Market Maker

AmplifyME

The AmplifyME Market Maker Podcast makes finance fun and easy to understand. Hosted by LinkedIn Top Voice Anthony Cheung and trader-turned-founder Piers Curran, each week they break down the biggest market stories and trends shaping the global economy. Get real insight, boost your commercial awareness, and learn how markets really work, with top guests from leading banks, hedge funds, and asset managers sharing their career journeys and invaluable advice.

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20 episodes
Updated Monday

Episodes20

Newest first

Monday · 54 min
The AI Investment Playbook: Who Wins Next & Where the Money Goes
Artificial intelligence is changing the world, but who will actually make the money? In this episode of the Market Maker Podcast, we explore the AI investment ecosystem to understand where value is really being created. From OpenAI and Anthropic to Nvidia, Apple, Microsoft, Alphabet and Amazon, we break down the business models, investment strategies and competitive dynamics shaping the next phase of AI. Rather than focusing on the technology itself, we ask the questions investors should be thinking about. Is the AI boom sustainable? Which parts of the ecosystem are most likely to capture the profits? Could today's winners become tomorrow's losers? And what does all of this mean for investors, businesses and young professionals building careers in an AI-driven economy? If you're interested in investing, business strategy, financial markets or technology, this episode provides a practical framework for understanding one of the biggest investment themes of our time. If you enjoyed the episode, don't forget to like, subscribe and let us know in the comments: Who do you think will be the biggest winner in AI over the next five years? (00:00) The AI Investment Story (01:13) How Big Is the AI Opportunity? (07:06) Is AI Becoming Another Dot-Com Bubble? (09:30) OpenAI, Anthropic & The AI Labs (20:54) Is Being First Mover an Advantage? (22:30) Hyperscalers: Microsoft, Google, Apple & Amazon (32:09) Apple's Surprisingly Different AI Strategy (37:11) Nvidia & The Picks-and-Shovels Trade (43:08) Are AI Data Centres Becoming a Bubble? (49:12) Who Really Wins From AI? (51:49) The Skills That Will Matter Most in an AI World
Thursday · 19 min
The World of Corporate Banking Explained
In this episode, Stephen discusses the often misunderstood field of corporate banking, highlighting its significance within the financial services industry. He explains the core functions of corporate banking, the career paths available, and the technical skills required for success in this area. Whether you're considering a career in corporate banking or just want to understand its impact, this episode is packed with valuable insights! (00:00) Welcome Back and Introduction (02:57) Understanding Corporate Banking Functions (04:56) Corporate Banking vs M&A pay comparison (09:49) Skills needed to excel in Corporate Banking (13:58) The Profile of a Successful Corporate Banker (17:37) Recruitment in Corporate Banking
July 27 · 43 min
The Hidden Business of Sport: Why NFL Teams Are Worth Billions
Why would anyone spend $9.6 billion buying an NFL team? This week, Anthony Cheung and Stephen Barnett break down the record-breaking sale of the Seattle Seahawks and explain why owning a sports franchise has become one of the world's most attractive investments. From guaranteed TV revenues and billion-dollar media rights to stadium economics, private equity, and surprising tax advantages, they unpack the business model that has transformed NFL franchises into some of the most valuable assets on the planet. Along the way, they compare the NFL with European football, explain why scarcity drives valuations, explore the role of concerts and live events, and reveal why billionaire investors continue to compete for sports teams despite eye-watering price tags. If you're interested in finance, investment banking, private equity, M&A or simply want to better understand how billion-dollar businesses really work, this episode is for you. (00:00) Why NFL Teams Cost Billions (03:46) The Seahawks Sale (06:52) Sports M&A (08:04) The Auction Process (09:14) Why NFL Teams Win (14:12) Celebrity Team Owners (17:25) Inside the NFL Business (22:11) TV Money & Scarcity (24:00) Most Valuable Teams (26:40) Stadium Economics (32:58) The Tax Loophole (38:26) Interview Takeaways (41:09) Private Equity's Move
July 23 · 23 min
What Does Andy Burnham Mean for the Economy & Markets?
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
July 20 · 54 min
