Market Maker

Wall Street has just posted one of its strongest quarters in history.The world's biggest banks delivered record profits as trading desks, investment banking and wealth management all fired at the same time. But with Jamie Dimon warning that conditions are "nearly as good as it gets", is this a peak or just the beginning of an even bigger cycle?In this episode, Anthony Cheung and Piers Curran break down what drove the blockbuster earnings from Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi, why AI has become the biggest force behind investment banking, trading and capital markets, and whether today's record profits could be borrowing growth from tomorrow.They also analyse June's US inflation report, why the biggest monthly decline in CPI since 2020 isn't quite as straightforward as the headlines suggest, and what it means for Federal Reserve interest rate expectations.Finally, they revisit the biggest IPO of the year. After surging in its first few days of trading, why has SpaceX fallen back to its IPO price? From index fund buying and green shoe options to lock-up periods and insider selling, they explain the market mechanics that most investors never hear about.If you want to better understand what's driving global markets and how professionals think about the biggest financial stories each week, this episode is for you.(00:00) Wall Street's Record Quarter(02:55) Why Banks Made So Much Money(10:15) Morgan Stanley's Hidden Winner(15:24) Is This As Good As It Gets?(19:00) AI's $1 Trillion Spending Boom(25:14) US Inflation Cools(31:14) Why SpaceX Is Falling(35:10) Green Shoe Options Explained(38:36) SpaceX Lock-Up Risks(42:16) One IPO, Every Bank Wins

Oil is up but stocks aren't blinking, so why has the market gone numb to the Strait of Hormuz standoff between the US and Iran? Anthony Cheung and Piers Curran break down the real reason traders are shrugging off the latest flare-up, why Trump wants oil prices low ahead of the midterms, and what Iran's grip on the Strait actually means for shipping. Then, new Fed chairman Kevin Walsh is tearing up the old central bank playbook in favour of real-time data over legacy models, and we ask whether that's smart evolution or a risky departure. Finally, Apple's $30 billion deal with Broadcom: is this genuine supply chain strategy or a political shield against Trump's tariffs, and what it really means for iPhone battery life, AI processing, and data privacy going forward.(00:00) Intro(01:36) Iran-US Tensions Explained(08:05) Oil Traders vs. Macro Markets(10:42) Fed Minutes Breakdown(16:10) How the Fed Actually Decides(23:30) CPI Basket Explained(28:54) Fed Goes Quant(33:08) Apple's $30bn Broadcom Deal(39:18) Apple, AI, and Data Privacy

What does it take to keep going when things get tough?In this episode of the Market Maker Podcast, Anthony Cheung is joined by endurance cyclist, two-time cancer survivor and motivational speaker James Golding for a conversation about resilience, mental toughness and performing under pressure. While James has completed some of the world's toughest endurance challenges, this isn't a podcast about cycling. It's about the mindset behind sustained success and how anyone can apply those lessons in their career.Together they explore how to deal with rejection, overcome self-doubt, recover from setbacks and stay focused on long-term goals. Whether you're preparing for interviews, working in investment banking, trading, or simply looking to become more resilient in your professional life, this episode is full of practical insights that can be applied immediately.If you've ever wondered what separates those who thrive under pressure from those who give up, this is an episode you won't want to miss.(00:00) Introduction(01:30) James Golding's Story(06:20) Why Cycling Changed Everything(10:33) Cycling Across America(14:28) Building Resilience(24:12) Small Wins Matter(28:35) The Power of Reflection(32:21) Overcoming Self-Doubt(35:30) Performing Under Pressure(41:52) Why Your Team Matters(50:05) Dealing with Rejection(55:46) Tour de France Challenge21 stages of the Tour de France in just 12 days - DONATEJames Speaker enquiries - info@onestepatatimeuk.com

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

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