Market Maker

Епизоде

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  Investment Banking Interview Prep: The M&A Deals You Need to Know in 2026 14.09.2026 42мин

  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
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  Is Inflation Coming Back? Why Oil, Food Prices & Interest Rates Are Rising 10.09.2026 33мин

  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
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  Why Nvidia Just Paid $12.9 Billion for Hugging Face | The Business of AI 07.09.2026 47мин

  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
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  Can Governments Really Control Financial Markets? | FX Intervention Explained (JPY, CHF, USD) 04.09.2026 55мин

  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?
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  Stripe’s $7.5 Billion AI Bet: Why It Just Bought OpenRouter 31.08.2026 49мин

  Stripe has just made one of the biggest AI acquisitions yet, buying OpenRouter for around $7.5 billion — a company that was valued at just $1.3 billion only months earlier. So what exactly is Stripe buying, and why has OpenRouter become so valuable so quickly?In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down OpenRouter’s extraordinary rise, how its platform connects businesses to hundreds of different AI models, and why the economics of AI could increasingly favour the platforms routing intelligence rather than the companies building the models themselves.We also unpack the remarkable story of Stripe, founded by Irish brothers Patrick and John Collison, which now processes payments equivalent to around 1.6% of the entire global economy. We explore how Stripe became a critical part of the internet’s financial infrastructure, and why its latest acquisitions point to much bigger ambitions across AI, payments and agentic commerce.From venture capital and AI valuations to network effects, business moats and the future of online commerce, this is the business behind Stripe’s $7.5 billion bet on the AI economy.(00:00) Stripe’s $7.5BN AI Bet(02:30) The OpenRouter Deal(05:01) From Startup to $7.5BN(09:29) How Venture Capital Works(11:13) What Is OpenRouter?(16:32) Building a Billion-Dollar Startup(22:21) What’s OpenRouter’s Moat?(28:19) Why Stripe Bought OpenRouter(33:20) The Rise of Agentic Commerce(37:12) The Story of Stripe(40:07) How Stripe Makes Money(44:35) Stripe’s Acquisition Strategy(47:13) Have We Reached Singularity?
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  China’s Robot IPO Boom & India’s Biggest IPO Ever Explained 24.08.2026 43мин

  The global IPO market is roaring back but some of the most interesting action isn’t happening on Wall Street.In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett take a whistle-stop tour of the global IPO boom, from China’s extraordinary robotics race and Hong Kong’s growing pipeline of AI listings to what could become the biggest IPO in India’s history.We break down why Chinese robotics companies are attracting huge investor demand, what embodied AI could mean for the next stage of the technology cycle, and why Hong Kong is emerging as an important fundraising hub for the sector. We then head to India to look at the planned listing of the National Stock Exchange, before exploring the surprisingly active IPO markets of Pakistan and Zambia.Finally, we return to the US to ask an important question: with so much investor capital being pulled towards mega AI and technology listings, are other companies being crowded out?A global look at where capital is flowing, why IPO activity is returning and what it tells us about the changing shape of markets.(00:00) The Global IPO Boom(03:48) IPOs Are Back(06:00) Careers in Equity Capital Markets(10:04) China’s Robot IPO Boom(11:36) The Unitree Robotics Story(18:36) China vs the US(22:15) Hong Kong’s Robot Gold Rush(27:27) India’s Biggest IPO Ever(30:36) Inside an IPO Roadshow(33:01) Pakistan’s Record IPO Year(36:12) Zambia’s IPO Boom(39:10) Why This US IPO Flopped(40:39) The Defence Tech Opportunity
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  The Business of Boeing: How Did It Go So Wrong? 20.08.2026 49мин

