Market Maker

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 round and $10 billion valuation. We explore what this signals about private market dynamics, subscription-based business models, and future IPO positioning.(00:00) Q1 M&A & League Tables(05:07) Deal Flow Outlook(07:30) SpaceX IPO Structure(13:43) SMFG–Jefferies Deal(19:17) Deal Risks & Constraints(23:12) Whoop $10B Funding(33:05) Subscription Model Risks*****Sign up for the daily Market Maker newsletterTake a free Banking Accelerator simulation

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 macro forces currently shaping markets.(00:00) Oil Volatility and Market Conditions(05:55) The Impact of News Flow on Prices(09:44) Sector Performance: Winners and Losers(14:47) Global Energy Dependency and Risk(27:12) FTSE 100 Outperformance Explained(30:52) Understanding Stagflation*****Sign up for the daily Market Maker newsletterTake a free Markets Accelerator simulation

In this episode of the Market Maker Podcast, we break down the surge in oil prices, the growing risk of $200 oil, and the controversy around large trades placed just minutes before a Trump headline hit the market. Is this insider trading, smart positioning, or algorithmic momentum?We explore how markets react to political signals, why oil is so sensitive to geopolitical risk, and what could actually drive prices higher. We also take a deeper look at why both stocks and bonds are falling at the same time, and what that means for traditional portfolio strategies like the 60/40 model.If you want to understand how markets really move and how professionals navigate chaos this episode is for you.(00:00) Market Overview(05:02) Stocks & Bonds(09:22) Portfolio Risk(16:00) $200 Oil?(19:36) Demand Limits(24:30) Trump & Markets(26:14) Strait of Hormuz(35:24) Front-Running Trump?(46:55) Final Thoughts

This week on the Market Maker Podcast, we break down a $27 billion AI deal between Meta and Nebius and what it reveals about the global race for compute power. We also dive into Unicredit’s $28 billion move on Commerzbank and why it’s become one of Europe’s most political banking battles.Plus, we cover the biggest deals of the week across wealth management, asset management, and defense, and explain what they tell us about where markets are heading next.(00:00) Intro(00:47) M&A Deals of the Week(07:49) Meta Nebius AI Deal(14:28) Unicredit Commerzbank Takeover*****Take a free M&A accelerator simulationSubscribe to the daily Market Maker newsletter

The market got it wrong.After months of expecting easier policy, central banks have just delivered a major reality check. The Federal Reserve is no longer forecasting cuts, the Bank of England is turning more hawkish, and the European Central Bank could move sooner than anyone expected.Behind it all is a new inflation threat building beneath the surface. Energy prices are rising fast, and if they stay elevated, the consequences could ripple through food, wages, and the broader economy.This episode breaks down the chain reaction now unfolding across global markets, why bond yields are surging, and how a temporary shock could become something much more persistent.The big question is no longer when rates will fall but whether they’re about to rise again.(00:00) Rate Cuts Shock(02:14) Fed Turns Hawkish(08:30) Iran, Oil & Inflation(15:46) Market Reaction(19:59) Gold Drop Explained(26:13) Bank of England Shift(30:00) UK Energy Risk(37:06) ECB Pivot(38:27) Inflation Feedback Loop(43:50) Iran Impact on Food & Energy*****Join our next free Markets Accelerator Simulation Subscribe to the daily Market Maker newsletter

In this week’s Market Maker Podcast M&A episode, we break down the biggest deals moving markets right now. We start with Axel Springer’s $770 million acquisition of the Daily Telegraph, the proposed Airbus–Leonardo–Thales space merger aimed at competing with SpaceX, and the latest developments in the Monte dei Paschi–Mediobanca deal. We also discuss a new take-private bid for Papa John’s and a recent investment into AmplifyME.We then dive into the rapid rise of prediction markets like Kalshi and Polymarket. These platforms allow users to trade contracts on real-world outcomes—from crypto prices and politics to economic events. With valuations potentially approaching $20 billion, we explore how prediction markets work, why hedge funds are beginning to exploit arbitrage opportunities, and whether this could evolve into a new financial market infrastructure or remain a controversial betting niche.Chapters(00:00) Introduction(01:18) Axel Springer Buys the Telegraph(05:11) European Space Merger vs SpaceX(06:52) Monte dei Paschi–Mediobanca Deal(07:24) Papa John’s Take-Private Bid(10:27) AmplifyME Investment Explained(13:33) What Are Prediction Markets?(20:06) Prediction Market Size(22:52) Who Built Polymarket & Kalshi?(29:02) Hedge Funds Enter Prediction Markets(32:49) Market Manipulation Risks(38:42) Regulation & Legal Risks(41:51) The Bull Case for Prediction Markets(42:43) The Bear Case for Prediction Markets(46:01) Final ThoughtsFind out more about simulation in attraction, training and assessment www.amplifyme.comSubscribe to the Market Maker daily newsletter

