Market Maker

This week on the AmplifyME Market Maker Podcast, Anthony goes solo to break down three big stories — a $58 billion oil merger, a pulled tech IPO, and private equity’s move into Indian cricket — all tied together by one theme: survival in the age of AI.

In energy, Devon Energy and Coterra Energy are merging to focus on efficiency and basin concentration as shale matures.

In tech, Blackstone-backed Liftoff Mobile paused its IPO after AI tools like Anthropic’s Claude Cowork cast doubt on the traditional per-seat SaaS model.

And in sport, firms including Blackstone, KKR, and CVC are betting on the Indian Premier League, drawn to the scarcity and predictable cash flows of live, un-automatable experiences.

From oil to software to sport, this episode explores how capital is repositioning for a world where defensibility and efficiency matter more than ever.

(00:00) Intro & Themes in Focus
(01:23) Oil Mega-Merger
(03:23) AI & The SaaS Shock
(05:59) Private Equity Buys Cricket
(08:11) The Big Picture

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In this episode of the Market Maker Podcast, Shah Malik shares a masterclass in how to stand out and succeed in finance, regardless of your starting point.

Currently finishing his degree at King’s College London and set to join Deutsche Bank full-time, Shah walks through how he broke into investment banking by focusing on execution, networking, and a relentless mindset.

From turning retail jobs into winning talking points, to mastering online tests, to building meaningful relationships with senior bankers, this conversation is packed with tactical insights that go way beyond the typical “just network more” advice.

Whether you’re targeting spring weeks, summer internships, or full-time roles, Shah’s framework for preparation, performance, and progression is one you’ll want to take notes on.

(00:00) Intro – Who is Shah Malik?
(01:13) Growing Up Far from Finance
(03:30) Discovering Finance Early
(06:32) Exploring Banking, FinTech & Consulting
(08:09) Mastering the Application Process
(10:05) Cracking Online Tests
(11:47) How to Convert Internships
(14:41) Standing Out in Spring & Summer
(16:11) Smart Networking (Without Overstepping)
(21:36) Turning Retail Jobs Into Resume Assets
(22:54) Linking Customer Service to IB Skills
(25:17) Staying Ahead: Habits & Learning
(27:02) Dealing with Imposter Syndrome
(29:52) Building the Wize Foundation
(32:51) Focus on What You Can Control

Find out more about the Wize Foundation

In this episode of the Market Maker Podcast, we break down the major M&A transactions reshaping global markets, spanning banking, asset management, mining, media and artificial intelligence.

We begin with Santander’s $12.2 billion acquisition of Webster Bank and examine what this signals about European banks expanding into the United States. We discuss capital efficiency, deposit strategy and the broader shift in global banking power.

Next, we analyse Nuveen’s $13.5 billion takeover of Schroders, creating a $2.5 trillion asset management group. We explore consolidation in active management, competitive pressure from passive giants, and what this means for London-listed institutions.

We then turn to the mining sector, where merger talks between Rio Tinto and Glencore have once again collapsed. We examine copper’s growing strategic importance in the AI era, valuation disagreements, and the geopolitical complexities surrounding critical minerals.

In media, Paramount strengthens its $108 billion hostile bid for Warner Bros Discovery. We break down ticking fees, breakup guarantees and how deal structuring can determine takeover outcomes.

Finally, we cover Anthropic’s $30 billion capital raise at a $350 billion valuation and discuss the sustainability of the AI funding race as competition intensifies between OpenAI, Big Tech and emerging players.

If you’re interested in mergers and acquisitions, global markets, corporate strategy and the forces shaping capital allocation, this episode provides a structured deep dive into the week’s most important developments.

(00:00) Episode Overview
(02:42) Santander’s $12BN US Deal
(21:20) Nuveen Buys Schroders
(36:02) Mining Mega-Merger Fails
(45:57) $108BN Media Takeover Battle
(53:37) Anthropic’s $30BN Raise

Want to break into finance or understand how global markets really work? In this episode of the Market Maker Podcast, Anthony Cheung speaks with Dr. Lupin Rahman - former IMF economist, World Bank advisor, and senior fixed income portfolio manager - to explore the world of sovereign credit, macro strategy, and global investing.

Lupin shares how she transitioned from public sector institutions like the IMF and World Bank to the private markets, what sovereign debt investing involves, and why cultural intelligence matters as much as economic analysis. From assessing political risk in emerging markets to negotiating directly with governments, she gives a rare insider view of the forces shaping global debt markets.

She also offers clear, practical advice for students and early-career professionals - including the top trait she looks for when hiring and how to approach finance with curiosity, adaptability, and long-term thinking.

Packed with real-world insights and career wisdom, this episode is essential listening for anyone interested in macroeconomics, finance careers, or how markets and policy truly intersect.

(00:00) Intro: Dr. Lupin Rahman
(02:00) Discovering economics at 10
(03:24) Choosing finance over medicine
(05:25) IMF, academia, or banking?
(07:56) Switching to the private sector
(09:11) Career moves through conversation
(14:02) UK vs US finance culture
(19:12) Policy vs profit: mindset shift
(24:10) Stress, merit & diversity in markets
(28:16) What is sovereign credit?
(31:29) Careers in sovereign debt
(35:02) The #1 trait Lupin hires for
(39:18) Lupin’s book on sovereign debt

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Check out Lupin's new book, 'The Sovereign Debt Investor', a Top 10 book on Amazon, designed to give students and new market entrants a practical introduction to this underexplored area of finance.

Elon Musk just pulled off the biggest merger in corporate history but is the $1.25 trillion SpaceX–xAI deal a stroke of visionary genius, or a financial sleight of hand?

In this episode of Market Maker, Anthony and Piers unpack what’s really behind the numbers. Is this bold vertical integration or just a clever way to funnel cash into a billion-dollar-a-month AI burn machine? They dig into Starlink’s role as the cash engine, xAI’s financial reality, and why Musk is using a rare “triangular merger” to shield liabilities.

They also break down Musk’s plan for space-based data centers and whether the science (and physics) actually adds up, plus how this all ties into the bigger Muskonomy: Grok, Optimus, robo-taxis, and orbital dominance.

You'll also hear how Morgan Stanley, Goldman Sachs, J.P. Morgan, and BofA are circling the biggest IPO in history and what it means for markets, investors, and tech.

New episodes drop weekly. Make sure to follow, rate, and share if you enjoy the show.

(00:00) SpaceX Acquires xAI
(01:57) Biggest Deal Ever?
(03:18) Musk’s $1.25T Valuation Math
(06:42) What SpaceX Actually Does
(07:24) Starlink = The Cash Cow
(11:35) xAI = The Cash Drain
(12:48) AI Arms Race Spending
(16:14) Why This Merger Makes Sense
(18:07) Muskonomy: The Bigger Vision
(20:28) Google, Amazon & Space Rivals
(20:59) The Triangular Merger Trick
(23:51) Starlink, xAI & SpaceX Strategy
(24:59) Space Data Centers Explained
(28:27) Who Owns Space?
(29:43) Governments vs Tech Giants
(33:05) The Science Problem in Space
(38:56) The Underwater Data Center Attempt
(41:34) Which Banks Are Involved
(48:09) Final Thoughts for the Grad Bankers