  Boeing is back in the spotlight following the release of Netflix’s new documentary Freefall: A Reckoning for Boeing. But beyond the safety failures and scandals, there’s another important story: how does Boeing actually work as a business?In this episode of the Market Maker Podcast, we break down the economics behind one of the world’s most important companies. How does Boeing make money? Why can selling aircraft be loss-making while servicing them generates huge margins? Why is its $700bn+ order backlog so important? And how have Boeing and Airbus ended up controlling more than 90% of the commercial aircraft market?We also explore the decisions that changed Boeing: the McDonnell Douglas merger, the shift from engineering excellence towards shareholder returns, billions spent on share buybacks, the development of the 737 MAX and the financial consequences that followed.If the Netflix documentary tells the story of what happened at Boeing, this episode helps explain the business behind it and why the decisions made decades ago still matter today.(00:00) The Business of Boeing(01:32) How Boeing Became an Icon(05:29) How Boeing Makes Money(11:33) Boeing’s Hidden Profit Engine(16:06) The Accounting Behind Boeing(21:43) Boeing’s $55bn Debt Problem(26:24) Boeing vs Airbus(29:45) Can China Break the Duopoly?(33:16) When Boeing’s Culture Changed(38:18) The 737 MAX Disaster(41:52) Boeing After the Crisis(43:43) Boeing Today
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  SpaceX’s 40% Rally Explained | Inside Apollo’s £5.7bn EasyJet Deal 17.08.2026 46мин

  SpaceX shares have surged nearly 40% from their recent lows, despite fears that its unusual staggered lock-up structure would unleash a wave of selling. So what actually happened?Anthony Cheung and Stephen Barnett break down how IPO lock-ups work, why SpaceX’s tiny public float matters and how retail buying, index funds and a potential short squeeze helped drive the rebound.We also return to EasyJet following Apollo’s £5.7 billion takeover, unpacking the private equity financing behind the deal, before looking at Cambridge Aerospace — the two-year-old UK defence technology company now valued at more than $3 billion.A packed episode covering IPOs, private equity, debt financing, defence technology and some of the biggest stories moving markets.(00:00) What’s Coming Up(04:21) Why SpaceX Stock Surged(05:27) Staggered Lock-Ups Explained(12:36) Why Investors Bought the Dip(15:45) The SpaceX Short Squeeze(17:24) The Elon factor(21:10) The Success of Staggered Lock-Ups(23:12) Can SpaceX Justify Its Valuation?(24:55) Apollo’s £5.7bn EasyJet Deal(29:21) How Private Equity Funds a Takeover(36:37) Apollo’s Plan for EasyJet(40:00) The UK’s $3bn Defence Startup(44:53) Coming Next: Boeing Deep Dive
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  The $500 Billion AI Debt Machine & The Great CapEx Test 13.08.2026 51мин

  Nvidia, CoreWeave and Wall Street are pouring hundreds of billions of dollars into AI infrastructure. But how does the financial machine behind the AI boom actually work and where are the risks?In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran unpack CoreWeave’s extraordinary growth and $100bn+ revenue backlog, Nvidia’s role at the centre of the AI ecosystem, and the huge amounts of debt and private capital being used to finance data centres and GPUs.We explain what neoclouds are, why GPUs are increasingly being treated as infrastructure assets, and how firms including BlackRock, Blackstone, Apollo, Goldman Sachs and KKR are helping finance the AI buildout.But there’s another side to the story. We explore the “circular financing” concerns surrounding Nvidia and its customers, the growing concentration risk across the AI industry, and what could happen if hyperscalers such as Microsoft, Alphabet, Amazon and Meta begin to slow their enormous AI spending.Finally, we look at the wider macro picture, including the latest US CPI inflation data, Federal Reserve interest rate expectations and why the AI boom itself is beginning to show up in inflation.Is this the financial infrastructure needed to power the next technological revolution or is too much money becoming dependent on the AI boom continuing?(00:00) The $1 Trillion AI Spending Boom(03:51) CoreWeave’s Incredible Growth(04:58) The $104BN AI Order Book(08:35) What Is a Neocloud?(11:18) The Huge Cost of AI Infrastructure(16:13) Nvidia’s $500BN Wall Street Deal(17:53) How GPUs Became an Asset Class(21:14) Was Michael Burry Wrong on AI?(24:50) How Wall Street Finances AI(27:12) The AI Circular Financing Risk(33:34) Nvidia’s Biggest Concentration Risk(37:18) Can the AI Spending Boom Continue?(38:50) How to Invest Beyond Big Tech(40:12) The Next Trillion-Dollar AI Company?(44:30) AI Boom or House of Cards?(45:06) US Inflation Falls Again(47:05) Will the Fed Hike in September?(49:27) What to Expect From Jackson Hole
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  Why Sainsbury's Sold Argos (It's Not What You Think) 10.08.2026 51мин

