Alle afleveringen
477 afleveringen, van nieuw naar oud
-
Trump's Midterm Defeat: Why Stock Markets Are Surging
4 november 2026 · 35 min
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
-
How to Break Into Investment Banking | Goldman Sachs, Evercore & Jefferies Offers
4 november 2026 · 46 min
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
-
Will AI Replace Management Consultants? | Accenture, McKinsey, BCG & Bain
1 november 2026 · 25 min
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
-
Anthropic's $1.75 Trillion IPO: Are Investors Overreacting to the Risks?
28 oktober 2026 · 1 uur 4 min
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?
-
Will SpaceX and Tesla Merge? Elon Musk's $3.5 Trillion Masterplan
26 oktober 2026 · 34 min
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
-
Why Wall Street Is Buying Insurance Against an AI Crash
22 oktober 2026 · 41 min
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?
-
The Private Equity Takeover of Britain's High Street | Boots, PizzaExpress & Starbucks
18 oktober 2026 · 51 min
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 🙏
-
How Wall Street Really Makes Its Money | JPMorgan, Goldman Sachs & BlackRock
15 oktober 2026 · 1 uur
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 🙏
-
How Investment Banks Execute M&A Deals | Step by Step
11 oktober 2026 · 52 min
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 …
-
Is France Heading for a Financial Crisis?
8 oktober 2026 · 51 min
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?
-
Why UBS Is Threatening to Leave Switzerland
5 oktober 2026 · 54 min
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. Lees meer
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 Back
32:23 How UBS Compares
38:35 What’s Happening at Monzo?
46:51 How Challenger Banks Work
49:05 Revolut vs Monzo
52:30 What Happens Next?
-
What a US Investment Bank MD Really Looks for When Hiring Graduates
1 oktober 2026 · 46 min
What does it actually take to build a successful career in financial markets? Lees meer
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 Side
10:13 A Non-Linear Path
17:18 What MDs Look for in Graduates
20:24 How to Stand Out
22:28 Why Consistency Matters
27:11 Handling Mistakes Under Pressure
29:43 The Early Career Trap
32:46 Money, Success & Perspective
37:08 Finding Work-Life Balance
43:49 Jamie’s Advice for Graduates
-
Oil, Sanctions & SuperTankers: The Deals Driving Global Energy
28 september 2026 · 45 min
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. Lees meer
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 Supertanker IPO
31:53 Why Shipping Rates Are Surging
37:24 KKR’s Acquisition of DCC Energy
40:23 How Private Equity Creates Value
43:04 The Deal Gets Approved
-
Britain’s Debt Problem Is Getting Worse - What Happens Next?
23 september 2026 · 44 min
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? Lees meer
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
15:44 Is Britain’s Economy Stalling?
17:53 Why Bond Yields Matter
21:20 Quantitative Tightening Explained
27:32 Could QE Return?
30:29 Can AI Save the UK Economy?
36:00 Can Britain Keep Borrowing?
40:12 Is the West Losing Power?
-
Why Private Equity Just Bought HYROX | Oura’s $16B IPO Explained
21 september 2026 · 58 min
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? Lees meer
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 Warning
(31:42) Celebrity Endorsements
(34:10) Can Oura Justify $16B?
(40:35) Why HYROX Is Exploding
(44:25) How HYROX Makes Money
(50:40) The CrossFit Warning
(54:58) Oura vs HYROX: Who Wins?
-
Why the Fed Is Raising Rates Again | What Happens Next?
17 september 2026 · 37 min
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. Lees meer
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
(09:13) What’s Driving Inflation?
(16:18) Is the Fed Independent?
(21:44) How Markets Reacted
(25:51) What Happens Next?
(29:56) Lessons From Past Rate Hikes
(32:50) Interview Cheat Sheet
-
Investment Banking Interview Prep: The M&A Deals You Need to Know in 2026
14 september 2026 · 43 min
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. Lees meer
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 One Advice
-
Is Inflation Coming Back? Why Oil, Food Prices & Interest Rates Are Rising
10 september 2026 · 34 min
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? Lees meer
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) Is Inflation Coming Back?
(01:33) Why Oil Is Above $100
(05:57) The Trump Oil Problem
(07:11) Petrol Prices Surge
(12:43) How Oil Traders React
(15:58) Food Inflation Returns
(22:44) Why Food Prices Are Rising
(23:59) Interest Rates Going Higher?
