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Nvidia has agreed to acquire Hugging Face for $12.9 billion, paying around 86x revenue for one of the most important platforms in open-source AI.In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down what Hugging Face actually does, why Nvidia wants it, and how…

Can governments really control financial markets, or can they simply delay the inevitable?Japan has spent nearly $100 billion trying to support the yen, with the US taking the extraordinary step of joining the intervention. But despite the firepower, the forces driving the currency, interest rate…

Stripe has just made one of the biggest AI acquisitions yet, buying OpenRouter for around $7.5 billion — a company that was valued at just $1.3 billion only months earlier. So what exactly is Stripe buying, and why has OpenRouter become so valuable so quickly?In this episode of the Market Maker…

The global IPO market is roaring back but some of the most interesting action isn’t happening on Wall Street.In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett take a whistle-stop tour of the global IPO boom, from China’s extraordinary robotics race and Hong Kong’s…

Boeing is back in the spotlight following the release of Netflix’s new documentary Freefall: A Reckoning for Boeing. But beyond the safety failures and scandals, there’s another important story: how does Boeing actually work as a business?In this episode of the Market Maker Podcast, we break down…

SpaceX shares have surged nearly 40% from their recent lows, despite fears that its unusual staggered lock-up structure would unleash a wave of selling. So what actually happened?Anthony Cheung and Stephen Barnett break down how IPO lock-ups work, why SpaceX’s tiny public float matters and how…

Nvidia, CoreWeave and Wall Street are pouring hundreds of billions of dollars into AI infrastructure. But how does the financial machine behind the AI boom actually work and where are the risks?In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran unpack CoreWeave’s…

Why would Sainsbury's sell one of Britain's best-known retailers for a fraction of what it originally paid?In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down the sale of Argos and explain why the headline tells only part of the story. Was this a disastrous…

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…

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…

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.…

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…