Market Maker

Is the AI boom just getting started, or are we witnessing the build-up to another major market bubble?

With markets experiencing renewed volatility, Piers and Stephen go head-to-head to debate the future of artificial intelligence and the global economy. Piers makes the bull case, arguing that accelerating demand, massive infrastructure investment and the rise of AI agents point to a long-term growth story. Stephen takes the bear case, questioning whether the promised productivity gains will ever justify the enormous capital being poured into AI.

From NVIDIA and data centres to circular financing, AI productivity and comparisons with the dot-com bubble, they explore whether this is a genuine technological revolution or a speculative boom heading for a painful correction.

00:00 Piers & Stephen Go Solo

04:06 The AI Bull vs Bear Debate

08:55 The Bull Case for AI

13:46 The Bear Case for AI

17:39 The Economic Risks of AI

25:02 Is AI Delivering Productivity Gains?

31:21 Will AI Replace Jobs?

34:25 Is This the Next Dot-Com Bubble?

Donald Trump's Republicans have suffered a major defeat in the US midterm elections, with Democrats taking control of both the House and Senate. But while markets initially plunged on fears over the future of the AI boom, stocks have staged a remarkable comeback. So why are investors celebrating a result that could derail Trump's economic agenda?

In this episode, Anthony Cheung and Piers Curran break down the market reaction to the Democratic blue wave, explaining why US Treasury yields have fallen, Big Tech stocks are rallying and investors are increasingly viewing political gridlock in Washington as a potential positive for financial markets.

We also explore what the election means for the AI infrastructure boom, including proposed restrictions on data centre construction in Texas, the surge in renewable energy stocks and the implications for oil prices as pressure mounts on Trump over the Iran conflict.

Could a divided US government actually create the perfect conditions for another stock market rally? And with history suggesting equities tend to perform strongly following midterm elections, is this the outcome investors were hoping for?

00:00 Democrats' Blue Wave Victory

02:38 Trump's Midterm Election Defeat

06:17 Can Prediction Markets Beat Polls?

08:55 Why Stock Markets Initially Fell

12:42 Why US Treasury Yields Plunged

16:24 Gold, the Dollar and Copper

17:51 Texas Threatens the AI Boom

22:25 Why Clean Energy Stocks Surged

24:28 Trump, Iran and Oil Prices

28:33 Is This a Goldilocks Market?

32:20 Why Stocks Rally After Midterms

In this episode of the Market Maker Podcast, Anthony Cheung speaks with Rachel Feeley, a student at University College Cork who secured multiple investment banking offers despite coming from a non-target university with no existing industry connections.

Rachel shares practical advice on building a competitive CV, securing spring weeks, networking, preparing for investment banking interviews and converting opportunities into internship offers.

We also explore how to use AI for interview preparation, the importance of communication skills and the five strategies that made the biggest difference to her success.

Whether you're exploring a career in finance or actively applying for investment banking internships, this episode is packed with actionable advice to help you stand out.

Explore AmplifyME's free M&A Finance Accelerator

The 4 stages to becoming a confident speaker

00:00 How Rachel Broke Into Banking

01:06 Why Investment Banking?

04:13 Breaking In From a Non-Target Uni

10:01 Networking That Works

16:15 Building a Standout CV

25:01 How to Ace Banking Interviews

27:40 Using AI for Interview Prep

32:01 Converting Spring Weeks Into Offers

35:55 5 Tips for Landing Banking Offers

43:53 Balancing Uni and Applications

47:00 Where to Start in First Year

Is artificial intelligence threatening the future of management consulting? As AI transforms the industry, firms like McKinsey, BCG, Bain and Accenture face growing questions about their business models, profitability and graduate recruitment.

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett explore how AI could disrupt traditional consulting services, why smaller boutique firms are gaining ground, and whether AI-driven automation will mean fewer opportunities for graduates.

We also discuss what the future of management consulting could look like, which skills will remain valuable, and what students hoping to break into consulting should consider as the industry evolves.

00:00: Will AI Kill Management Consulting?

03:28: Is AI a Threat or Opportunity?

05:36: Accenture: Revenue & Job Cuts

07:59: What Do Consultants Actually Do?

11:01: Could AI Replace Consulting Firms?