In this episode of the Market Maker Podcast, we break down a rare six-sigma oil market shock - a move so extreme it statistically should happen only once every four million years. Crude oil surged from around $70 to $120 during geopolitical tensions before rapidly reversing, catching some of the world’s largest hedge funds off guard.We discuss what drove the volatility, why hedge funds lost billions, and how oil prices feed directly into inflation, interest rates, and global macro markets.(00:00) Introduction(01:20) The Oil Price Shock Explained(05:23) The “Six Sigma” Market Move(07:20) The Realities of Trading Commodities(09:18) How Trade is Impacted by War(14:24) The New Iranian Supreme Leader (16:45) Strategic Oil Reserves & Market Impact(29:10) Oil, Inflation & Interest Rates(32:29) Hedge Funds Feel the Pain

This week on the Market Maker Podcast we break down the biggest M&A deals, private equity moves and activist investor plays shaping global markets.From a $6.2 billion African telecom infrastructure deal to a $33 billion private equity bet on the energy powering AI data centres, Anthony Cheung and Piers Curran break down the biggest deal stories shaping markets this week.They also dive into Elliott Management’s role in a $40 billion Toyota Industries takeover, a $1 billion activist play at Pinterest, and the dramatic conclusion to the Warner Brothers bidding war as Paramount outmanoeuvres Netflix.Essential listening for anyone curious about the strategy behind mega M&A, activist investing, and how infrastructure, AI, and media are colliding in today’s global dealmaking landscape.(00:00) Intro(02:24) MTN & IHS Towers Deal(11:04) Elliott and Toyota Industries(18:51) Private Equity’s $33bn Energy Bet(27:35) Investment Banking Scorecard YTD(31:02) Elliott’s $1bn Pinterest Play(36:24) Paramount vs Netflix Bidding War

Oil prices are surging as tensions escalate between the US, Israel and Iran but what does it mean for inflation, interest rates and global markets?In this episode of the AmplifyME Market Maker Podcast, Anthony Cheung and Piers Curran break down the macroeconomic implications of the rapidly escalating conflict in the Middle East and explain why traders and investors are paying close attention to energy markets.With Brent crude jumping sharply and the Strait of Hormuz once again emerging as a critical geopolitical chokepoint, the discussion explores how disruptions to global energy supply could ripple through the financial system. Around 20% of global oil supply passes through this narrow shipping lane, meaning any disruption has the potential to push energy prices higher and reshape inflation expectations worldwide.The episode also examines how rising energy prices could influence Federal Reserve policy, delay potential interest rate cuts and create fresh inflation pressure just as central banks believed price stability was returning. The hosts discuss the different risks facing the US and Europe, and whether this geopolitical shock is likely to be a short-term flare-up or the beginning of a broader economic risk.(00:00) Iran Conflict & Market Impact(02:10) Strait of Hormuz Explained(09:07) Brent vs WTI(10:38) Why Oil Matters for the Economy(13:10) Shipping Risks in the Gulf(15:35) Trump’s Oil Strategy(19:11) Oil and the US Economy(20:52) Will Oil Delay Rate Cuts?(21:52) Strategic Oil Reserves(28:15) Impact on Markets(31:21) Warsh's Baptism of Fire(35:10) Short-Term Oil Shock?(39:31) Europe’s Inflation Risk(44:04) ECB's Monetary Policy Disaster(46:00) Will Central Banks Hike?