Sky Buys ITV for £1.6BN | Reformation's IPO Explained
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
July 16 · 44 min
The AI Bubble Is Powering EVERYTHING (Bank Earnings, US CPI, SpaceX)
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
July 13 · 39 min
Why Private Equity Wants to Buy easyJet | How Investment Bankers Value Airlines
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
July 9 · 42 min
US-Iran Ceasefire Unravels, the Fed's New Playbook and Apple's $30bn Broadcom Deal
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
July 6 · 42 min
OpenAI IPO Delayed? Lime Bikes & the Biggest IPO Stories Explained
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
July 2 · 57 min
How to Build Mental Toughness and Resilience | James Golding Cancer Survivor, Endurance Cyclist & World Record Holder
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 - info@onestepatatimeuk.com
June 29 · 49 min
Goldman Sachs Breaks M&A Records | Investment Banking Boom | Snap's $120B Collapse
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?
June 26 · 38 min
SpaceX $25 Billion Bond Deal, Micron Earnings & UK Political Crisis Explained
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
June 22 · 44 min
Why SpaceX Paid $60 Billion for AI Startup Cursor
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
June 18 · 16 min
Debt Capital Markets (DCM) Explained
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
June 15 · 50 min
How AI Is Changing Investment Banking Jobs | The Future of M&A Careers
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
June 12 · 43 min
US CPI, ECB Rate Hikes & The Political Risk Facing UK Markets
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
June 10 · 26 min
OpenAI’s IPO Filing Explained | SpaceX IPO Update
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
June 8 · 50 min
SpaceX IPO Roadshow Begins | Anthropic’s IPO Race + Berkshire Hathaway’s Next Move
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
June 4 · 38 min
World Cup 2026: Goldman Sachs Predicts The Winner
What does the World Cup have in common with Wall Street trading desks? In this episode of the Market Maker Podcast, we break down the hidden financial world behind the biggest sporting event on the planet. From Goldman Sachs’ 100,000-run quant model predicting the winner of the tournament, to the rise of Polymarket and decentralised prediction exchanges, this is the World Cup through the lens of markets, trading and probability. We explore how bookmakers operate like market makers, why prediction markets are disrupting the betting industry, and how billions of dollars are now being traded on World Cup outcomes. We also dive into the data behind implied probabilities, elo ratings, liquidity, market inefficiencies and why England may be one of the most mispriced teams in the tournament. Plus, we uncover fascinating ECB research showing how football matches cause trading volume in London markets to collapse in real time. If you want to understand how finance, probability, trading and sport collide, this episode is for you. (00:00) The Finance Behind The World Cup (03:51) How Bookies Really Make Money (05:48) The Problem With “Smart Money” (14:03) Prediction Markets Explained (16:06) Polymarket vs The Bookies (20:23) Goldman Sachs Predicts The Winner (23:01) What Is An Elo Rating? (24:44) Goldman Predictions 5th to 1st (26:05) Argentina: Winners Slump Factor (26:54) France: Bracket Drag (27:26) Why England Is Overpriced (30:08) Goldman’s Terrible Track Record (31:40) World Cup Impact On Markets (35:12) The Economic Boom Of Football (37:26) Final Predictions & Golden Boot
June 1 · 1 hr 1 min
The SpaceX IPO Explained | The Complete Deep Dive
In this episode of The Market Maker Podcast, we break down everything you need to know about Elon Musk’s $2 trillion SpaceX empire, the IPO frenzy surrounding the deal, and whether this is the investment opportunity of a generation or the biggest bubble on Wall Street. We analyse the real numbers behind Starlink, XAI, rockets, satellites, AI infrastructure, and the hidden strategy driving Musk’s masterplan. If there’s one video to watch before the SpaceX IPO launches, this is it. (00:00) SpaceX Deep Dive Intro (01:22) Biggest IPO Ever? (05:39) The $2 Trillion Valuation (10:45) Why IPO Now? (13:40) Inside The Prospectus (15:22) Breaking Down The Business (18:46) The AI Infrastructure Bet (27:33) The Space Industry Boom (32:44) Elon Musk’s Control (37:26) Wall Street’s IPO Battle (44:29) Retail Investor Frenzy (49:51) How To Invest In SpaceX (53:15) Why Indexes Changed The Rules