(28:47) The Stagflation Risk
(31:36) The £150 Weekly Shop
-
Why Nvidia Just Paid $12.9 Billion for Hugging Face | The Business of AI
7 september 2026 · 48 min
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. Lees meer
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 Hugging Face Started
(30:19) The $12.9bn Valuation
(32:31) Nvidia’s AI Strategy
(44:04) Kevin Durant’s 240x Return
-
Can Governments Really Control Financial Markets? | FX Intervention Explained (JPY, CHF, USD)
4 september 2026 · 55 min
Can governments really control financial markets, or can they simply delay the inevitable? Lees meer
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 governments decide to fight the market and why the market often has the final say.
(00:00) Can Governments Control Markets?
(07:26) Why the Yen Is So Weak
(15:24) The Yen Carry Trade
(17:59) The Intervention Explained
(19:41) Symptom or Disease?
(21:14) Japan’s $100bn Intervention
(27:11) The Swiss Franc Collapse
(41:10) The US Bond Market Problem
(45:51) What Could Break Next?
(52:49) What Happens Next?
-
Stripe’s $7.5 Billion AI Bet: Why It Just Bought OpenRouter
31 augustus 2026 · 49 min
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? Lees meer
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 to network effects, business moats and the future of online commerce, this is the business behind Stripe’s $7.5 billion bet on the AI economy.
(00:00) Stripe’s $7.5BN AI Bet
(02:30) The OpenRouter Deal
(05:01) From Startup to $7.5BN
(09:29) How Venture Capital Works
(11:13) What Is OpenRouter?
(16:32) Building a Billion-Dollar Startup
(22:21) What’s OpenRouter’s Moat?
(28:19) Why Stripe Bought OpenRouter
(33:20) The Rise of Agentic Commerce
(37:12) The Story of Stripe
(40:07) How Stripe Makes Money
(44:35) Stripe’s Acquisition Strategy
(47:13) Have We Reached Singularity?
-
China’s Robot IPO Boom & India’s Biggest IPO Ever Explained
24 augustus 2026 · 44 min
The global IPO market is roaring back but some of the most interesting action isn’t happening on Wall Street. Lees meer
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 returning and what it tells us about the changing shape of markets.
(00:00) The Global IPO Boom
(03:48) IPOs Are Back
(06:00) Careers in Equity Capital Markets
(10:04) China’s Robot IPO Boom
(11:36) The Unitree Robotics Story
(18:36) China vs the US
(22:15) Hong Kong’s Robot Gold Rush
(27:27) India’s Biggest IPO Ever
(30:36) Inside an IPO Roadshow
(33:01) Pakistan’s Record IPO Year
(36:12) Zambia’s IPO Boom
(39:10) Why This US IPO Flopped
(40:39) The Defence Tech Opportunity
-
The Business of Boeing: How Did It Go So Wrong?
20 augustus 2026 · 49 min
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? Lees meer
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 decisions made decades ago still matter today.
(00:00) The Business of Boeing
(01:32) How Boeing Became an Icon
(05:29) How Boeing Makes Money
(11:33) Boeing’s Hidden Profit Engine
(16:06) The Accounting Behind Boeing
(21:43) Boeing’s $55bn Debt Problem
(26:24) Boeing vs Airbus
(29:45) Can China Break the Duopoly?
(33:16) When Boeing’s Culture Changed
(38:18) The 737 MAX Disaster
(41:52) Boeing After the Crisis
(43:43) Boeing Today
-
SpaceX’s 40% Rally Explained | Inside Apollo’s £5.7bn EasyJet Deal
17 augustus 2026 · 46 min
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? Lees meer
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 Valuation?
(24:55) Apollo’s £5.7bn EasyJet Deal
(29:21) How Private Equity Funds a Takeover
(36:37) Apollo’s Plan for EasyJet
(40:00) The UK’s $3bn Defence Startup
(44:53) Coming Next: Boeing Deep Dive
-
The $500 Billion AI Debt Machine & The Great CapEx Test
13 augustus 2026 · 51 min
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? Lees meer
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 wider macro picture, including the latest US CPI inflation data, Federal Reserve interest rate expectations and why the AI boom itself is beginning to show up in inflation.
Is this the financial infrastructure needed to power the next technological revolution or is too much money becoming dependent on the AI boom continuing?
(00:00) The $1 Trillion AI Spending Boom
(03:51) CoreWeave’s Incredible Growth
(04:58) The $104BN AI Order Book
(08:35) What Is a Neocloud?
