Market Maker

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. In this episode, Anthony Cheung and Piers Curran break down Anthropic's S-1 filing, revealing how revenues...

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. In this episode, Anthony Cheung and Stephen Barnett break down SpaceX's latest financial results, including its extraordi...

Is the AI boom starting to unravel? While investors remain focused on soaring AI valuations and the likes of Nvidia, Microsoft and Meta, the credit markets are sending a very different warning signal. In this episode, Anthony Cheung and Piers Curran explore the growing risks behind the AI investment boom, with AI-linked corporate debt issuance reaching $466 billion and trading volumes in credit de...

Some of Britain's biggest high street brands are changing hands. From the £6.7bn Boots takeover to Starbucks' rumoured acquisition of Chipotle and PizzaExpress potentially being sold again, what's driving this wave of deals? This week, Anthony Cheung and Stephen Barnett explore the private equity shake-up transforming UK retail, how billionaire investors make money from familiar brands...

How do the world's biggest banks and investment firms actually make their money? In this episode, Anthony Cheung and Piers Curran break down the latest Wall Street earnings from JPMorgan, Goldman Sachs, Morgan Stanley and BlackRock, revealing the business models driving billions in profits. We explore how JPMorgan has built a record-breaking $100 billion net interest income machine, why Goldma...

How does a billion-dollar M&A deal actually happen? From winning the mandate to negotiating the final sale, what really goes on behind the scenes at investment banks like Goldman Sachs, Morgan Stanley and J.P. Morgan? In this episode, Anthony Cheung and Stephen Barnett break down the entire mergers and acquisitions (M&A) process, drawing on Stephen's experience in investment banking to...

France is facing mounting pressure. Government debt has climbed above €3.5 trillion, borrowing costs are surging, and political uncertainty ahead of the 2027 presidential election is making investors increasingly nervous. In this episode, Anthony Cheung and Piers Curran break down why French bond yields are rising, how decades of persistent budget deficits have created a growing debt problem, and...

Could UBS really leave Switzerland? In this episode, Anthony Cheung and Stephen Barnett break down the growing dispute between Switzerland’s biggest bank and the government over new capital requirements and why tougher regulation could have major consequences for UBS and its shareholders. We explain how banks actually work, why Common Equity Tier 1 (CET1) capital matters, what changed after the co...

What does it actually take to build a successful career in financial markets? In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales. Jamie shares what senior bankers really look for when hiring graduates, why...

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets. We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions...

UK government borrowing is surging, bond yields remain elevated and the cost of servicing Britain’s debt is becoming increasingly difficult to ignore. But how serious is the problem and what happens if borrowing costs stay high? In this episode, Anthony Cheung and Piers Curran break down why Britain’s public finances are under pressure, how the bond market can constrain government spending and why...

HYROX has exploded into one of the biggest trends in fitness, and now private equity wants a piece of it. But what exactly makes the business so attractive? In this episode, Anthony Cheung and Stephen Barnett break down how HYROX makes money, its rapid global expansion and why private equity giant L Catterton has invested in the business. We look at its asset light event model and ask whether HYRO...

The Federal Reserve has raised interest rates for the first time in three years, with Fed Chair Kevin Warsh delivering a unanimous 25 basis point hike as inflation once again becomes the dominant concern for financial markets. In this episode, Anthony Cheung and Piers Curran break down why the Fed decided to hike, what Warsh means by “removing accommodation”, and why the decision could be an impor...

Application season is underway, and if you’re targeting investment banking, understanding what’s actually happening in M&A can give you a real advantage in interviews. In this episode, Anthony Cheung and Stephen Barnett break down the huge resurgence in global dealmaking in 2026, why mega-deals are dominating, which sectors and banks are benefiting, and how interest rates, AI and valuations ar...

Oil is back above $100 a barrel, food prices are climbing and central banks are once again facing pressure to raise interest rates. Is the world heading towards a second wave of inflation? In this episode, Anthony Cheung and Piers Curran explain why the latest inflation threat goes far beyond the headline oil price. China is returning to the crude market just as conflict continues to disrupt globa...

Nvidia has agreed to acquire Hugging Face for $12.9 billion, paying around 86x revenue for one of the most important platforms in open-source AI. In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down what Hugging Face actually does, why Nvidia wants it, and how the deal fits into Jensen Huang’s wider strategy to control more of the AI ecosystem. We look at Hugg...

Can governments really control financial markets, or can they simply delay the inevitable? Japan has spent nearly $100 billion trying to support the yen, with the US taking the extraordinary step of joining the intervention. But despite the firepower, the forces driving the currency, interest rate differentials, the carry trade and Japan’s economic fundamentals, haven’t simply disappeared. In this...

Stripe has just made one of the biggest AI acquisitions yet, buying OpenRouter for around $7.5 billion — a company that was valued at just $1.3 billion only months earlier. So what exactly is Stripe buying, and why has OpenRouter become so valuable so quickly? In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down OpenRouter’s extraordinary rise, how its platfor...

The global IPO market is roaring back but some of the most interesting action isn’t happening on Wall Street. In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett take a whistle-stop tour of the global IPO boom, from China’s extraordinary robotics race and Hong Kong’s growing pipeline of AI listings to what could become the biggest IPO in India’s history. We break down w...

Boeing is back in the spotlight following the release of Netflix’s new documentary Freefall: A Reckoning for Boeing. But beyond the safety failures and scandals, there’s another important story: how does Boeing actually work as a business? In this episode of the Market Maker Podcast, we break down the economics behind one of the world’s most important companies. How does Boeing make money? Why can...

SpaceX shares have surged nearly 40% from their recent lows, despite fears that its unusual staggered lock-up structure would unleash a wave of selling. So what actually happened? Anthony Cheung and Stephen Barnett break down how IPO lock-ups work, why SpaceX’s tiny public float matters and how retail buying, index funds and a potential short squeeze helped drive the rebound. We also return to Eas...

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 hu...

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...

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...

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...