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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. Subscribe to Market Maker for weekly insights into financial markets, investment banking and the biggest business stories. 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 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 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 Please take a moment to complete our Podcast survey and help shape the future of the show! 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.

France is facing mounting pressure. Government debt has climbed above €3.5 trillion, borrowing costs are surging, and political uncertainty ahead of the 2027 presidential election is making investors increasingly nervous. In this episode, Anthony Cheung and Piers Curran break down why French bond yields are rising, how decades of persistent budget deficits have created a growing debt problem, and why some major French companies can now borrow more cheaply than their own government. We look at Marine Le Pen’s economic plans, France’s huge pension burden, the risk of capital leaving French markets and what could happen if bond yields continue to climb. Could the ECB eventually be forced to intervene, and would that bring the kind of painful fiscal reforms seen during the Eurozone debt crisis? Finally, we ask whether France could be heading towards its own “Liz Truss moment” and what a French debt crisis could mean for the euro, European markets and the wider global economy. 00:00 Is France About to Fail? 01:09 France’s Bond Market Warning 07:07 The Debt Problem Explained 12:06 France’s €85bn Interest Bill 15:56 Why Italy Is Doing Better 22:10 Protests & Political Pressure 29:25 Will the ECB Bail Out France? 36:55 Lessons From Greece 40:47 Could France Default? 44:28 The Trade on France 47:03 What Happens Next?

Could UBS really leave Switzerland? In this episode, Anthony Cheung and Stephen Barnett break down the growing dispute between Switzerland’s biggest bank and the government over new capital requirements and why tougher regulation could have major consequences for UBS and its shareholders. We explain how banks actually work, why Common Equity Tier 1 (CET1) capital matters, what changed after the collapse of Credit Suisse and why forcing banks to hold more capital can make them safer but potentially less competitive. We also look at the battle between traditional banks and fintech challengers, as Monzo considers its next move following takeover interest from Nubank. With Revolut racing ahead and Monzo looking for fresh capital, we explore why some challenger banks have succeeded while others have struggled to scale and what could happen next. 00:00 The Ultimate Banking Mistake 04:10 How Banks Really Work 06:41 What Is CET1? 12:44 Why Banks Are Too Big to Fail 20:18 UBS vs Switzerland 27:54 Why UBS Is Fighting Back 32:23 How UBS Compares 38:35 What’s Happening at Monzo? 46:51 How Challenger Banks Work 49:05 Revolut vs Monzo 52:30 What Happens Next?

What does it actually take to build a successful career in financial markets? In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales. Jamie shares what senior bankers really look for when hiring graduates, why being teachable can matter more than appearing impressive, and the mistakes young professionals often make once they land their first job in finance. We also discuss the importance of consistency, trust and reputation, why comparing yourself to others can derail your career, and the lessons Jamie learned from nearly two decades inside one of the world’s biggest investment banks. For anyone trying to break into investment banking, sales and trading or financial markets, this is an inside look at what it takes not just to get the job, but to build a career that lasts. 00:00 Breaking Into Finance 02:58 Buy Side to Sell Side 10:13 A Non-Linear Path 17:18 What MDs Look for in Graduates 20:24 How to Stand Out 22:28 Why Consistency Matters 27:11 Handling Mistakes Under Pressure 29:43 The Early Career Trap 32:46 Money, Success & Perspective 37:08 Finding Work-Life Balance 43:49 Jamie’s Advice for Graduates

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets. We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions. We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world. Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors. 00:00 The Global Energy Shake-Up 02:08 Nigeria’s $1.6BN IPO 04:17 Inside the Dangote Refinery 07:10 How Do You Value African Companies? 12:12 Nigeria’s Energy Revolution 17:45 Lukoil’s $20BN Sale 24:29 Inside Trafigura 28:56 The Supertanker IPO 31:53 Why Shipping Rates Are Surging 37:24 KKR’s Acquisition of DCC Energy 40:23 How Private Equity Creates Value 43:04 The Deal Gets Approved

