Market Maker

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

The AI IPO race is heating up.

In this episode of the Market Maker Podcast, we break down the latest developments surrounding the SpaceX IPO and OpenAI’s confidential S1 filing to the SEC.

We discuss Goldman Sachs’ huge growth forecasts for SpaceX, the surge in retail investor demand, and why Elon Musk may be positioning SpaceX as one of the biggest AI infrastructure plays in the world.

We also dive into OpenAI’s reported internal tensions ahead of its IPO process, including concerns around governance, leadership and whether the company is truly ready to go public.

If you're interested in AI, investing, IPOs, venture capital or the future of technology companies, this episode gives you a practical breakdown of what’s happening behind the headlines.

(00:00) Intro
(01:03) SpaceX IPO Update
(08:39) Bankers Selling the Vision
(10:35) Retail Demand & Hype
(14:20) OpenAI Files for IPO
(18:57) OpenAI’s Internal Issues
(22:59) Why CEO/CFO Tension Matters
(24:57) Goldman & Morgan Stanley

The SpaceX IPO is becoming one of the most fascinating corporate events in modern financial history.

This week on Market Maker, we unpack the latest updates from SpaceX’s live IPO roadshow, including Elon Musk’s influence over the process, Goldman Sachs’ strategy, retail investor demand and the unusual decision to lock the IPO price before bookbuilding even began.

We also explain Anthropic’s IPO filing, why the AI race with OpenAI is accelerating and how Berkshire Hathaway quietly built one of the most powerful business models in the world after its latest $6.8 billion acquisition.

A must-watch episode for anyone interested in investing, IPOs, AI, business strategy and how modern financial markets really work.

(00:00) SpaceX IPO Roadshow
(06:15) S&P Rejects SpaceX
(11:29) Why Banks Are Winning
(19:19) Anthropic Files To IPO
(27:58) Anthropic vs OpenAI
(33:08) Berkshire Hathaway Explained
(39:22) Buffett’s Secret Strategy
(46:40) Berkshire’s Next Move