16:06: The Rise of Boutique Consultancies

18:45: Are Graduate Consulting Jobs at Risk?

23:21: The Future of Management Consulting

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 have surged 14-fold in just one year, why its improving profit margins are exciting investors and what the numbers tell us about the sustainability of the AI boom.

We also examine Anthropic's unusual five-class share structure, the influence of Amazon and Google, and why public shareholders could have virtually no control over the company's direction.

Finally, we explore whether Anthropic can justify its enormous valuation, the growing risks around AI infrastructure and energy demand, and whether this landmark IPO signals a new chapter for artificial intelligence or another warning sign of an AI bubble.

00:00 Anthropic's $1.75 Trillion IPO

04:10 Who Really Controls Anthropic?

10:05 Anthropic's Five Share Classes

21:20 The Hidden Risks for Investors

27:06 Anthropic's Explosive Revenue Growth

31:16 The Financials & Concentration Risk

38:31 The Truth Behind the $80 Billion Loss

42:34 The $750 Billion AI Spending Bet

47:03 Can Anthropic Become Profitable?

50:24 Is Anthropic Worth $2 Trillion?

54:14 What Happens After the IPO?

56:25 The Biggest Risks to AI Growth

62:31 Is the AI Bubble Overblown?

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 extraordinary 161% revenue growth, the rapid expansion of Starlink and its AI infrastructure business, and the risks behind its enormous $20 billion quarterly capital expenditure.

We also unpack Musk's ambitious Terafab project, his plans to challenge chipmaking giant TSMC, and his extraordinary prediction that SpaceX could generate up to $1 trillion in annual recurring revenue by the end of 2027.

Finally, we explore the financial and strategic logic behind a potential SpaceX–Tesla merger. From autonomous vehicles and humanoid robots to AI data centres in space, could bringing these businesses together unlock Musk's ultimate vision? And perhaps most importantly, how likely is the merger to actually happen?

00:00 SpaceX's Blockbuster Earnings

02:54 The $20 Billion Spending Problem

05:41 Starlink's Explosive Growth

07:52 AI Becomes SpaceX's Biggest Business

11:42 The Hidden Risks in SpaceX's Revenue

15:44 Musk's $1 Trillion Revenue Prediction

21:20 Wall Street & Terafab

26:10 Will SpaceX and Tesla Merge?

28:08 The $3.5 Trillion Merger Explained

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 default swaps (CDS) surging to more than $9 billion a week. We explain how CDS markets work, why borrowing costs are rising and what bond traders might be seeing that stock market investors are missing.

We take a closer look at CoreWeave, one of the biggest players in AI cloud infrastructure, where soaring debt costs have raised questions about the sustainability of its business model. Could rising borrowing costs trigger a wider crisis across the AI ecosystem, even as demand for computing power continues to accelerate?

Finally, we examine whether today's AI boom is following the same path as the dot-com bubble, why upcoming earnings from the technology giants could prove critical and what investors should watch for as the AI investment cycle enters its next phase.

00:00 Is the AI Bubble About to Burst?

01:23 Why AI Debt Is Raising Alarm Bells

04:11 The $466 Billion AI Debt Boom

06:54 Credit Default Swaps Explained

11:57 How Traders Hedge Against AI Risk

15:11 The AI Risk Pyramid

16:44 Big Tech's Growing Debt Problem

21:32 Why CoreWeave Is Under Pressure

25:07 How CoreWeave's Business Model Works

29:13 Could Rising Debt Costs Trigger a Crisis?

31:22 Is This Another Dot-Com Bubble?

36:07 What Happens Next for the AI Boom?

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, and why rising interest rates are forcing firms to rethink their investments.

We unpack the financial engineering behind leveraged buyouts, the strategy behind the Boots acquisition, and what it all means for the future of Britain's high street.

Is private equity helping or hurting the brands we know and love? Let us know in the comments.

