Market Maker

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 incr...

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...

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...

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...

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

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...

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...

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...

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...

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 b...

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...

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...

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...

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...

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...

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...

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.

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...

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...

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...

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 af...

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...

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<...

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...

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...

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...

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 cou...

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...

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...

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...

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?

...

Private credit is one of the fastest-growing areas in global finance but what actually is it, and why is everyone talking about it?

In this episode of the Market Maker Podcast, we break down private credit in simple terms: how it works, why it’s grown into a $3 trillion market, and the key players driving it, including Blackstone and Blue Owl.

We also go deeper into:

This week, we unpack what’s really happening in IPO markets.

From a Hong Kong listing surging nearly 400%, to breaking down how IPOs actually work (including the “green shoe” mechanism), to Revolut’s long-term IPO ambitions — and why UK listings like RAC are being delayed.

If you’re trying to understand how companies go public and what’s driving today’s market, this is a simple, real-world walkthrough.

(00:00) IPO market overview

(02:41) Hong Kong’s IPO surge

(12:05) How IPOs work (green shoe explained)

What’s driving markets right now? In this episode of the Market Maker Podcast, we break down the Fed’s policy split, oil prices surging above $120, and the growing risk of stagflation. We also analyse Big Tech earnings, why Google outperformed Meta, and the escalating AI battle between OpenAI, Anthropic, and major tech giants. If you want clear insights on markets, inflation, and where things are heading next, this episode has you covered.

(00:00) Intro & Market Overview

(01:52) Fed Decision & Rate Outlook

(11:29) Oil Surge & Geopolitics

(19:19) OPEC, UAE & Supply Dynamics

(2...

What happens when an AI model is considered too powerful to release?

In this episode of the Market Maker Podcast, we unpack one of the most bizarre and important stories in tech right now, as Anthropic’s Mythos model sparks debate about whether AI companies are building the future or just mastering the art of hype.

From a strange moment involving an AI sending emails while its creator was eating a sandwich, to the wider implications for cybersecurity and global power, this story raises bigger questions than it answers.

Communication is one of the most valuable skills in finance and professional careers, yet it’s rarely taught.

In this episode of the Market Maker Podcast, Anthony Cheung speaks with James Percy-Smith, founder of The Elocution Coach, about how students and professionals can develop powerful communication skills that accelerate their careers.

They break down the four stages of becoming a confident speaker, why pressure and repetition are essential for improvement, and how better communication can transform your performance in interviews, presentations, and the workplace.

If...

In this week’s Market Maker Podcast, we break down Bill Ackman’s high-stakes bid for Universal Music Group, the entertainment giant behind global superstars like Taylor Swift, Sabrina Carpenter and Kendrick Lamar. With the takeover offer estimated at $64.3bn, we unpack the M&A strategy underpinning the deal and why Pershing Square believes a US relisting could unlock significant value.

From listing arbitrage to capital structure optimisation, we explore how shifting UMG’s listing from Europe to the US could drive a meaningful valuation re-rating. We dive into the mechanics of the transaction, includ...

Markets are rallying on ceasefire headlines but the risks haven’t disappeared.

In this episode, we break down why equities are surging while bonds, oil, and macro signals tell a very different story. From inflation expectations to disrupted oil flows and fragile negotiations, the so-called “ceasefire bounce” may not be as solid as it looks.

With earnings season approaching and geopolitical tensions still high, the key question is: are markets getting ahead of reality?

In this episode of the Market Maker Podcast, we review Q1 investment banking league tables and the rebound in global M&A activity.

We discuss the key drivers behind deal flow, including interest rates, financing conditions, and geopolitical risk, and consider how the outlook may evolve into Q2. We also analyse the potential SMFG–Jefferies transaction, focusing on strategic rationale, regulatory constraints, and execution challenges.

The episode covers the latest developments around the potential SpaceX IPO, including valuation expectations and syndicate structure, before turning to Whoop’s $575 million funding roun...

In this episode of the Market Maker Podcast, we break down the recent surge in oil prices, rising stagflation risks, and the impact on global financial markets.

With crude trading in a key $100-$120 range, we explore what’s driving volatility, how different economies are exposed to the energy shock, and why investors are shifting towards defensive sectors. We also examine the relative outperformance of the FTSE 100 and discuss what stagflation means in practice for growth, inflation, and market behaviour.

This episode provides a clear, educational overview of the ma...