Market Maker

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

What’s it really like to be a trader at a global investment bank?

Chloe Shepherd returns to the Market Maker Podcast to pull back the curtain on the trading floor. With nearly a decade of experience at Citi and RBC, she shares the real story - the workflows, pressure, client interactions, and the surprising skills that matter most.

We bust common myths about trading, explain the difference between perception vs reality, and break down what makes someone successful in this fast-paced world.

Topics include:

What traders do day-to-day
Trading floor culture & pace
Soft vs technical skills
Why emotional intelligence matters
Advice for aspiring traders

Ideal for students, grads, and anyone exploring a career in markets or finance.

(00:00) Intro – Chloe returns to the podcast
(01:54) Explaining trading to people outside finance
(03:58) What is credit repo trading?
(05:59) Who are the clients & how big are the trades?
(12:32) Where credit repo sits in a big bank
(15:24) How to get into a niche trading desk
(18:40) Day in the life of a trader
(21:22) Reality vs stereotypes of trading culture
(23:48) Communication skills & client interaction
(26:40) Waitressing to trading: transferable skills
(31:01) From history degree to the trading floor
(34:15) Why emotional intelligence matters
(37:47) How traders build resilience
(42:20) Final reflections & advice for future traders

Listen to the previous episode with Chloe 'Breaking Barriers: Navigating Social Mobility in Finance'.

This week on the Market Maker Podcast, Anthony and Piers unpack one of the most eventful weeks in global markets and business strategy.

Donald Trump nominates Kevin Warsh for Fed Chair. What does this mean for inflation, rate cut expectations, and the sharp reversal in gold and silver?

Microsoft and Meta post strong earnings - but only one stock soars. Why did investors rotate out of Microsoft and into Meta, and what role does OpenAI play?

Tesla announces a major strategic shift, ending Model S/X production and pivoting toward robotics and robo-taxis. Is this a bold long-term play or a risky execution challenge?

Apple delivers a record-breaking quarter but faces investor hesitation amid rising costs and muted AI positioning.

A deep dive into ANTA Sports’ $2.2B acquisition of a 29% stake in Puma — and what it tells us about global brand strategy, China’s sportswear ambitions, and geographic arbitrage.

Ideal for finance professionals, students, and anyone tracking markets, tech, and M&A trends.

(00:00) Fed Chair Shake-Up: Kevin Warsh Named
(04:01) Big M&A Moves: Clorox, CVC, Alibaba, Carlyle
(06:37) Microsoft vs Meta: A Tale of Two Earnings
(09:48) Azure Growth, Copilot Struggles, OpenAI Exposure
(15:12) Meta’s AI Spend Pays Off
(18:59) Tesla’s Strategic Pivot to Robotics
(24:53) CapEx Surge, Optimus, and Execution Risk
(31:50) Apple’s Record Quarter & AI Gaps
(33:26) ANTA’s Puma Deal: Global Brand Strategy