UK government borrowing is surging, bond yields remain elevated and the cost of servicing Britain’s debt is becoming increasingly difficult to ignore. But how serious is the problem and what happens if borrowing costs stay high? In this episode, Anthony Cheung and Piers Curran break down why Britain’s public finances are under pressure, how the bond market can constrain government spending and why the Bank of England’s decision to step back from quantitative tightening could matter for UK borrowing costs. We also explore whether governments can simply keep accumulating debt, why the US and Japan have managed even larger debt burdens, and whether AI-driven productivity growth could eventually offer Britain a way out. Finally, we look at the bigger question facing developed economies: if debt keeps rising, what could actually cause the music to stop? 00:00 Britain’s Debt Problem 02:22 Why Debt Is Getting Expensive 08:56 The Global Debt Problem 10:49 Britain’s Borrowing Surge 11:50 Why UK Inflation Is Different 15:44 Is Britain’s Economy Stalling? 17:53 Why Bond Yields Matter 21:20 Quantitative Tightening Explained 27:32 Could QE Return? 30:29 Can AI Save the UK Economy? 36:00 Can Britain Keep Borrowing? 40:12 Is the West Losing Power?

HYROX has exploded into one of the biggest trends in fitness, and now private equity wants a piece of it. But what exactly makes the business so attractive? In this episode, Anthony Cheung and Stephen Barnett break down how HYROX makes money, its rapid global expansion and why private equity giant L Catterton has invested in the business. We look at its asset light event model and ask whether HYROX can become a lasting global fitness brand or risks following the same path as CrossFit. We also unpack Oura’s reported $16 billion IPO, from its hardware and subscription model to the 42 billion hours of biometric data it has collected. Could Oura become much more than a wearable technology company, or is there a risk it becomes the next Peloton? (01:52) Oura’s $16B IPO (02:50) Why Oura Is Booming (06:33) The Subscription Engine (08:08) Investors in Oura (10:53) The Role of Robinhood (12:43) IPO Underwriters (15:39) History of Oura (19:12) Oura Business Model (23:41) Oura’s Data Advantage (27:52) The Peloton Warning (31:42) Celebrity Endorsements (34:10) Can Oura Justify $16B? (40:35) Why HYROX Is Exploding (44:25) How HYROX Makes Money (50:40) The CrossFit Warning (54:58) Oura vs HYROX: Who Wins?

The Federal Reserve has raised interest rates for the first time in three years, with Fed Chair Kevin Warsh delivering a unanimous 25 basis point hike as inflation once again becomes the dominant concern for financial markets. In this episode, Anthony Cheung and Piers Curran break down why the Fed decided to hike, what Warsh means by “removing accommodation”, and why the decision could be an important test of the Fed’s independence amid political pressure from Donald Trump. We also explain the reaction across bonds, equities and the US dollar, why short and long-term Treasury yields are moving differently, and what the Fed’s latest projections could mean for interest rates over the rest of 2026. Whether you’re following markets as an investor or preparing for a global markets interview, this episode gives you a practical framework for understanding one of the most important macro stories shaping the global economy. (00:00) Why This Fed Decision Matters (01:13) Why the Fed Hiked (06:49) Policy Accomodation (09:13) What’s Driving Inflation? (16:18) Is the Fed Independent? (21:44) How Markets Reacted (25:51) What Happens Next? (29:56) Lessons From Past Rate Hikes (32:50) Interview Cheat Sheet

