?

   50:24 Is Anthropic Worth $2 Trillion?

   54:14 What Happens After the IPO?

   56:25 The Biggest Risks to AI Growth

   62:31 Is the AI Bubble Overblown?

5. Will SpaceX and Tesla Merge? Elon Musk's $3.5 Trillion Masterplan

   26 oktober 2026 · 34 min

   Afspelen
   Could Elon Musk be preparing to merge SpaceX and Tesla into a $3.5 trillion technology giant? Following SpaceX's blockbuster earnings, speculation is growing that two of Musk's biggest companies could combine to create an unprecedented AI, robotics and space empire. Lees meer

   In this episode, Anthony Cheung and Stephen Barnett break down SpaceX's latest financial results, including its extraordinary 161% revenue growth, the rapid expansion of Starlink and its AI infrastructure business, and the risks behind its enormous $20 billion quarterly capital expenditure.

   We also unpack Musk's ambitious Terafab project, his plans to challenge chipmaking giant TSMC, and his extraordinary prediction that SpaceX could generate up to $1 trillion in annual recurring revenue by the end of 2027.

   Finally, we explore the financial and strategic logic behind a potential SpaceX–Tesla merger. From autonomous vehicles and humanoid robots to AI data centres in space, could bringing these businesses together unlock Musk's ultimate vision? And perhaps most importantly, how likely is the merger to actually happen?

   00:00 SpaceX's Blockbuster Earnings

   02:54 The $20 Billion Spending Problem

   05:41 Starlink's Explosive Growth

   07:52 AI Becomes SpaceX's Biggest Business

   11:42 The Hidden Risks in SpaceX's Revenue

   15:44 Musk's $1 Trillion Revenue Prediction

   21:20 Wall Street & Terafab

   26:10 Will SpaceX and Tesla Merge?

   28:08 The $3.5 Trillion Merger Explained

6. Why Wall Street Is Buying Insurance Against an AI Crash

   22 oktober 2026 · 41 min

   Afspelen
   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. Lees meer

   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 upcoming earnings from the technology giants could prove critical and what investors should watch for as the AI investment cycle enters its next phase.

   00:00 Is the AI Bubble About to Burst?

   01:23 Why AI Debt Is Raising Alarm Bells

   04:11 The $466 Billion AI Debt Boom

   06:54 Credit Default Swaps Explained

   11:57 How Traders Hedge Against AI Risk

   15:11 The AI Risk Pyramid

   16:44 Big Tech's Growing Debt Problem

   21:32 Why CoreWeave Is Under Pressure

   25:07 How CoreWeave's Business Model Works

   29:13 Could Rising Debt Costs Trigger a Crisis?

   31:22 Is This Another Dot-Com Bubble?

   36:07 What Happens Next for the AI Boom?

7. The Private Equity Takeover of Britain's High Street | Boots, PizzaExpress & Starbucks

   18 oktober 2026 · 51 min

   Afspelen
   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? Lees meer

   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 Who Transformed Chipotle

   20:43 Boots' £6.7BN Takeover

   24:04 Inside the Private Equity Deal

   31:18 Meet the Billionaire Weston Family

   39:10 Private Equity's High Street Takeover

   42:07 Pizza Express Private Equity Journey

   48:23 Why Rising Interest Rates Matter

   If you’re a regular listener to the show, please take a few mins to fill in our podcast survey. Your input will help us make the show even bigger and better in 2027! Thank you 🙏

8. How Wall Street Really Makes Its Money | JPMorgan, Goldman Sachs & BlackRock

   15 oktober 2026 · 1 uur

   Afspelen
   How do the world's biggest banks and investment firms actually make their money? Lees meer

   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 or BlackRock? And with inflation rising, interest rates under pressure and the AI investment boom facing a crucial earnings season, what could come next for Wall Street?

   00:00 How Wall Street Makes Money

   01:07 Wall Street Earnings & Inflation

   06:43 Is the AI Boom at Risk?

   11:28 Why Bond Trading Is Struggling

   15:58 JPMorgan's $100bn Money Machine

   20:49 The Great Mortgage Risk

   26:14 Goldman Sachs & SpaceX

   29:33 Anthropic's IPO Plans

   34:15 BlackRock's $15.5 Trillion Empire

   42:43 Roles in Asset Management

   46:30 Morgan Stanley's Wealth Boom

   53:36 JPMorgan vs BlackRock: Who Wins?

   If you’re a regular listener to the show, please take a few mins to fill in our podcast survey. Your input will help us make the show even bigger and better in 2027! Thank you 🙏

9. How Investment Banks Execute M&A Deals | Step by Step

   11 oktober 2026 · 52 min

   Afspelen
   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? Lees meer

   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 process, offering a practical guide for anyone looking to break into investment banking or better understand how major corporate transactions work.

   00:00 Introduction to M&A Deals

   06:26 How Banks Win M&A Mandates

   12:59 Investment Banking Bake-Offs

   15:29 Why Banks Share M&A Deals

   20:23 How M&A Advisory Fees Work

   23:24 Conflicts of Interest & Compliance

   28:31 Preparing a Company for Sale

   33:20 Teasers & Confidentiality Agreements

   36:30 The Role Of Lawyers

   38:25 Inside the M&A Data Room

   40:35 Bidding Wars & Due Diligence

   45:11 Choosing the Winning Bid

   46:04 Final Negotiations & Closing

   49:06 Deal Toys & Banking Traditions

   Please take a moment to complete our Podcast survey and help shape the future of the show!

   M&A Jargon Explained

   M&A (Mergers & Acquisitions): The process of companies buying, selling or combining businesses.

   Buy-Side Mandate: When an investment bank advises a company looking to make an acquisition.

   Sell-Side Mandate: When an …

10. Is France Heading for a Financial Crisis?

    8 oktober 2026 · 51 min

    Afspelen
    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. Lees meer

    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 France’s Bond Market Warning

    07:07 The Debt Problem Explained

    12:06 France’s €85bn Interest Bill

    15:56 Why Italy Is Doing Better

    22:10 Protests & Political Pressure

    29:25 Will the ECB Bail Out France?

    36:55 Lessons From Greece

    40:47 Could France Default?

    44:28 The Trade on France

    47:03 What Happens Next?

Alle 477 afleveringen →