Market Maker

Is the AI boom starting to crack, or is Wall Street overreacting?

After a historic Nasdaq 100 sell-off wiped $2.3 trillion from the market, Nvidia finds itself at the centre of a growing crisis surrounding CEO Jensen Huang. But while Nvidia shares tumble, the broader stock market is bouncing back. Is this a warning sign for the AI trade or evidence of its resilience?

Anthony Cheung and Piers Curran unpack Nvidia's leadership crisis, the risks facing its dominance in artificial intelligence, and why Anthropic is pressing ahead with its highly anticipated IPO despite its valuation falling from $2 trillion to around $1.4 trillion.

They also explore Goldman Sachs' role in the Anthropic IPO, Google's growing challenge to Nvidia through its TPU chips, and what it all means for investors navigating the AI boom.

00:00 The AI Market Sell-Off
03:40 Jensen Huang's Nvidia Crisis
10:15 Nvidia Breaks From Wall Street
15:37 Is Nvidia Too Big to Fail?
20:07 Anthropic's $1.4 Trillion IPO
25:50 Anthropic's Valuation Problem
31:17 Goldman Sachs & the IPO
34:50 Google's Challenge to Nvidia

Is the AI boom just getting started, or are we witnessing the build-up to another major market bubble?

With markets experiencing renewed volatility, Piers and Stephen go head-to-head to debate the future of artificial intelligence and the global economy. Piers makes the bull case, arguing that accelerating demand, massive infrastructure investment and the rise of AI agents point to a long-term growth story. Stephen takes the bear case, questioning whether the promised productivity gains will ever justify the enormous capital being poured into AI.

From NVIDIA and data centres to circular financing, AI productivity and comparisons with the dot-com bubble, they explore whether this is a genuine technological revolution or a speculative boom heading for a painful correction.

00:00 Piers & Stephen Go Solo
04:06 The AI Bull vs Bear Debate
08:55 The Bull Case for AI
13:46 The Bear Case for AI
17:39 The Economic Risks of AI
25:02 Is AI Delivering Productivity Gains?
31:21 Will AI Replace Jobs?
34:25 Is This the Next Dot-Com Bubble?

Donald Trump's Republicans have suffered a major defeat in the US midterm elections, with Democrats taking control of both the House and Senate. But while markets initially plunged on fears over the future of the AI boom, stocks have staged a remarkable comeback. So why are investors celebrating a result that could derail Trump's economic agenda?

In this episode, Anthony Cheung and Piers Curran break down the market reaction to the Democratic blue wave, explaining why US Treasury yields have fallen, Big Tech stocks are rallying and investors are increasingly viewing political gridlock in Washington as a potential positive for financial markets.

We also explore what the election means for the AI infrastructure boom, including proposed restrictions on data centre construction in Texas, the surge in renewable energy stocks and the implications for oil prices as pressure mounts on Trump over the Iran conflict.

Could a divided US government actually create the perfect conditions for another stock market rally? And with history suggesting equities tend to perform strongly following midterm elections, is this the outcome investors were hoping for?

00:00 Democrats' Blue Wave Victory
02:38 Trump's Midterm Election Defeat
06:17 Can Prediction Markets Beat Polls?
08:55 Why Stock Markets Initially Fell
12:42 Why US Treasury Yields Plunged
16:24 Gold, the Dollar and Copper
17:51 Texas Threatens the AI Boom
22:25 Why Clean Energy Stocks Surged
24:28 Trump, Iran and Oil Prices
28:33 Is This a Goldilocks Market?
32:20 Why Stocks Rally After Midterms

In this episode of the Market Maker Podcast, Anthony Cheung speaks with Rachel Feeley, a student at University College Cork who secured multiple investment banking offers despite coming from a non-target university with no existing industry connections.

Rachel shares practical advice on building a competitive CV, securing spring weeks, networking, preparing for investment banking interviews and converting opportunities into internship offers.

We also explore how to use AI for interview preparation, the importance of communication skills and the five strategies that made the biggest difference to her success.

Whether you're exploring a career in finance or actively applying for investment banking internships, this episode is packed with actionable advice to help you stand out.

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00:00 How Rachel Broke Into Banking
01:06 Why Investment Banking?
04:13 Breaking In From a Non-Target Uni
10:01 Networking That Works
16:15 Building a Standout CV
25:01 How to Ace Banking Interviews
27:40 Using AI for Interview Prep
32:01 Converting Spring Weeks Into Offers
35:55 5 Tips for Landing Banking Offers
43:53 Balancing Uni and Applications
47:00 Where to Start in First Year

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