Market Maker

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 revisit the Liz Truss crisis to explain how bond markets forced a government into retreat, why today's starting point may be even more challenging, and whether Burnham's regional growth agenda can survive higher borrowing costs.

Along the way they explain bond vigilantes, the importance of the Chancellor, why markets care about fiscal credibility, and the sectors that could emerge as winners and losers from the new government's plans.

Whether you're investing, preparing for finance interviews, or simply trying to understand how politics moves markets, this episode explains the mechanics behind one of the biggest stories in the UK economy.

(00:00) Andy Burnham becomes Prime Minister

(01:58) The Liz Truss crisis explained

(03:42) Bond vigilantes and government borrowing

(08:34) Why today's bond market is different

(10:32) Burnham's first economic policies

(13:44) Can the government afford these promises?

(17:25) Meet the new Chancellor, John Healy

(19:36) Winners and losers for investors

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 business divisions to unlock value, and what the transaction means for the future of UK broadcasting.

They also analyse Reformation's upcoming IPO, using it as a case study to explain direct-to-consumer brands, private equity exits, consumer investing and why some retail companies become stock market winners while others collapse. Along the way, they compare brands including Nike, Lululemon, Abercrombie and Allbirds, discuss what makes an attractive IPO candidate, and explain how investment banks position companies before going public.

Whether you're preparing for finance interviews, working in markets, or simply want to better understand the biggest business stories shaping the economy, this episode breaks down the commercial awareness behind the headlines.

(00:00) England Exit

(02:29) ITV Sold to Sky

(06:37) The Deal Advisers

(08:03) Comcast Explained

(16:07) ITV Business Model

(19:53) The Role of Banks

(30:07) Reformation IPO

(33:58) The Numbers

(40:17) Nike vs Abercrombie

(45:33) PE Exit Strategy

(52:08) IPO Boom

(53:54) Final Prediction

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 Piers Curran break down what drove the blockbuster earnings from Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi, why AI has become the biggest force behind investment banking, trading and capital markets, and whether today's record profits could be borrowing growth from tomorrow.

They also analyse June's US inflation report, why the biggest monthly decline in CPI since 2020 isn't quite as straightforward as the headlines suggest, and what it means for Federal Reserve interest rate expectations.

Finally, they revisit the biggest IPO of the year. After surging in its first few days of trading, why has SpaceX fallen back to its IPO price? From index fund buying and green shoe options to lock-up periods and insider selling, they explain the market mechanics that most investors never hear about.

If you want to better understand what's driving global markets and how professionals think about the biggest financial stories each week, this episode is for you.

(00:00) Wall Street's Record Quarter

(02:55) Why Banks Made So Much Money

(10:15) Morgan Stanley's Hidden Winner

(15:24) Is This As Good As It Gets?

(19:00) AI's $1 Trillion Spending Boom

(25:14) US Inflation Cools

(31:14) Why SpaceX Is Falling

(35:10) Green Shoe Options Explained

(38:36) SpaceX Lock-Up Risks

(42:16) One IPO, Every Bank Wins

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 mergers & acquisitions from a real live transaction.

Along the way they explain key airline metrics such as ASK, RASK and CASK, discuss why airlines are notoriously difficult businesses to run, and reveal why the value of airport slots and aircraft fleets matters so much to investors.

Whether you're preparing for investment banking interviews, building your commercial awareness, or simply curious about how billion-pound acquisitions happen, this episode provides a practical insight into corporate finance using one of the UK's most recognisable companies.

(00:00) Why easyJet a Takeover Target

(01:38) The £5.7bn Bidding War Explained

(09:58) Why Private Equity Wants easyJet

(15:10) How Airlines Are Really Valued

(19:50) ASK, RASK & CASK Explained

(20:49) Why easyJet Looks Undervalued

(29:27) Breaking Up the Business

(34:05) Why Airlines Are Difficult to Run

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 tearing up the old central bank playbook in favour of real-time data over legacy models, and we ask whether that's smart evolution or a risky departure.

Finally, Apple's $30 billion deal with Broadcom: is this genuine supply chain strategy or a political shield against Trump's tariffs, and what it really means for iPhone battery life, AI processing, and data privacy going forward.

