Market Maker

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?

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

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

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

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