Application season is underway, and if you’re targeting investment banking, understanding what’s actually happening in M&A can give you a real advantage in interviews. In this episode, Anthony Cheung and Stephen Barnett break down the huge resurgence in global dealmaking in 2026, why mega-deals are dominating, which sectors and banks are benefiting, and how interest rates, AI and valuations are shaping the outlook. Most importantly, we explain how to turn that knowledge into better interview answers: which deals to research, how to structure your response and how to demonstrate genuine commercial understanding rather than simply memorising headlines. (00:00) Investment Banking Interview Prep (01:48) The M&A Boom (04:47) Why Mega Deals Are Surging (10:52) What Drives M&A? (17:46) Merger Arbitrage (19:41) The Hottest Sectors (24:04) Which Banks Are Winning? (26:15) How to Target Your Applications (30:21) Stephen's Favourite Episode (33:26) Anthropic IPO Prediction (34:46) Impact of US Mid-Terms (41:23) Number One Advice

Oil is back above $100 a barrel, food prices are climbing and central banks are once again facing pressure to raise interest rates. Is the world heading towards a second wave of inflation? In this episode, Anthony Cheung and Piers Curran explain why the latest inflation threat goes far beyond the headline oil price. China is returning to the crude market just as conflict continues to disrupt global energy supplies, while refinery problems are pushing petrol and diesel prices even higher. At the same time, food commodities including wheat, rice, coffee, sugar and cocoa are rising as war, extreme weather and supply disruption hit global production. We look at how those higher costs eventually reach the supermarket checkout and why a £100 UK weekly shop from 2020 could soon cost around £150. Finally, we break down what this means for the Federal Reserve, Bank of England and other central banks, why bond yields are rising, and whether higher inflation could force interest rates to stay higher for longer. (00:00) Is Inflation Coming Back? (01:33) Why Oil Is Above $100 (05:57) The Trump Oil Problem (07:11) Petrol Prices Surge (12:43) How Oil Traders React (15:58) Food Inflation Returns (22:44) Why Food Prices Are Rising (23:59) Interest Rates Going Higher? (28:47) The Stagflation Risk (31:36) The £150 Weekly Shop

Nvidia has agreed to acquire Hugging Face for $12.9 billion, paying around 86x revenue for one of the most important platforms in open-source AI. In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down what Hugging Face actually does, why Nvidia wants it, and how the deal fits into Jensen Huang’s wider strategy to control more of the AI ecosystem. We look at Hugging Face’s journey from a failed chatbot to the “GitHub of AI”, why open-source AI is becoming increasingly important, and whether Nvidia’s growing influence should concern regulators and developers. We also look at the parallels with Microsoft’s acquisition of GitHub and the extraordinary returns generated by some of Hugging Face’s earliest investors, including NBA star Kevin Durant. A deep dive into the strategy, valuation and economics behind one of the biggest AI deals of the year. (00:00) Nvidia Buys Hugging Face (08:23) Why Nvidia Moved Now (15:56) Who Made Billions? (18:59) What Is Hugging Face? (27:42) How Hugging Face Started (30:19) The $12.9bn Valuation (32:31) Nvidia’s AI Strategy (44:04) Kevin Durant’s 240x Return

Can governments really control financial markets, or can they simply delay the inevitable? Japan has spent nearly $100 billion trying to support the yen, with the US taking the extraordinary step of joining the intervention. But despite the firepower, the forces driving the currency, interest rate differentials, the carry trade and Japan’s economic fundamentals, haven’t simply disappeared. In this episode, Anthony Cheung and Piers Curran explain how FX intervention actually works, why governments and central banks step into financial markets, and why intervention often treats the symptom rather than the underlying cause. We also revisit the extraordinary 2015 Swiss franc collapse, when the Swiss National Bank abandoned its currency floor and triggered one of the most dramatic moves in modern FX history, before looking at the US Treasury market and the attempts to bring rising long-term bond yields under control. From the Japanese yen to US Treasuries, this is a practical guide to what happens when governments decide to fight the market and why the market often has the final say. (00:00) Can Governments Control Markets? (07:26) Why the Yen Is So Weak (15:24) The Yen Carry Trade (17:59) The Intervention Explained (19:41) Symptom or Disease? (21:14) Japan’s $100bn Intervention (27:11) The Swiss Franc Collapse (41:10) The US Bond Market Problem (45:51) What Could Break Next? (52:49) What Happens Next?