In this episode of Market Maker by AmplifyME, we sit down with Nick Leeson to explore trading psychology, risk management and what it takes to survive public failure after the collapse of Barings Bank and more than $1.3 billion in losses.At just 25 years old, Leeson was running a derivatives operation in Singapore during the high-pressure culture of 1990s banking. What followed brought down a 233-year-old institution and became one of the most infamous events in modern financial history. But this conversation goes far beyond the headlines.We examine the psychology behind catastrophic risk, the pressure to succeed at a young age, and how ego and fear of failure can quietly distort decision-making. Nick reflects on the culture inside investment banking at the time, the compounding effect of hidden mistakes, and what resilience really means after prison, public scrutiny and rebuilding a life from scratch.For anyone pursuing a career in trading, investment banking or financial markets, this episode offers a rare and candid perspective on ambition, accountability and the true cost of unchecked pressure.Market Maker by AmplifyME brings you conversations with the people who’ve experienced the highs and lows of global financial markets and the lessons they learned along the way.(00:00) The Rogue Trader Story(02:25) Growing Up & First Ambitions(04:36) Entering the City(10:24) Morgan Stanley & Big Bang(14:33) Fast Promotions in Finance(22:44) Joining Barings(25:06) Singapore at 25(29:41) When Pressure Builds(31:57) Managing Without Mentors(34:14) Getting on With Everyone(37:38) Status, Culture & Ego(42:14) Stress Was Off The Charts(42:58) The Losses Spiral(48:35) Ethics & Accountability(52:14) Fear of Failure(55:45) Prison & Resilience

Is AI about to disrupt white-collar jobs, or is this simply a market rotation disguised as panic?Anthony Cheung and Piers Curran break down the so-called “AI scare trade” that hit software, payments and advisory stocks, even as the S&P 500 stayed broadly flat.We unpack the viral 2028 AI thesis from independent research firm Citrini, the sell-off in companies like Salesforce and IBM, and whether hedge funds amplified the move.We also explore the rise of “HALO stocks” and what the latest earnings from Nvidia tell us about AI demand, hyperscaler spending and the next phase of the cycle.A sharp look at market psychology, AI disruption and what’s really driving volatility beneath the headlines.(00:00) AI Scare Trade(02:32) The Catalyst(10:53) HALO Stocks Rotation(17:52) Citrini’s 2028 Thesis(27:27) The Reality Check(31:34) Nvidia Earnings(38:19) Agentic AI Inflection

This week on the AmplifyME Market Maker Podcast, Anthony goes solo to break down three big stories — a $58 billion oil merger, a pulled tech IPO, and private equity’s move into Indian cricket — all tied together by one theme: survival in the age of AI.In energy, Devon Energy and Coterra Energy are merging to focus on efficiency and basin concentration as shale matures.In tech, Blackstone-backed Liftoff Mobile paused its IPO after AI tools like Anthropic’s Claude Cowork cast doubt on the traditional per-seat SaaS model.And in sport, firms including Blackstone, KKR, and CVC are betting on the Indian Premier League, drawn to the scarcity and predictable cash flows of live, un-automatable experiences.From oil to software to sport, this episode explores how capital is repositioning for a world where defensibility and efficiency matter more than ever.(00:00) Intro & Themes in Focus(01:23) Oil Mega-Merger(03:23) AI & The SaaS Shock(05:59) Private Equity Buys Cricket(08:11) The Big PictureWant experience what it would be like to be an M&A adviser? Register for our free M&A Accelerator simulation now!

In this episode of the Market Maker Podcast, Shah Malik shares a masterclass in how to stand out and succeed in finance, regardless of your starting point.Currently finishing his degree at King’s College London and set to join Deutsche Bank full-time, Shah walks through how he broke into investment banking by focusing on execution, networking, and a relentless mindset.From turning retail jobs into winning talking points, to mastering online tests, to building meaningful relationships with senior bankers, this conversation is packed with tactical insights that go way beyond the typical “just network more” advice.Whether you’re targeting spring weeks, summer internships, or full-time roles, Shah’s framework for preparation, performance, and progression is one you’ll want to take notes on.(00:00) Intro – Who is Shah Malik?(01:13) Growing Up Far from Finance(03:30) Discovering Finance Early(06:32) Exploring Banking, FinTech & Consulting(08:09) Mastering the Application Process(10:05) Cracking Online Tests(11:47) How to Convert Internships(14:41) Standing Out in Spring & Summer(16:11) Smart Networking (Without Overstepping)(21:36) Turning Retail Jobs Into Resume Assets(22:54) Linking Customer Service to IB Skills(25:17) Staying Ahead: Habits & Learning(27:02) Dealing with Imposter Syndrome(29:52) Building the Wize Foundation(32:51) Focus on What You Can ControlFind out more about the Wize Foundation

