In this M&A edition of Market Maker, Anthony and Piers break down Medline’s potential $5 billion IPO, the biggest of the year, and what it signals for private equity exits and the 2026 deals landscape.

They also explore Amazon’s bold entry into the AI chip race with Tranium 3, how it stacks up against Nvidia and Google, and what it means for cloud dominance. Plus, OpenAI hits the panic button as Google’s Gemini and Anthropic’s Claude rapidly gain ground.

(00:00) Medline’s $5B IPO

(08:52) ECM Process

(12:45) Bank Rankings Shuffle

(20:06) Amazon’s AI Chip

(28:09) Cloud Wars Heat Up

(32:04) OpenAI’s Code Red

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