Market Maker

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

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.

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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

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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?

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How does a billion-dollar M&A deal actually happen? From winning the mandate to negotiating the final sale, what really goes on behind the scenes at investment banks like Goldman Sachs, Morgan Stanley and J.P. Morgan?

In this episode, Anthony Cheung and Stephen Barnett break down the entire mergers and acquisitions (M&A) process, drawing on Stephen's experience in investment banking to explain how deals are pitched, structured, negotiated and ultimately completed.

We explore how investment banks compete for lucrative advisory mandates, the difference between buy-side and sell-side transactions, and how companies are valued and marketed to potential buyers. Along the way, we unpack the jargon of M&A, from beauty parades and confidential information memorandums (CIMs) to due diligence, letters of intent and sale and purchase agreements.

Using Schneider Electric's $22.6 billion acquisition of PTC as a real-world example, we reveal the roles of bankers, lawyers and private equity firms throughout the dealmaking process, offering a practical guide for anyone looking to break into investment banking or better understand how major corporate transactions work.

00:00 Introduction to M&A Deals

06:26 How Banks Win M&A Mandates

12:59 Investment Banking Bake-Offs

15:29 Why Banks Share M&A Deals

20:23 How M&A Advisory Fees Work

23:24 Conflicts of Interest & Compliance

28:31 Preparing a Company for Sale

33:20 Teasers & Confidentiality Agreements

36:30 The Role Of Lawyers

38:25 Inside the M&A Data Room

40:35 Bidding Wars & Due Diligence

45:11 Choosing the Winning Bid

46:04 Final Negotiations & Closing

49:06 Deal Toys & Banking Traditions

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M&A Jargon Explained

M&A (Mergers & Acquisitions): The process of companies buying, selling or combining businesses.

Buy-Side Mandate: When an investment bank advises a company looking to make an acquisition.

Sell-Side Mandate: When an investment bank advises a company looking to sell.

Beauty Parade / Bake-Off: A competitive pitching process where investment banks compete to win an advisory mandate.

Teaser: A short, anonymous summary of a business being marketed for sale.

NDA (Non-Disclosure Agreement): A legal agreement protecting confidential information shared during a deal.

CIM (Confidential Information Memorandum): A detailed document outlining a company's operations, financials and growth prospects for potential buyers.

Data Room: A secure online platform containing confidential documents for prospective buyers.

IOI (Indication of Interest): An initial, typically non-binding expression of interest in acquiring a business.

Due Diligence: The detailed investigation of a company's finances, operations, legal obligations and risks before acquisition.

LOI (Letter of Intent): A document outlining a prospective buyer's proposed terms for an acquisition.

Pre-emptive Bid: An early offer designed to secure a deal before the competitive bidding process finishes.

Exclusivity Period: A period when the seller agrees to negotiate with one preferred buyer.

SPA (Sale and Purchase Agreement): The legally binding contract setting out the terms of an acquisition.

Deal Tombstone: A commemorative desk ornament celebrating a completed transaction.

France is facing mounting pressure. Government debt has climbed above €3.5 trillion, borrowing costs are surging, and political uncertainty ahead of the 2027 presidential election is making investors increasingly nervous.

In this episode, Anthony Cheung and Piers Curran break down why French bond yields are rising, how decades of persistent budget deficits have created a growing debt problem, and why some major French companies can now borrow more cheaply than their own government.

We look at Marine Le Pen’s economic plans, France’s huge pension burden, the risk of capital leaving French markets and what could happen if bond yields continue to climb. Could the ECB eventually be forced to intervene, and would that bring the kind of painful fiscal reforms seen during the Eurozone debt crisis?

Finally, we ask whether France could be heading towards its own “Liz Truss moment” and what a French debt crisis could mean for the euro, European markets and the wider global economy.

00:00 Is France About to Fail?

01:09 France’s Bond Market Warning

07:07 The Debt Problem Explained

12:06 France’s €85bn Interest Bill

15:56 Why Italy Is Doing Better

22:10 Protests & Political Pressure

29:25 Will the ECB Bail Out France?

36:55 Lessons From Greece

40:47 Could France Default?

44:28 The Trade on France

47:03 What Happens Next?