  Why would Sainsbury's sell one of Britain's best-known retailers for a fraction of what it originally paid?In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down the sale of Argos and explain why the headline tells only part of the story. Was this a disastrous investment, or a smart strategic decision? They explore how corporate strategy, private equity and changing consumer behaviour transformed one of the UK's most iconic high street brands.Along the way, they also discuss the latest developments at SpaceX, AstraZeneca, Shein and Snap, and what these stories reveal about today's markets and economy.If you're interested in business, investing or improving your commercial awareness, this episode explains the thinking behind one of the UK's biggest retail deals in a simple, engaging way.(00:00) This Week's Biggest Business Stories(03:00) Market Maker Meets Listeners in New York(05:06) SpaceX Earnings & AI Spending(10:09) AstraZeneca's $400BN Merger Talks(12:26) Shein's IPO Returns(15:17) Snap Earnings Surprise(20:13) Why Sainsbury's Sold Argos(21:50) Stephen's Argos Story(24:39) The £1.4BN Mistake?(30:54) Why Investors Loved the Deal(34:25) Who Bought Argos?(39:24) The Rise of Argos(42:00) Why Argos Stopped Growing(45:24) Can Argos Make a Comeback?(49:27) The Real Lesson for Investors
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  The AI Hedge Fund That Blew Up | The Situational Awareness Story 06.08.2026 47мин

  A 22-year-old former OpenAI researcher built one of the hottest AI-focused hedge funds on Wall Street, generated extraordinary returns, then watched it unravel in spectacular fashion after a leveraged bet went wrong. Citadel stepped in to buy the portfolio, markets rebounded, and the episode raised important questions about AI investing, risk management and whether today's market is repeating the mistakes of the past.In this episode of Market Maker, Anthony Cheung and Piers Curran explain what really happened to Leopold Aschenbrenner's fund, why leverage can turn winning trades into disasters, how margin calls work, and why Ken Griffin and Citadel emerged as the biggest winners. They compare the story with the collapse of Long-Term Capital Management in 1998, showing why human psychology often matters more than intelligence in financial markets.They also break down why the S&P 500 has returned to record highs, what blockbuster earnings are telling us about the AI trade, whether semiconductor stocks have found a bottom, what falling oil prices mean for interest rates, and whether today's rally is built on solid foundations or growing optimism.Whether you're investing in AI, preparing for a career in finance, or simply trying to better understand global markets, this episode explains the biggest stories shaping Wall Street and what they could mean for investors next.(00:00) The AI Hedge Fund That Blew Up(02:00) Who Is Leopold Aschenbrenner?(05:30) 439% Returns... Then Disaster(08:04) How Leverage Really Works(14:28) Margin Calls Explained(19:45) Why Citadel Bought the Portfolio(24:11) The Ken Griffin Playbook(27:00) The LTCM Crash Comparison(31:08) The Psychology of Greed(37:22) Why the S&P 500 Hit Record Highs(41:53) Is the AI Trade Back?
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  The AI Investment Playbook: Who Wins Next & Where the Money Goes 03.08.2026 54мин

  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
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  The World of Corporate Banking Explained 30.07.2026 19мин

  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
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  The Hidden Business of Sport: Why NFL Teams Are Worth Billions 27.07.2026 43мин

  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
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  What Does Andy Burnham Mean for the Economy & Markets? 23.07.2026 23мин

  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
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  Sky Buys ITV for £1.6BN | Reformation's IPO Explained 20.07.2026 54мин

  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
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  The AI Bubble Is Powering EVERYTHING (Bank Earnings, US CPI, SpaceX) 16.07.2026 44мин

  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
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  Why Private Equity Wants to Buy easyJet | How Investment Bankers Value Airlines 13.07.2026 39мин

  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
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  US-Iran Ceasefire Unravels, the Fed's New Playbook and Apple's $30bn Broadcom Deal 09.07.2026 42мин

  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
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  OpenAI IPO Delayed? Lime Bikes & the Biggest IPO Stories Explained 06.07.2026 42мин

  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