Market Maker

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

Is the AI boom starting to unravel? While investors remain focused on soaring AI valuations and the likes of Nvidia, Microsoft and Meta, the credit markets are sending a very different warning signal.

In this episode, Anthony Cheung and Piers Curran explore the growing risks behind the AI investment boom, with AI-linked corporate debt issuance reaching $466 billion and trading volumes in credit default swaps (CDS) surging to more than $9 billion a week. We explain how CDS markets work, why borrowing costs are rising and what bond traders might be seeing that stock market investors are missing.

We take a closer look at CoreWeave, one of the biggest players in AI cloud infrastructure, where soaring debt costs have raised questions about the sustainability of its business model. Could rising borrowing costs trigger a wider crisis across the AI ecosystem, even as demand for computing power continues to accelerate?

Finally, we examine whether today's AI boom is following the same path as the dot-com bubble, why upcoming earnings from the technology giants could prove critical and what investors should watch for as the AI investment cycle enters its next phase.

00:00 Is the AI Bubble About to Burst?
01:23 Why AI Debt Is Raising Alarm Bells
04:11 The $466 Billion AI Debt Boom
06:54 Credit Default Swaps Explained
11:57 How Traders Hedge Against AI Risk
15:11 The AI Risk Pyramid
16:44 Big Tech's Growing Debt Problem
21:32 Why CoreWeave Is Under Pressure
25:07 How CoreWeave's Business Model Works
29:13 Could Rising Debt Costs Trigger a Crisis?
31:22 Is This Another Dot-Com Bubble?
36:07 What Happens Next for the AI Boom?

Some of Britain's biggest high street brands are changing hands. From the £6.7bn Boots takeover to Starbucks' rumoured acquisition of Chipotle and PizzaExpress potentially being sold again, what's driving this wave of deals?

This week, Anthony Cheung and Stephen Barnett explore the private equity shake-up transforming UK retail, how billionaire investors make money from familiar brands, and why rising interest rates are forcing firms to rethink their investments.

We unpack the financial engineering behind leveraged buyouts, the strategy behind the Boots acquisition, and what it all means for the future of Britain's high street.

Is private equity helping or hurting the brands we know and love? Let us know in the comments.

Subscribe to Market Maker for weekly insights into financial markets, investment banking and the biggest business stories.

00:00 The UK High Street Shake-Up
00:58 HSBC Banker's Train Fare Scandal
04:15 Starbucks & Chipotle Merger Rumours
07:03 Starbucks' Hidden Money Machine
13:07 The CEO Who Transformed Chipotle
20:43 Boots' £6.7BN Takeover
24:04 Inside the Private Equity Deal
31:18 Meet the Billionaire Weston Family
39:10 Private Equity's High Street Takeover
42:07 Pizza Express Private Equity Journey
48:23 Why Rising Interest Rates Matter

If you’re a regular listener to the show, please take a few mins to fill in our podcast survey. Your input will help us make the show even bigger and better in 2027! Thank you 🙏

How do the world's biggest banks and investment firms actually make their money?

In this episode, Anthony Cheung and Piers Curran break down the latest Wall Street earnings from JPMorgan, Goldman Sachs, Morgan Stanley and BlackRock, revealing the business models driving billions in profits.

We explore how JPMorgan has built a record-breaking $100 billion net interest income machine, why Goldman Sachs is benefiting from the SpaceX IPO, and how rising bond yields and volatile stock markets are creating very different fortunes across investment bank trading desks.

We also unpack BlackRock's extraordinary $15.5 trillion in assets under management, its expansion into private credit and the hidden power of its Aladdin technology platform. Meanwhile, Morgan Stanley's wealth management business is booming, fuelled by newly wealthy SpaceX shareholders and the prospect of the largest intergenerational wealth transfer in history.

Finally, we ask which financial giant has the stronger long-term business model: JPMorgan or BlackRock? And with inflation rising, interest rates under pressure and the AI investment boom facing a crucial earnings season, what could come next for Wall Street?

00:00 How Wall Street Makes Money
01:07 Wall Street Earnings & Inflation
06:43 Is the AI Boom at Risk?
11:28 Why Bond Trading Is Struggling
15:58 JPMorgan's $100bn Money Machine
20:49 The Great Mortgage Risk
26:14 Goldman Sachs & SpaceX
29:33 Anthropic's IPO Plans
34:15 BlackRock's $15.5 Trillion Empire
42:43 Roles in Asset Management
46:30 Morgan Stanley's Wealth Boom
53:36 JPMorgan vs BlackRock: Who Wins?

If you’re a regular listener to the show, please take a few mins to fill in our podcast survey. Your input will help us make the show even bigger and better in 2027! Thank you 🙏