Could UBS really leave Switzerland? In this episode, Anthony Cheung and Stephen Barnett break down the growing dispute between Switzerland’s biggest bank and the government over new capital requirements and why tougher regulation could have major consequences for UBS and its shareholders.

We explain how banks actually work, why Common Equity Tier 1 (CET1) capital matters, what changed after the collapse of Credit Suisse and why forcing banks to hold more capital can make them safer but potentially less competitive.

We also look at the battle between traditional banks and fintech challengers, as Monzo considers its next move following takeover interest from Nubank. With Revolut racing ahead and Monzo looking for fresh capital, we explore why some challenger banks have succeeded while others have struggled to scale and what could happen next.

00:00 The Ultimate Banking Mistake

04:10 How Banks Really Work

06:41 What Is CET1?

12:44 Why Banks Are Too Big to Fail

20:18 UBS vs Switzerland

27:54 Why UBS Is Fighting Back

32:23 How UBS Compares

38:35 What’s Happening at Monzo?

46:51 How Challenger Banks Work

49:05 Revolut vs Monzo

52:30 What Happens Next?

What does it actually take to build a successful career in financial markets?

In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales.

Jamie shares what senior bankers really look for when hiring graduates, why being teachable can matter more than appearing impressive, and the mistakes young professionals often make once they land their first job in finance.

We also discuss the importance of consistency, trust and reputation, why comparing yourself to others can derail your career, and the lessons Jamie learned from nearly two decades inside one of the world’s biggest investment banks.

For anyone trying to break into investment banking, sales and trading or financial markets, this is an inside look at what it takes not just to get the job, but to build a career that lasts.

00:00 Breaking Into Finance

02:58 Buy Side to Sell Side

10:13 A Non-Linear Path

17:18 What MDs Look for in Graduates

20:24 How to Stand Out

22:28 Why Consistency Matters

27:11 Handling Mistakes Under Pressure

29:43 The Early Career Trap

32:46 Money, Success & Perspective

37:08 Finding Work-Life Balance

43:49 Jamie’s Advice for Graduates

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets.

We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions.

We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world.

Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors.

00:00 The Global Energy Shake-Up

02:08 Nigeria’s $1.6BN IPO

04:17 Inside the Dangote Refinery

07:10 How Do You Value African Companies?

12:12 Nigeria’s Energy Revolution

17:45 Lukoil’s $20BN Sale

24:29 Inside Trafigura

28:56 The Supertanker IPO

31:53 Why Shipping Rates Are Surging

37:24 KKR’s Acquisition of DCC Energy

40:23 How Private Equity Creates Value

43:04 The Deal Gets Approved

UK government borrowing is surging, bond yields remain elevated and the cost of servicing Britain’s debt is becoming increasingly difficult to ignore. But how serious is the problem and what happens if borrowing costs stay high?

In this episode, Anthony Cheung and Piers Curran break down why Britain’s public finances are under pressure, how the bond market can constrain government spending and why the Bank of England’s decision to step back from quantitative tightening could matter for UK borrowing costs.

We also explore whether governments can simply keep accumulating debt, why the US and Japan have managed even larger debt burdens, and whether AI-driven productivity growth could eventually offer Britain a way out.

Finally, we look at the bigger question facing developed economies: if debt keeps rising, what could actually cause the music to stop?

00:00 Britain’s Debt Problem

02:22 Why Debt Is Getting Expensive

08:56 The Global Debt Problem

10:49 Britain’s Borrowing Surge

11:50 Why UK Inflation Is Different

15:44 Is Britain’s Economy Stalling?

17:53 Why Bond Yields Matter

21:20 Quantitative Tightening Explained

27:32 Could QE Return?

30:29 Can AI Save the UK Economy?

36:00 Can Britain Keep Borrowing?

40:12 Is the West Losing Power?

HYROX has exploded into one of the biggest trends in fitness, and now private equity wants a piece of it. But what exactly makes the business so attractive?

In this episode, Anthony Cheung and Stephen Barnett break down how HYROX makes money, its rapid global expansion and why private equity giant L Catterton has invested in the business. We look at its asset light event model and ask whether HYROX can become a lasting global fitness brand or risks following the same path as CrossFit.

