Market Maker

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