Market Maker

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

Anthony flies solo to unpack the biggest stories in markets and M&A this week. First, a deep dive into the €25B Amsterdam IPO of Czechoslovak Group (CSG), a Czech defense giant capitalizing on Europe’s surging military spend. Discover how a 33-year-old CEO is leading one of the region’s most consequential listings amid geopolitical shifts. Then, we break down Netflix’s bold all-cash move in its battle for Warner Bros., and how earnings guidance is reshaping investor sentiment. Plus: key headlines from Soho House to GSK and mega-mergers in rail and insurance. All in under 25 minutes.(00:00) Flying solo this week & episode overview(01:18) Soho House $2.7B take-private deal(01:49) Boston Scientific $15B acquisition of Penumbra(02:10) GSK $2.2B purchase of RAPT Therapeutics(03:11) Union Pacific & Norfolk Southern $71.5B merger(03:52) Zurich Insurance £7.67B bid for Beazley(04:21) Deep Dive into CSG’s €25B Amsterdam IPO(07:17) From scrapyard to global defense giant(09:42) Why CSG is listing now(11:06) Europe’s defense boom(14:04) Another IPO: Franco-German tank maker KNDS(15:00) Netflix’s revised all-cash bid: Strategy explained(17:00) Netflix Q4 earnings breakdown: Subs, ads, guidance

Why would a US president want to buy Greenland? In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran unpack the real story behind Trump’s controversial push and it’s far deeper than most headlines suggest.You’ll learn:Why Greenland is a military and surveillance goldmineThe untapped rare earth minerals and their role in AI and EVsHow China dominates the supply chain and why the US wants to catch upThe $2–$4 trillion resource potential hidden beneath the iceTrump’s strategic use of tariffs, timing, and the art of the dealWhat this move means for US elections, Europe, and global power shiftsFrom missile defense to minerals to midterms, this is one of the boldest plays on the world stage right now.Subscribe and follow for more episodes breaking down markets, politics, and power plays shaping our world.(00:00) Intro – Why Greenland?(02:44) National Security & The Golden Dome(05:05) The GIUK Gap Explained(08:21) Rare Earths 101(13:12) China’s Rare Earth Dominance(14:27) Greenland's Mineral Reserves(16:37) Oil, Water & Hydropower Value(21:02) Is Greenland for Sale?(24:39) Trump's Deal Structure(27:25) New Arctic Shipping Routes(29:01) Political Strategy & Midterms(31:25) Defense Jobs & Voter Optics(33:36) Race Against the Clock(34:45) National Security Framing(35:40) Corporate Pressure in Europe(37:07) Final Thoughts & Wrap-Up

Not sure whether investment banking, equity research, or global markets is the right fit for you?In this episode, Anthony Cheung is joined by former Goldman Sachs equity research analyst Silvia Magni to break down what these three front-office roles really involve. They cover responsibilities, hours, how each division makes money, skills required, and who each job suits best.Whether you're targeting a summer internship or a full-time role, this episode is your all-in-one guide to understanding the major divisions in investment banking.Episode highlights:What it's like to work in IBD vs equity research vs marketsThe surprising differences in working hours and pressureCommon myths and what recruiters really look forHow AI and information overload are changing the skill setTips on choosing the right division for your personality(00:00) Intro: Finding Your Fit in Finance(01:24) Investment Banking Division (IBD) Explained(02:30) Equity Research: What It’s Really Like(05:38) Jargon Buster for Division Names(06:19) Global Markets Roles Overview(09:08) Revenue Models: How Banks Make Money(13:00) Working Hours & Lifestyle Differences(18:01) Must-Have Skills for Investment Banking(21:20) AI, Info Overload & the Skill Shift(22:24) Key Skills for Markets Professionals(26:33) Transferable Experience in Sales(27:43) Equity Research: The Hidden Middle Ground(30:49) Summary: Side-by-Side Role ComparisonJoin our next free 2-hour simulation in Markets or Banking.