(11:18) The Huge Cost of AI Infrastructure
(16:13) Nvidia’s $500BN Wall Street Deal
(17:53) How GPUs Became an Asset Class
(21:14) Was Michael Burry Wrong on AI?
(24:50) How Wall Street Finances AI
(27:12) The AI Circular Financing Risk
(33:34) Nvidia’s Biggest Concentration Risk
(37:18) Can the AI Spending Boom Continue?
(38:50) How to Invest Beyond Big Tech
(40:12) The Next Trillion-Dollar AI Company?
(44:30) AI Boom or House of Cards?
(45:06) US Inflation Falls Again
(47:05) Will t…
-
Why Sainsbury's Sold Argos (It's Not What You Think)
10 augustus 2026 · 52 min
Why would Sainsbury's sell one of Britain's best-known retailers for a fraction of what it originally paid? Lees meer
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) Shein's IPO Returns
(15:17) Snap Earnings Surprise
(20:13) Why Sainsbury's Sold Argos
(21:50) Stephen's Argos Story
(24:39) The £1.4BN Mistake?
(30:54) Why Investors Loved the Deal
(34:25) Who Bought Argos?
(39:24) The Rise of Argos
(42:00) Why Argos Stopped Growing
(45:24) Can Argos Make a Comeback?
(49:27) The Real Lesson for Investors
-
The AI Hedge Fund That Blew Up | The Situational Awareness Story
6 augustus 2026 · 47 min
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. Lees meer
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 found a bottom, what falling oil prices mean for interest rates, and whether today's rally is built on solid foundations or growing optimism.
Whether you're investing in AI, preparing for a career in finance, or simply trying to better understand global markets, this episode explains the biggest stories shaping Wall Street and what they could mean for investors next.
(00:00) The AI Hedge Fund That Blew Up
(02:00) Who Is Leopold Aschenbrenner?
(05:30) 439% Returns... Then Disaster
(08:04) How Leverage Really Works
(14:28) Margin Calls Explained
(19:45) Why Citadel Bought the Portfolio
(24:11) The Ken Griffin Playbook
(27:00) The LTCM Crash Comparison
(31:08) The Psychology of Greed
(37:22) Why the S&P 500 Hit Record Highs
(41:53) Is the AI Trade Back?
-
The AI Investment Playbook: Who Wins Next & Where the Money Goes
3 augustus 2026 · 55 min
Artificial intelligence is changing the world, but who will actually make the money? Lees meer
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 like, subscribe and let us know in the comments: Who do you think will be the biggest winner in AI over the next five years?
(00:00) The AI Investment Story
(01:13) How Big Is the AI Opportunity?
(07:06) Is AI Becoming Another Dot-Com Bubble?
(09:30) OpenAI, Anthropic & The AI Labs
(20:54) Is Being First Mover an Advantage?
(22:30) Hyperscalers: Microsoft, Google, Apple & Amazon
(32:09) Apple's Surprisingly Different AI Strategy
(37:11) Nvidia & The Picks-and-Shovels Trade
(43:08) Are AI Data Centres Becoming a Bubble?
(49:12) Who Really Wins From AI?
(51:49) The Skills That Will Matter Most in an AI World
-
The World of Corporate Banking Explained
30 juli 2026 · 20 min
In this episode, Stephen discusses the often misunderstood field of corporate banking, highlighting its significance within the financial services industry. Lees meer
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
-
The Hidden Business of Sport: Why NFL Teams Are Worth Billions
27 juli 2026 · 43 min
Why would anyone spend $9.6 billion buying an NFL team? Lees meer
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
(08:04) The Auction Process
(09:14) Why NFL Teams Win
(14:12) Celebrity Team Owners
(17:25) Inside the NFL Business
(22:11) TV Money & Scarcity
(24:00) Most Valuable Teams
(26:40) Stadium Economics
(32:58) The Tax Loophole
(38:26) Interview Takeaways
(41:09) Private Equity's Move
-
What Does Andy Burnham Mean for the Economy & Markets?
23 juli 2026 · 23 min
Five days into office, Andy Burnham is already facing the same question every UK Prime Minister eventually encounters: who really controls the economy? Lees meer
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 the UK economy.
