Market Maker

Donald Trump's Republicans have suffered a major defeat in the US midterm elections, with Democrats taking control of both the House and Senate. But while markets initially plunged on fears over the future of the AI boom, stocks have staged a remarkable comeback. So why are investors celebrating a result that could derail Trump's economic agenda?

In this episode, Anthony Cheung and Piers Curran break down the market reaction to the Democratic blue wave, explaining why US Treasury yields have fallen, Big Tech stocks are rallying and investors are increasingly viewing political gridlock in Washington as a potential positive for financial markets.

We also explore what the election means for the AI infrastructure boom, including proposed restrictions on data centre construction in Texas, the surge in renewable energy stocks and the implications for oil prices as pressure mounts on Trump over the Iran conflict.

Could a divided US government actually create the perfect conditions for another stock market rally? And with history suggesting equities tend to perform strongly following midterm elections, is this the outcome investors were hoping for?

00:00 Democrats' Blue Wave Victory
02:38 Trump's Midterm Election Defeat
06:17 Can Prediction Markets Beat Polls?
08:55 Why Stock Markets Initially Fell
12:42 Why US Treasury Yields Plunged
16:24 Gold, the Dollar and Copper
17:51 Texas Threatens the AI Boom
22:25 Why Clean Energy Stocks Surged
24:28 Trump, Iran and Oil Prices
28:33 Is This a Goldilocks Market?
32:20 Why Stocks Rally After Midterms

In this episode of the Market Maker Podcast, Anthony Cheung speaks with Rachel Feeley, a student at University College Cork who secured multiple investment banking offers despite coming from a non-target university with no existing industry connections.

Rachel shares practical advice on building a competitive CV, securing spring weeks, networking, preparing for investment banking interviews and converting opportunities into internship offers.

We also explore how to use AI for interview preparation, the importance of communication skills and the five strategies that made the biggest difference to her success.

Whether you're exploring a career in finance or actively applying for investment banking internships, this episode is packed with actionable advice to help you stand out.

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The 4 stages to becoming a confident speaker

00:00 How Rachel Broke Into Banking
01:06 Why Investment Banking?
04:13 Breaking In From a Non-Target Uni
10:01 Networking That Works
16:15 Building a Standout CV
25:01 How to Ace Banking Interviews
27:40 Using AI for Interview Prep
32:01 Converting Spring Weeks Into Offers
35:55 5 Tips for Landing Banking Offers
43:53 Balancing Uni and Applications
47:00 Where to Start in First Year

Is artificial intelligence threatening the future of management consulting? As AI transforms the industry, firms like McKinsey, BCG, Bain and Accenture face growing questions about their business models, profitability and graduate recruitment.

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett explore how AI could disrupt traditional consulting services, why smaller boutique firms are gaining ground, and whether AI-driven automation will mean fewer opportunities for graduates.

We also discuss what the future of management consulting could look like, which skills will remain valuable, and what students hoping to break into consulting should consider as the industry evolves.

00:00: Will AI Kill Management Consulting?
03:28: Is AI a Threat or Opportunity?
05:36: Accenture: Revenue & Job Cuts
07:59: What Do Consultants Actually Do?
11:01: Could AI Replace Consulting Firms?
16:06: The Rise of Boutique Consultancies
18:45: Are Graduate Consulting Jobs at Risk?
23:21: The Future of Management Consulting

Anthropic is preparing for one of the biggest IPOs in history, targeting a valuation of up to $1.75 trillion. But behind the extraordinary growth of Claude lies an $80 billion headline loss, a complex ownership structure and hundreds of billions of dollars in future spending commitments.

In this episode, Anthony Cheung and Piers Curran break down Anthropic's S-1 filing, revealing how revenues have surged 14-fold in just one year, why its improving profit margins are exciting investors and what the numbers tell us about the sustainability of the AI boom.

We also examine Anthropic's unusual five-class share structure, the influence of Amazon and Google, and why public shareholders could have virtually no control over the company's direction.

Finally, we explore whether Anthropic can justify its enormous valuation, the growing risks around AI infrastructure and energy demand, and whether this landmark IPO signals a new chapter for artificial intelligence or another warning sign of an AI bubble.

00:00 Anthropic's $1.75 Trillion IPO
04:10 Who Really Controls Anthropic?
10:05 Anthropic's Five Share Classes
21:20 The Hidden Risks for Investors
27:06 Anthropic's Explosive Revenue Growth
31:16 The Financials & Concentration Risk
38:31 The Truth Behind the $80 Billion Loss
42:34 The $750 Billion AI Spending Bet
47:03 Can Anthropic Become Profitable?
50:24 Is Anthropic Worth $2 Trillion?
54:14 What Happens After the IPO?
56:25 The Biggest Risks to AI Growth
62:31 Is the AI Bubble Overblown?

Could Elon Musk be preparing to merge SpaceX and Tesla into a $3.5 trillion technology giant? Following SpaceX's blockbuster earnings, speculation is growing that two of Musk's biggest companies could combine to create an unprecedented AI, robotics and space empire.

In this episode, Anthony Cheung and Stephen Barnett break down SpaceX's latest financial results, including its extraordinary 161% revenue growth, the rapid expansion of Starlink and its AI infrastructure business, and the risks behind its enormous $20 billion quarterly capital expenditure.

We also unpack Musk's ambitious Terafab project, his plans to challenge chipmaking giant TSMC, and his extraordinary prediction that SpaceX could generate up to $1 trillion in annual recurring revenue by the end of 2027.

Finally, we explore the financial and strategic logic behind a potential SpaceX–Tesla merger. From autonomous vehicles and humanoid robots to AI data centres in space, could bringing these businesses together unlock Musk's ultimate vision? And perhaps most importantly, how likely is the merger to actually happen?

00:00 SpaceX's Blockbuster Earnings
02:54 The $20 Billion Spending Problem
05:41 Starlink's Explosive Growth
07:52 AI Becomes SpaceX's Biggest Business
11:42 The Hidden Risks in SpaceX's Revenue
15:44 Musk's $1 Trillion Revenue Prediction
21:20 Wall Street & Terafab
26:10 Will SpaceX and Tesla Merge?
28:08 The $3.5 Trillion Merger Explained