Market Maker

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, th...

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...

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 revisi...

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...

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 Pi...

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...

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 te...

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 large...

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 podcas...

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 year...

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 w...

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...

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 off...

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 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...

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 di...

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 f...

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 m...

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 m...

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 A...

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...

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...

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 wh...

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...

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. Ig...