(00:00) Andy Burnham becomes Prime Minister
(01:58) The Liz Truss crisis explained
(03:42) Bond vigilantes and government borrowing
(08:34) Why today's bond market is different
(10:32) Burnham's first economic policies
(13:44) Can the government afford these promises?
(17:25) Meet the new Chancellor, John Healy
(19:36) Winners and losers for investors
-
Sky Buys ITV for £1.6BN | Reformation's IPO Explained
20 juli 2026 · 55 min
Wall Street isn't the only place where billion-dollar deals are happening. Lees meer
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 better understand the biggest business stories shaping the economy, this episode breaks down the commercial awareness behind the headlines.
(00:00) England Exit
(02:29) ITV Sold to Sky
(06:37) The Deal Advisers
(08:03) Comcast Explained
(16:07) ITV Business Model
(19:53) The Role of Banks
(30:07) Reformation IPO
(33:58) The Numbers
(40:17) Nike vs Abercrombie
(45:33) PE Exit Strategy
(52:08) IPO Boom
(53:54) Final Prediction
-
The AI Bubble Is Powering EVERYTHING (Bank Earnings, US CPI, SpaceX)
16 juli 2026 · 44 min
Wall Street has just posted one of its strongest quarters in history. Lees meer
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 IPO price? From index fund buying and green shoe options to lock-up periods and insider selling, they explain the market mechanics that most investors never hear about.
If you want to better understand what's driving global markets and how professionals think about the biggest financial stories each week, this episode is for you.
(00:00) Wall Street's Record Quarter
(02:55) Why Banks Made So Much Money
(10:15) Morgan Stanley's Hidden Winner
(15:24) Is This As Good As It Gets?
(19:00) AI's $1 Trillion Spending Boom
(25:14) US Inflation Cools
(31:14) Why SpaceX Is Falling
(35:10) Green Shoe Options Explained
(38:36) SpaceX Lock-Up Risks
(42:16) One IPO, Every Bank Wins
-
Why Private Equity Wants to Buy easyJet | How Investment Bankers Value Airlines
13 juli 2026 · 39 min
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. Lees meer
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 War Explained
(09:58) Why Private Equity Wants easyJet
(15:10) How Airlines Are Really Valued
(19:50) ASK, RASK & CASK Explained
(20:49) Why easyJet Looks Undervalued
(29:27) Breaking Up the Business
(34:05) Why Airlines Are Difficult to Run
-
US-Iran Ceasefire Unravels, the Fed's New Playbook and Apple's $30bn Broadcom Deal
9 juli 2026 · 42 min
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? Lees meer
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) Apple, AI, and Data Privacy
-
OpenAI IPO Delayed? Lime Bikes & the Biggest IPO Stories Explained
6 juli 2026 · 42 min
Is OpenAI delaying its IPO, and why has it reportedly discussed giving the US government a 5% stake? Lees meer
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 Private Market
-
How to Build Mental Toughness and Resilience | James Golding Cancer Survivor, Endurance Cyclist & World Record Holder
2 juli 2026 · 57 min
What does it take to keep going when things get tough? Lees meer
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) Introduction
(01:30) James Golding's Story
(06:20) Why Cycling Changed Everything
(10:33) Cycling Across America
(14:28) Building Resilience
(24:12) Small Wins Matter
(28:35) The Power of Reflection
(32:21) Overcoming Self-Doubt
(35:30) Performing Under Pressure
(41:52) Why Your Team Matters
(50:05) Dealing with Rejection
(55:46) Tour de France Challenge
21 stages of the Tour de France in just 12 days - DONATE
James Speaker enquiries - info@onestepatatimeuk.com
-
Goldman Sachs Breaks M&A Records | Investment Banking Boom | Snap's $120B Collapse
29 juni 2026 · 49 min
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. Lees meer
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 $25 Billion Bond Deal, Micron Earnings & UK Political Crisis Explained
26 juni 2026 · 38 min
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. Lees meer
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 SpaceX Paid $60 Billion for AI Startup Cursor
22 juni 2026 · 45 min
Why would a company generating less than $20 billion in annual revenue spend $60 billion acquiring an AI coding startup? Lees meer
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
(04:38) SpaceX Valuation Debate
(09:08) Deal Structure Explained
(15:33) Shareholder Structure
(18:18) Who is Cursor
(21:16) Cursor Founders
(22:44) The MIT Startup Ecosystem
(29:42) Fox Buys Roku
(36:26) M&A Psychology
(40:13) UniCredit vs Commerzbank
(42:32) Orcel's Takeover Strategy
-
Debt Capital Markets (DCM) Explained
18 juni 2026 · 17 min
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. Lees meer
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
-
How AI Is Changing Investment Banking Jobs | The Future of M&A Careers
15 juni 2026 · 50 min
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? Lees meer
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 Equity AI Integration
(06:54) AI Adoption Across Finance
(13:16) Where AI Adds The Most Value
(19:13) Beyond Financial Modelling
(26:38) Who Is Using AI Most?