Anthony and Piers return to break down a busy start to 2026. They cover Wall Street’s Q4 earnings, where Morgan Stanley shines amid a wave of tech-led bond issuance, while J.P. Morgan and Goldman show mixed results.They also dig into Trump’s proposed cap on credit card interest, his DOJ probe into Fed Chair Powell, and the implications for central bank credibility. Oil markets react to rising tensions in Iran and developments in Venezuela, while the latest US inflation data shows progress but risks remain.Plus, why 2026 GDP growth could surprise to the upside if inflation and wage pressures stay in check.(00:00) Intro and Overview of Key Topics(01:36) Bank Earnings: A Mixed Bag(03:39) Morgan Stanley DCM Boom(11:01) BlackRock $14 Trillion AUM(14:09) Trump's Proposed Credit Card Cap(18:19) Powell and the Fed Investigation(22:16) Geopolitics: Iran and Venezuela(27:59) CPI Trends and Economic Outlook(32:11) Wage Price Spiral

2026 could be a historic year for the IPO market with over $3.6 trillion in expected valuations hitting the public stage. In this episode, we break down the hottest and most talked-about names in the pipeline: SpaceX, OpenAI, Anthropic, Stripe, Revolut, Canva, Databricks, and TikTok US.We discuss what makes SpaceX such a unique and defensible business, why OpenAI’s losses and leadership noise might be red flags, and how Anthropic is quietly building a much more sustainable AI model. Plus, the strategy behind Stripe’s long-awaited listing, Revolut’s super-app ambitions, Canva’s AI monetisation push, and the jaw-dropping TikTok U.S. deal that could become one of the biggest financial giveaways of all time.We also dive into who’s really making money here with banks like Morgan Stanley, J.P. Morgan, and Goldman Sachs all fighting for billion-dollar fees.Bullish or bearish, overhyped or undervalued, this is our full take on the biggest IPOs to watch in 2026.(00:00) 2026 IPO Landscape Overview(02:07) SpaceX: Trillion Dollar Debut(11:59) OpenAI: Timing and Challenges(16:02) Anthropic: A Different Approach(21:12) ByteDance and TikTok: The Crony Bonanza(25:31) Databricks: Data Intelligence Platform(28:45) Stripe: Payments Powerhouse(31:26) Revolut: Challenger Bank(33:37) Canva: Design Tool with Potential

Traditional finance recruitment is at a breaking point. With a 0.7% acceptance rate at major banks and 90% of applicants using AI to "game" the system, the CV has become a redundant data point.In this episode of the Market Maker Podcast, Chief Content and Culture Officer Anthony Cheung and Lara Montefiori, VP of Product, discuss how to solve the "AI Volume Crisis." They explore why traditional methods fail and how simulation-based assessments provide a "work sample" that identifies genuine potential through behavioral data.Key Insights:The Volume Problem: Managing 600,000+ applications effectively.The Validity Gap: Why traditional tests have less than 25% predictive validity.The Simulation Solution: Using behavioral trace data to see how candidates handle real-world mistakes and market volatility.Selection Rigor: Applying elite selection frameworks (like the SAS) to early-career finance.About AmplifyME: We help financial institutions move beyond the resume to identify real-world ability through simulation technology.Contact the team at www.amplifyme.com(00:00) The Finance Hiring Crisis (03:35) How AI is Breaking CVs (08:39) Simulations for Assessments(14:23) Genuine Talent Identification(18:12) Building a Talent Ecosystem(24:19) How the Product Works(29:45) Validation & Reliability(30:27) AmplifyME Product Vision

In this episode, Anthony Cheung is joined by Harvey Bracken-Smith, founder of the Personable podcast and incoming Goldman Sachs summer intern, to unpack his remarkable journey from a small island in Jersey to Eton, Duke University, and beyond. Harvey shares insights on overcoming imposter syndrome, the power of consistency, building a personal brand, and how he’s managed to interview billionaires, CEOs, and Olympic athletes before the age of 21. He also opens up about the importance of family, dealing with personal loss, and why his mantra is simply: Why not you?Whether you're navigating university, career uncertainty, or starting your own venture, this is a masterclass in mindset, grit, and taking action.(00:00) From Jersey to Wall Street(02:00) Eton Reality Check & Choosing the US Over the UK(07:51) Lifestyle & Opportunity: UK vs US vs Australia(15:59) Launching the Podcast: Purpose Over Prestige(21:30) Consistency Greater Than Talent(24:34) How to Land Guests: Confidence & Cold Approaches(31:11) The Secret Characteristic of Success(36:37) Handling Rejection: From 1,000 Emails to One "Yes"(45:45) What Actually Gets You Hired in Finance(50:30) Final Message: Why Not You?