In this episode of the Market Maker Podcast, we break down the major M&A transactions reshaping global markets, spanning banking, asset management, mining, media and artificial intelligence.We begin with Santander’s $12.2 billion acquisition of Webster Bank and examine what this signals about European banks expanding into the United States. We discuss capital efficiency, deposit strategy and the broader shift in global banking power.Next, we analyse Nuveen’s $13.5 billion takeover of Schroders, creating a $2.5 trillion asset management group. We explore consolidation in active management, competitive pressure from passive giants, and what this means for London-listed institutions.We then turn to the mining sector, where merger talks between Rio Tinto and Glencore have once again collapsed. We examine copper’s growing strategic importance in the AI era, valuation disagreements, and the geopolitical complexities surrounding critical minerals.In media, Paramount strengthens its $108 billion hostile bid for Warner Bros Discovery. We break down ticking fees, breakup guarantees and how deal structuring can determine takeover outcomes.Finally, we cover Anthropic’s $30 billion capital raise at a $350 billion valuation and discuss the sustainability of the AI funding race as competition intensifies between OpenAI, Big Tech and emerging players.If you’re interested in mergers and acquisitions, global markets, corporate strategy and the forces shaping capital allocation, this episode provides a structured deep dive into the week’s most important developments.(00:00) Episode Overview(02:42) Santander’s $12BN US Deal(21:20) Nuveen Buys Schroders(36:02) Mining Mega-Merger Fails(45:57) $108BN Media Takeover Battle(53:37) Anthropic’s $30BN Raise

Want to break into finance or understand how global markets really work? In this episode of the Market Maker Podcast, Anthony Cheung speaks with Dr. Lupin Rahman - former IMF economist, World Bank advisor, and senior fixed income portfolio manager - to explore the world of sovereign credit, macro strategy, and global investing.Lupin shares how she transitioned from public sector institutions like the IMF and World Bank to the private markets, what sovereign debt investing involves, and why cultural intelligence matters as much as economic analysis. From assessing political risk in emerging markets to negotiating directly with governments, she gives a rare insider view of the forces shaping global debt markets.She also offers clear, practical advice for students and early-career professionals - including the top trait she looks for when hiring and how to approach finance with curiosity, adaptability, and long-term thinking.Packed with real-world insights and career wisdom, this episode is essential listening for anyone interested in macroeconomics, finance careers, or how markets and policy truly intersect.(00:00) Intro: Dr. Lupin Rahman(02:00) Discovering economics at 10(03:24) Choosing finance over medicine(05:25) IMF, academia, or banking?(07:56) Switching to the private sector(09:11) Career moves through conversation(14:02) UK vs US finance culture(19:12) Policy vs profit: mindset shift(24:10) Stress, merit & diversity in markets(28:16) What is sovereign credit?(31:29) Careers in sovereign debt(35:02) The #1 trait Lupin hires for(39:18) Lupin’s book on sovereign debt***Check out Lupin's new book, 'The Sovereign Debt Investor', a Top 10 book on Amazon, designed to give students and new market entrants a practical introduction to this underexplored area of finance.

Elon Musk just pulled off the biggest merger in corporate history but is the $1.25 trillion SpaceX–xAI deal a stroke of visionary genius, or a financial sleight of hand?In this episode of Market Maker, Anthony and Piers unpack what’s really behind the numbers. Is this bold vertical integration or just a clever way to funnel cash into a billion-dollar-a-month AI burn machine? They dig into Starlink’s role as the cash engine, xAI’s financial reality, and why Musk is using a rare “triangular merger” to shield liabilities.They also break down Musk’s plan for space-based data centers and whether the science (and physics) actually adds up, plus how this all ties into the bigger Muskonomy: Grok, Optimus, robo-taxis, and orbital dominance.You'll also hear how Morgan Stanley, Goldman Sachs, J.P. Morgan, and BofA are circling the biggest IPO in history and what it means for markets, investors, and tech.New episodes drop weekly. Make sure to follow, rate, and share if you enjoy the show.(00:00) SpaceX Acquires xAI(01:57) Biggest Deal Ever?(03:18) Musk’s $1.25T Valuation Math(06:42) What SpaceX Actually Does(07:24) Starlink = The Cash Cow(11:35) xAI = The Cash Drain(12:48) AI Arms Race Spending(16:14) Why This Merger Makes Sense(18:07) Muskonomy: The Bigger Vision(20:28) Google, Amazon & Space Rivals(20:59) The Triangular Merger Trick(23:51) Starlink, xAI & SpaceX Strategy(24:59) Space Data Centers Explained(28:27) Who Owns Space?(29:43) Governments vs Tech Giants(33:05) The Science Problem in Space(38:56) The Underwater Data Center Attempt(41:34) Which Banks Are Involved(48:09) Final Thoughts for the Grad Bankers