(28:50) Rogo, Claude & AI Tools
(36:14) The Risks Of AI
(38:52) The Future Of Investment Banking
(42:40) Skills AI Can't Replace
(49:03) Final Thoughts On AI & Careers
-
US CPI, ECB Rate Hikes & The Political Risk Facing UK Markets
12 juni 2026 · 43 min
The SpaceX IPO has captured the world's attention, but away from the headlines there are some major macroeconomic developments investors should be watching. Lees meer
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 By-Election Risk
-
OpenAI’s IPO Filing Explained | SpaceX IPO Update
10 juni 2026 · 27 min
The AI IPO race is heating up. Lees meer
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
-
SpaceX IPO Roadshow Begins | Anthropic’s IPO Race + Berkshire Hathaway’s Next Move
8 juni 2026 · 50 min
The SpaceX IPO is becoming one of the most fascinating corporate events in modern financial history. Lees meer
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
-
World Cup 2026: Goldman Sachs Predicts The Winner
4 juni 2026 · 39 min
What does the World Cup have in common with Wall Street trading desks? Lees meer
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 is for you.
(00:00) The Finance Behind The World Cup
(03:51) How Bookies Really Make Money
(05:48) The Problem With “Smart Money”
(14:03) Prediction Markets Explained
(16:06) Polymarket vs The Bookies
(20:23) Goldman Sachs Predicts The Winner
(23:01) What Is An Elo Rating?
(24:44) Goldman Predictions 5th to 1st
(26:05) Argentina: Winners Slump Factor
(26:54) France: Bracket Drag
(27:26) Why England Is Overpriced
(30:08) Goldman’s Terrible Track Record
(31:40) World Cup Impact On Markets
(35:12) The Economic Boom Of Football
(37:26) Final Predictions & Golden Boot
-
The SpaceX IPO Explained | The Complete Deep Dive
1 juni 2026 · 1 uur 1 min
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. Lees meer
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
-
How Banks Make Billions From Market Volatility
28 mei 2026 · 53 min
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. Lees meer
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 macro and finance resources to help students improve commercial awareness and stay ahead of market trends.
(00:00) Oil, Iran & Market Chaos
(05:40) Inflation, Rates & The Fed
(08:07) Why Wall Street Is Printing Money
(13:00) Flow Trading Explained
(18:50) How Banks Hedge Risk
(23:15) Jane Street & Quant Trading
(31:13) Why Stocks Keep Rising
(32:20) AI Bubble or Supercycle?
(37:56) The Most Important AI Company
(40:10) SpaceX’s $28 Trillion Bet
(44:19) Goldman’s 8,000 S&P Call
(47:10) Best Free Macro Resources
*****
Free daily Market Maker newsletter
Connect with Anthony on LinkedIn
-
Student to Corporate Finance Analyst: Networking & Career Advice That Works
27 mei 2026 · 33 min
Most students know they need to “network” to break into finance. Very few are told how to actually do it properly. Lees meer
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?
(04:33) What vs Who You Know
(06:48) Coffee Chat Preparation
(08:34) Building Commercial Awareness
(13:29) Leveraging LinkedIn & Imposter Syndrome
(16:55) Meeting Howard Marks
(22:00) Handling Rejection
(26:39) Non-Target University Advice
(30:08) Networking Follow-Up Tips
-
Inside the Biggest M&A Deals You Need to Know (NextEra, Dominion, Magnum Ice Cream, UK Takeovers Up 250%)
25 mei 2026 · 43 min
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. Lees meer
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 Strategy
(13:27) Deals Flow Despite Macro Headwinds
(14:21) Magnum & Private Equity
(18:12) How Deals Get Financed
(26:20) Where M&A and DCM Meet
(29:07) UK Takeover Boom
(35:57) TikToker Buys an Airline?
*****
Take a free M&A Finance Accelerator simulation
Join the AmplifyME Summer Analyst Training Programme