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00:00 The UK High Street Shake-Up

00:58 HSBC Banker's Train Fare Scandal

04:15 Starbucks & Chipotle Merger Rumours

07:03 Starbucks' Hidden Money Machine

13:07 The CEO Who Transformed Chipotle

20:43 Boots' £6.7BN Takeover

24:04 Inside the Private Equity Deal

31:18 Meet the Billionaire Weston Family

39:10 Private Equity's High Street Takeover

42:07 Pizza Express Private Equity Journey

48:23 Why Rising Interest Rates Matter

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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 Goldman Sachs is benefiting from the SpaceX IPO, and how rising bond yields and volatile stock markets are creating very different fortunes across investment bank trading desks.

We also unpack BlackRock's extraordinary $15.5 trillion in assets under management, its expansion into private credit and the hidden power of its Aladdin technology platform. Meanwhile, Morgan Stanley's wealth management business is booming, fuelled by newly wealthy SpaceX shareholders and the prospect of the largest intergenerational wealth transfer in history.

Finally, we ask which financial giant has the stronger long-term business model: JPMorgan or BlackRock? And with inflation rising, interest rates under pressure and the AI investment boom facing a crucial earnings season, what could come next for Wall Street?

00:00 How Wall Street Makes Money

01:07 Wall Street Earnings & Inflation

06:43 Is the AI Boom at Risk?

11:28 Why Bond Trading Is Struggling

15:58 JPMorgan's $100bn Money Machine

20:49 The Great Mortgage Risk

26:14 Goldman Sachs & SpaceX

29:33 Anthropic's IPO Plans

34:15 BlackRock's $15.5 Trillion Empire

42:43 Roles in Asset Management

46:30 Morgan Stanley's Wealth Boom

53:36 JPMorgan vs BlackRock: Who Wins?

If you’re a regular listener to the show, please take a few mins to fill in our podcast survey. Your input will help us make the show even bigger and better in 2027! Thank you 🙏

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 explain how deals are pitched, structured, negotiated and ultimately completed.

We explore how investment banks compete for lucrative advisory mandates, the difference between buy-side and sell-side transactions, and how companies are valued and marketed to potential buyers. Along the way, we unpack the jargon of M&A, from beauty parades and confidential information memorandums (CIMs) to due diligence, letters of intent and sale and purchase agreements.

Using Schneider Electric's $22.6 billion acquisition of PTC as a real-world example, we reveal the roles of bankers, lawyers and private equity firms throughout the dealmaking process, offering a practical guide for anyone looking to break into investment banking or better understand how major corporate transactions work.

00:00 Introduction to M&A Deals

06:26 How Banks Win M&A Mandates

12:59 Investment Banking Bake-Offs

15:29 Why Banks Share M&A Deals

20:23 How M&A Advisory Fees Work

23:24 Conflicts of Interest & Compliance

28:31 Preparing a Company for Sale

33:20 Teasers & Confidentiality Agreements

36:30 The Role Of Lawyers

38:25 Inside the M&A Data Room

40:35 Bidding Wars & Due Diligence

45:11 Choosing the Winning Bid

46:04 Final Negotiations & Closing

49:06 Deal Toys & Banking Traditions

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M&A Jargon Explained

M&A (Mergers & Acquisitions): The process of companies buying, selling or combining businesses.

Buy-Side Mandate: When an investment bank advises a company looking to make an acquisition.

Sell-Side Mandate: When an investment bank advises a company looking to sell.

Beauty Parade / Bake-Off: A competitive pitching process where investment banks compete to win an advisory mandate.

Teaser: A short, anonymous summary of a business being marketed for sale.

NDA (Non-Disclosure Agreement): A legal agreement protecting confidential information shared during a deal.

CIM (Confidential Information Memorandum): A detailed document outlining a company's operations, financials and growth prospects for potential buyers.

Data Room: A secure online platform containing confidential documents for prospective buyers.

IOI (Indication of Interest): An initial, typically non-binding expression of interest in acquiring a business.

Due Diligence: The detailed investigation of a company's finances, operations, legal obligations and risks before acquisition.

LOI (Letter of Intent): A document outlining a prospective buyer's proposed terms for an acquisition.

Pre-emptive Bid: An early offer designed to secure a deal before the competitive bidding process finishes.

Exclusivity Period: A period when the seller agrees to negotiate with one preferred buyer.

SPA (Sale and Purchase Agreement): The legally binding contract setting out the terms of an acquisition.

Deal Tombstone: A commemorative desk ornament celebrating a completed transaction.