We also unpack Oura’s reported $16 billion IPO, from its hardware and subscription model to the 42 billion hours of biometric data it has collected. Could Oura become much more than a wearable technology company, or is there a risk it becomes the next Peloton?

(01:52) Oura’s $16B IPO

(02:50) Why Oura Is Booming

(06:33) The Subscription Engine

(08:08) Investors in Oura

(10:53) The Role of Robinhood

(12:43) IPO Underwriters

(15:39) History of Oura

(19:12) Oura Business Model

(23:41) Oura’s Data Advantage

(27:52) The Peloton Warning

(31:42) Celebrity Endorsements

(34:10) Can Oura Justify $16B?

(40:35) Why HYROX Is Exploding

(44:25) How HYROX Makes Money

(50:40) The CrossFit Warning

(54:58) Oura vs HYROX: Who Wins?

The Federal Reserve has raised interest rates for the first time in three years, with Fed Chair Kevin Warsh delivering a unanimous 25 basis point hike as inflation once again becomes the dominant concern for financial markets.

In this episode, Anthony Cheung and Piers Curran break down why the Fed decided to hike, what Warsh means by “removing accommodation”, and why the decision could be an important test of the Fed’s independence amid political pressure from Donald Trump.

We also explain the reaction across bonds, equities and the US dollar, why short and long-term Treasury yields are moving differently, and what the Fed’s latest projections could mean for interest rates over the rest of 2026.

Whether you’re following markets as an investor or preparing for a global markets interview, this episode gives you a practical framework for understanding one of the most important macro stories shaping the global economy.

(00:00) Why This Fed Decision Matters

(01:13) Why the Fed Hiked

(06:49) Policy Accomodation

(09:13) What’s Driving Inflation?

(16:18) Is the Fed Independent?

(21:44) How Markets Reacted

(25:51) What Happens Next?

(29:56) Lessons From Past Rate Hikes

(32:50) Interview Cheat Sheet

Application season is underway, and if you’re targeting investment banking, understanding what’s actually happening in M&A can give you a real advantage in interviews.

In this episode, Anthony Cheung and Stephen Barnett break down the huge resurgence in global dealmaking in 2026, why mega-deals are dominating, which sectors and banks are benefiting, and how interest rates, AI and valuations are shaping the outlook.

Most importantly, we explain how to turn that knowledge into better interview answers: which deals to research, how to structure your response and how to demonstrate genuine commercial understanding rather than simply memorising headlines.

(00:00) Investment Banking Interview Prep

(01:48) The M&A Boom

(04:47) Why Mega Deals Are Surging

(10:52) What Drives M&A?

(17:46) Merger Arbitrage

(19:41) The Hottest Sectors

(24:04) Which Banks Are Winning?

(26:15) How to Target Your Applications

(30:21) Stephen's Favourite Episode

(33:26) Anthropic IPO Prediction

(34:46) Impact of US Mid-Terms

(41:23) Number One Advice

Oil is back above $100 a barrel, food prices are climbing and central banks are once again facing pressure to raise interest rates. Is the world heading towards a second wave of inflation?

In this episode, Anthony Cheung and Piers Curran explain why the latest inflation threat goes far beyond the headline oil price. China is returning to the crude market just as conflict continues to disrupt global energy supplies, while refinery problems are pushing petrol and diesel prices even higher.

At the same time, food commodities including wheat, rice, coffee, sugar and cocoa are rising as war, extreme weather and supply disruption hit global production. We look at how those higher costs eventually reach the supermarket checkout and why a £100 UK weekly shop from 2020 could soon cost around £150.

Finally, we break down what this means for the Federal Reserve, Bank of England and other central banks, why bond yields are rising, and whether higher inflation could force interest rates to stay higher for longer.

(00:00) Is Inflation Coming Back?

(01:33) Why Oil Is Above $100

(05:57) The Trump Oil Problem

(07:11) Petrol Prices Surge

(12:43) How Oil Traders React

(15:58) Food Inflation Returns

(22:44) Why Food Prices Are Rising

(23:59) Interest Rates Going Higher?

(28:47) The Stagflation Risk

(31:36) The £150 Weekly Shop

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 the deal fits into Jensen Huang’s wider strategy to control more of the AI ecosystem.