What’s it really like to be a trader at a global investment bank?Chloe Shepherd returns to the Market Maker Podcast to pull back the curtain on the trading floor. With nearly a decade of experience at Citi and RBC, she shares the real story - the workflows, pressure, client interactions, and the surprising skills that matter most.We bust common myths about trading, explain the difference between perception vs reality, and break down what makes someone successful in this fast-paced world.Topics include:What traders do day-to-dayTrading floor culture & paceSoft vs technical skillsWhy emotional intelligence mattersAdvice for aspiring tradersIdeal for students, grads, and anyone exploring a career in markets or finance.(00:00) Intro – Chloe returns to the podcast(01:54) Explaining trading to people outside finance(03:58) What is credit repo trading?(05:59) Who are the clients & how big are the trades?(12:32) Where credit repo sits in a big bank(15:24) How to get into a niche trading desk(18:40) Day in the life of a trader(21:22) Reality vs stereotypes of trading culture(23:48) Communication skills & client interaction(26:40) Waitressing to trading: transferable skills(31:01) From history degree to the trading floor(34:15) Why emotional intelligence matters(37:47) How traders build resilience(42:20) Final reflections & advice for future tradersListen to the previous episode with Chloe 'Breaking Barriers: Navigating Social Mobility in Finance'.

This week on the Market Maker Podcast, Anthony and Piers unpack one of the most eventful weeks in global markets and business strategy.Donald Trump nominates Kevin Warsh for Fed Chair. What does this mean for inflation, rate cut expectations, and the sharp reversal in gold and silver?Microsoft and Meta post strong earnings - but only one stock soars. Why did investors rotate out of Microsoft and into Meta, and what role does OpenAI play?Tesla announces a major strategic shift, ending Model S/X production and pivoting toward robotics and robo-taxis. Is this a bold long-term play or a risky execution challenge?Apple delivers a record-breaking quarter but faces investor hesitation amid rising costs and muted AI positioning.A deep dive into ANTA Sports’ $2.2B acquisition of a 29% stake in Puma — and what it tells us about global brand strategy, China’s sportswear ambitions, and geographic arbitrage.Ideal for finance professionals, students, and anyone tracking markets, tech, and M&A trends.(00:00) Fed Chair Shake-Up: Kevin Warsh Named(04:01) Big M&A Moves: Clorox, CVC, Alibaba, Carlyle(06:37) Microsoft vs Meta: A Tale of Two Earnings(09:48) Azure Growth, Copilot Struggles, OpenAI Exposure(15:12) Meta’s AI Spend Pays Off(18:59) Tesla’s Strategic Pivot to Robotics(24:53) CapEx Surge, Optimus, and Execution Risk(31:50) Apple’s Record Quarter & AI Gaps(33:26) ANTA’s Puma Deal: Global Brand Strategy

Trump’s rumored choice for Fed Chair, BlackRock’s Rick Rieder, has suddenly jumped to frontrunner status. In this episode of Market Maker, we break down what his nomination could mean for US interest rates, inflation, and the direction of monetary policy.We also explore why the US dollar is hitting four-year lows, the impact of Trump’s recent comments, and why Japan’s growing debt burden and political risks are putting pressure on the yen.Markets are moving fast - don’t get left behind.Follow the Market Maker podcast for timely and easy to understand insight on central banks, currencies, and global finance.(00:00) Intro to Topics this Week(03:30) Trump’s Fed Pick: Rick Rieder Explained(04:53) Why Trump Wants Rates Cut(06:12) Rieder’s Views on Inflation & Labour(12:25) How Markets May React to a Rieder Fed(16:14) Fed Meeting Recap: Powell’s Latest(18:56) USD Drops: What’s Driving It?(23:05) Is Gold Signaling Crisis?(29:44) Japan’s Debt Problem(35:59) Final Thoughts + What to Watch