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

21 stages of the Tour de France in just 12 days - DONATE

James Speaker enquiries - [email protected]

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

In this episode, we shine a spotlight on Debt Capital Markets, a crucial yet often overlooked business function within major investment banks like J.P. Morgan, Bank of America, and Citi.

Join us as we demystify DCM, explaining its unique role within investment banking divisions and the essential personality traits that make individuals well-suited to this area of finance.

From structuring bond offerings to advising clients on debt issuance strategies, DCM professionals play a vital role in facilitating capital raising for corporations and governments worldwide.

Get ready to dive deep into Debt Capital Markets and uncover fresh insights into the ever-evolving world of finance.

(00:00) What is DCM?

(05:50) Working in DCM

(08:36) Skills of DCM Analyst

(13:48) DCM Progression

(14:59) Salary Progression

Artificial intelligence is rapidly changing investment banking, but what does that actually mean for M&A professionals and students looking to break into the industry?

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett explore how AI is being used across mergers and acquisitions, from deal sourcing and due diligence to financial modelling and research. They discuss the rise of specialist finance AI tools such as Rogo, why private equity firms are embracing AI, the risks around automation, and whether junior investment banking roles could look very different in the years ahead.

Most importantly, they examine the skills that will become more valuable as AI reshapes finance careers, including communication, judgment, adaptability and relationship building.

If you're interested in investment banking, private equity, AI in finance, or the future of financial services careers, this episode is for you.

(00:00) How AI Is Changing M&A

(01:49) What M&A Bankers Actually Do

(04:49) Private Equity AI Integration

(06:54) AI Adoption Across Finance

(13:16) Where AI Adds The Most Value

(19:13) Beyond Financial Modelling

(26:38) Who Is Using AI Most?

(28:50) Rogo, Claude & AI Tools

(36:14) The Risks Of AI

(38:52) The Future Of Investment Banking

(42:40) Skills AI Can't Replace

(49:03) Final Thoughts On AI & Careers

The SpaceX IPO has captured the world's attention, but away from the headlines there are some major macroeconomic developments investors should be watching.

In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran break down the latest US inflation report, discuss whether the Federal Reserve may avoid further rate hikes despite inflation rising to 4.2%, and analyse why the European Central Bank has become the first major Western central bank to raise rates in response to the recent energy shock.

They also explore the growing political risk in the UK, where a little-known by-election could have significant implications for bond markets, government borrowing costs and the future of Prime Minister Keir Starmer.

Plus, the pair give their predictions on where SpaceX shares could trade after one of the most anticipated IPOs in market history.

(00:00) Intro & Themes in Focus

(01:41) SpaceX IPO Mania

(06:05) US Inflation Hits 4.2%

(14:50) Will The Fed Hike?

(20:11) ECB Hikes Rates

(32:36) The UK By-Election Risk

The AI IPO race is heating up.

In this episode of the Market Maker Podcast, we break down the latest developments surrounding the SpaceX IPO and OpenAI’s confidential S1 filing to the SEC.

We discuss Goldman Sachs’ huge growth forecasts for SpaceX, the surge in retail investor demand, and why Elon Musk may be positioning SpaceX as one of the biggest AI infrastructure plays in the world.

We also dive into OpenAI’s reported internal tensions ahead of its IPO process, including concerns around governance, leadership and whether the company is truly ready to go public.

If you're interested in AI, investing, IPOs, venture capital or the future of technology companies, this episode gives you a practical breakdown of what’s happening behind the headlines.

(00:00) Intro

(01:03) SpaceX IPO Update

(08:39) Bankers Selling the Vision

(10:35) Retail Demand & Hype

(14:20) OpenAI Files for IPO

(18:57) OpenAI’s Internal Issues

(22:59) Why CEO/CFO Tension Matters

(24:57) Goldman & Morgan Stanley

The SpaceX IPO is becoming one of the most fascinating corporate events in modern financial history.

This week on Market Maker, we unpack the latest updates from SpaceX’s live IPO roadshow, including Elon Musk’s influence over the process, Goldman Sachs’ strategy, retail investor demand and the unusual decision to lock the IPO price before bookbuilding even began.

We also explain Anthropic’s IPO filing, why the AI race with OpenAI is accelerating and how Berkshire Hathaway quietly built one of the most powerful business models in the world after its latest $6.8 billion acquisition.

A must-watch episode for anyone interested in investing, IPOs, AI, business strategy and how modern financial markets really work.

(00:00) SpaceX IPO Roadshow

(06:15) S&P Rejects SpaceX

(11:29) Why Banks Are Winning

(19:19) Anthropic Files To IPO

(27:58) Anthropic vs OpenAI

(33:08) Berkshire Hathaway Explained

(39:22) Buffett’s Secret Strategy

(46:40) Berkshire’s Next Move