We look at Hugging Face’s journey from a failed chatbot to the “GitHub of AI”, why open-source AI is becoming increasingly important, and whether Nvidia’s growing influence should concern regulators and developers. We also look at the parallels with Microsoft’s acquisition of GitHub and the extraordinary returns generated by some of Hugging Face’s earliest investors, including NBA star Kevin Durant.

A deep dive into the strategy, valuation and economics behind one of the biggest AI deals of the year.

(00:00) Nvidia Buys Hugging Face

(08:23) Why Nvidia Moved Now

(15:56) Who Made Billions?

(18:59) What Is Hugging Face?

(27:42) How Hugging Face Started

(30:19) The $12.9bn Valuation

(32:31) Nvidia’s AI Strategy

(44:04) Kevin Durant’s 240x Return

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 differentials, the carry trade and Japan’s economic fundamentals, haven’t simply disappeared.

In this episode, Anthony Cheung and Piers Curran explain how FX intervention actually works, why governments and central banks step into financial markets, and why intervention often treats the symptom rather than the underlying cause.

We also revisit the extraordinary 2015 Swiss franc collapse, when the Swiss National Bank abandoned its currency floor and triggered one of the most dramatic moves in modern FX history, before looking at the US Treasury market and the attempts to bring rising long-term bond yields under control.

From the Japanese yen to US Treasuries, this is a practical guide to what happens when governments decide to fight the market and why the market often has the final say.

(00:00) Can Governments Control Markets?

(07:26) Why the Yen Is So Weak

(15:24) The Yen Carry Trade

(17:59) The Intervention Explained

(19:41) Symptom or Disease?

(21:14) Japan’s $100bn Intervention

(27:11) The Swiss Franc Collapse

(41:10) The US Bond Market Problem

(45:51) What Could Break Next?

(52:49) What Happens Next?

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 Podcast, Anthony Cheung and Stephen Barnett break down OpenRouter’s extraordinary rise, how its platform connects businesses to hundreds of different AI models, and why the economics of AI could increasingly favour the platforms routing intelligence rather than the companies building the models themselves.

We also unpack the remarkable story of Stripe, founded by Irish brothers Patrick and John Collison, which now processes payments equivalent to around 1.6% of the entire global economy. We explore how Stripe became a critical part of the internet’s financial infrastructure, and why its latest acquisitions point to much bigger ambitions across AI, payments and agentic commerce.

From venture capital and AI valuations to network effects, business moats and the future of online commerce, this is the business behind Stripe’s $7.5 billion bet on the AI economy.

(00:00) Stripe’s $7.5BN AI Bet

(02:30) The OpenRouter Deal

(05:01) From Startup to $7.5BN

(09:29) How Venture Capital Works

(11:13) What Is OpenRouter?

(16:32) Building a Billion-Dollar Startup

(22:21) What’s OpenRouter’s Moat?

(28:19) Why Stripe Bought OpenRouter

(33:20) The Rise of Agentic Commerce

(37:12) The Story of Stripe

(40:07) How Stripe Makes Money

(44:35) Stripe’s Acquisition Strategy

(47:13) Have We Reached Singularity?

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 growing pipeline of AI listings to what could become the biggest IPO in India’s history.

We break down why Chinese robotics companies are attracting huge investor demand, what embodied AI could mean for the next stage of the technology cycle, and why Hong Kong is emerging as an important fundraising hub for the sector. We then head to India to look at the planned listing of the National Stock Exchange, before exploring the surprisingly active IPO markets of Pakistan and Zambia.

Finally, we return to the US to ask an important question: with so much investor capital being pulled towards mega AI and technology listings, are other companies being crowded out?

A global look at where capital is flowing, why IPO activity is returning and what it tells us about the changing shape of markets.

(00:00) The Global IPO Boom

(03:48) IPOs Are Back

(06:00) Careers in Equity Capital Markets

(10:04) China’s Robot IPO Boom

(11:36) The Unitree Robotics Story

(18:36) China vs the US

(22:15) Hong Kong’s Robot Gold Rush

(27:27) India’s Biggest IPO Ever

(30:36) Inside an IPO Roadshow

(33:01) Pakistan’s Record IPO Year

(36:12) Zambia’s IPO Boom

(39:10) Why This US IPO Flopped

(40:39) The Defence Tech Opportunity