In this final Market Maker markets episode of the year, Anthony and Piers deliver a global recap of 2025’s biggest winners, losers, and trends. From the AI-driven tech shake-up and Wall Street’s banking boom to the surprise surge in Spain’s stock market, they break down the key moves. Looking ahead to 2026, will inflation, a Fed leadership transition, or even a ‘Great AI Energy Blackout’ derail the bull run? Listen in for clear insights, easy-to-follow strategy, and a few surprising predictions.(00:00) Intro & 2025 in Review(03:50) US Equity Sectors(05:08) Hyperscalers Dominant (14:41) AI Investment Ecosystem(21:01) Data Integration vs SaaS Stocks(22:45) Financials Stage a Comeback(30:18) Value Rotation(33:59) Healthcare Divisions(42:52) Highlights in Fixed Income(46:52) Gold Shines while Oil Slumps(49:54) The End of the US Dollar?(53:19) Outlooks for US Stocks in 2026(59:22) Potential Risks(1:02:38) Black Swan Event

What does it really take to make the leap from analyst to portfolio manager at one of the world’s largest asset managers? In this episode, we sit down with Ji Young Park, Senior Portfolio Manager at Amundi, to explore her two-decade journey in the investment world. Ji shares what the role of a PM truly entails, from navigating decision-making under uncertainty to balancing technical expertise with interpersonal communication. We discuss how to know when you're ready to make the transition from analyst to portfolio manager, and why tracking your investment ideas early in your career can be a powerful tool for growth. Ji also offers candid reflections and advice for aspiring female leaders and underrepresented professionals in finance, making this a must-listen for anyone aiming to break into or grow within the asset management industry.(00:00) Intro(00:54) What a Portfolio Manager really does(03:47) Getting comfortable with being wrong(09:18) The analyst-to-PM path(15:38) Managing stress & work-life balance(19:15) DEI in finance today(24:57) Breaking into asset management(28:42) Mentor-mentee relationships that work

It’s our most anticipated episode of the year! Stephen Barnett returns to grade our 2025 predictions and lay out the playbook for 2026.We break down the massive $4.2 Trillion year in M&A, analysing why deal volume dropped while deal value skyrocketed. We also do a deep dive into the "Indigestion" facing Private Equity, with 50,000 businesses owned and nowhere to sell them, and why Private Credit is starting to look dangerously like the "Big Short" era of 2008.Plus, we reveal our Company of the Year (hint: it’s a comeback story) and our Person of the Year (is it Jensen Huang or... Michael Burry?).(00:00) Grading our 2025 Predictions (S&P, Nvidia, Bitcoin)(04:58) $4.2 Trillion in Deals (Goldman vs. J.P. Morgan)(09:38) The Rise of Boutique Banks & Size Matters(14:25) Private Equity "Indigestion"(17:52) Will Lower Rates Save Private Equity?(21:05) Is Private Credit a Bubble?(25:20) "Rating Shopping" & The Cockroach Theory(31:10) 2026 Crystal Ball: Tailwinds vs. Headwinds(35:05) Company of the Year: Google goes "Beast Mode"(40:58) Person of the Year: Jensen Huang vs. Michael Burry(44:53) The 2026 Prediction: OpenAI Gets Acquired?

In this episode, Anthony speaks with Ela Saruhanoglu, an LSE Management student who secured a full-time investment banking role at J.P. Morgan for 2026 after converting her summer internship. Despite not having a traditional finance background or spring week, Ela shares how she built technical skills from scratch, leveraged curiosity, used productivity hacks, and developed a mindset that set her apart.(00:00) Ella’s Journey to J.P. Morgan(01:21) Why Finance?(04:39) Learning Technicals(06:18) Purposeful Productivity(11:14) Balancing Uni & Applications(13:54) No Spring Week, No Problem(17:01) Preparing Ahead of Time(20:25) Managing Imposter Syndrome(24:05) Internship Tips: Visibility, Mindset, Speed(26:35) Knowing You Why