(00:00) Intro

(01:36) Iran-US Tensions Explained

(08:05) Oil Traders vs. Macro Markets

(10:42) Fed Minutes Breakdown

(16:10) How the Fed Actually Decides

(23:30) CPI Basket Explained

(28:54) Fed Goes Quant

(33:08) Apple's $30bn Broadcom Deal

(39:18) Apple, AI, and Data Privacy

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 largest flotation and Wayve's role in the London Stock Exchange's new private markets initiative, we explain what these deals reveal about investing, venture capital, AI and the future of capital markets.

Whether you're preparing for investment banking interviews, working in finance, or simply want to understand the biggest business stories of the week, this episode gives you the context behind the headlines in a clear and practical way.

(00:00) Coming Up

(02:54) OpenAI's 5% US Government Deal

(10:06) OpenAI IPO Delay Explained

(13:52) Bending Spoons IPO

(23:19) Lime IPO Explained

(29:28) Oman's Fertilizer IPO

(35:22) London's New Private Market

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 podcast about cycling. It's about the mindset behind sustained success and how anyone can apply those lessons in their career.

Together they explore how to deal with rejection, overcome self-doubt, recover from setbacks and stay focused on long-term goals. Whether you're preparing for interviews, working in investment banking, trading, or simply looking to become more resilient in your professional life, this episode is full of practical insights that can be applied immediately.

If you've ever wondered what separates those who thrive under pressure from those who give up, this is an episode you won't want to miss.

(00:00) Introduction

(01:30) James Golding's Story

(06:20) Why Cycling Changed Everything

(10:33) Cycling Across America

(14:28) Building Resilience

(24:12) Small Wins Matter

(28:35) The Power of Reflection

(32:21) Overcoming Self-Doubt

(35:30) Performing Under Pressure

(41:52) Why Your Team Matters

(50:05) Dealing with Rejection

(55:46) Tour de France Challenge

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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 years of private equity ownership led to one of the UK's biggest corporate challenges. Finally, we analyse Snap's dramatic decline from a $130 billion company to under $10 billion, why its founder-led governance matters, and whether its bet on augmented reality glasses can ever pay off.

(00:00) Coming Up

(02:32) Goldman Sachs Hits $1 Trillion

(06:08) M&A League Tables 1H26

(09:08) IPO Markets Returns

(17:29) What Next for M&A

(19:11) Thames Water Explained

(24:32) Special Administration Regime

(32:27) Can Thames Water Be Saved?

(36:54) Snap's $120B Collapse

(40:07) The Founder Control Problem

(45:24) Does ESG Still Matter?

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 what that tells us about who's really winning the AI race and why it's no longer the Mag 7.

Finally, Keir Starmer is out. UK gilt yields broke above 5% for the first time in decades before falling back sharply. We explain why markets rallied on the news and what Andy Burnham as Prime Minister means for U.K. bond markets.

(00:00) Introduction

(00:22) SpaceX Post-IPO Sell-Off

(05:15) Mag 7 vs Semiconductors

(12:27) Oil, Iran & the Fed's Hawkish Turn

(15:45) Micron's Blowout Earnings

(22:18) SpaceX's $25bn Bond Deal Explained

(31:29) Keir Starmer Resigns UK Market Reaction

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 billion acquisition target in just a few years, why investors pushed SpaceX above a $3 trillion valuation following the announcement, and what the deal reveals about AI, venture capital, corporate finance and Elon Musk's long-term vision.

The discussion also explores the unique economics of highly valued companies, how acquisitions can accelerate growth, and why the world's biggest technology firms are racing to secure AI talent and infrastructure.

Plus, a look at Fox's $22 billion acquisition of Roku and the latest developments in UniCredit's ongoing pursuit of Commerzbank.

(00:00) Intro

(01:45) SpaceX & Cursor Deal

(04:38) SpaceX Valuation Debate

(09:08) Deal Structure Explained

(15:33) Shareholder Structure

(18:18) Who is Cursor

(21:16) Cursor Founders

(22:44) The MIT Startup Ecosystem

(29:42) Fox Buys Roku

(36:26) M&A Psychology

(40:13) UniCredit vs Commerzbank

(42:32) Orcel's Takeover Strategy