Market Maker – Details, episodes & analysis

Nvidia reported a staggering 122% revenue growth, but its sales outlook was disappointing. Data center revenues are slowing, the new Blackwell design has encountered problems, and gross margins are narrowing.

As the AI hype begins to cool, is Nvidia managing expectations or facing a slowdown?

Get up to speed on one of the major stories in global markets this week.

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01:00 Introduction and Nvidia's Earnings Report

03:00 Decelerating Growth Rates for Nvidia

07:13 The importance of forward guidance 

08:35 The Delayed Release of the Blackwell Chip

12:43 Nvidia's Share Buyback Program

14:13 Managing market expectations

18:32 Broader Context and Sector Rotation

21:02 What happens to US stocks next?

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In this episode, we chat with Peter Bell, founder and CEO of Cardean Bell, a leading M&A boutique advisory firm. With 24 years at top investment banks like Bank of America Merrill Lynch, Lehman Europe, and Nomura, Peter has advised on over $100 billion in transactions across every industry sector. In 2016, he launched Cardean Bell to offer a more personalised approach to M&A and IPO advisory.

Join us as Peter shares his journey from global banking to running a boutique, the value Cardean Bell provides to clients, and why companies choose boutique firms over bulge bracket banks. 

He also offers career advice for aspiring investment bankers, including how to stand out as a young analyst and when to consider moving from a big bank to a boutique.

Whether you're eyeing a career in banking or just curious about the industry, this episode is packed with insights, stories, and practical tips from one of the industry’s most experienced leaders. 

Don’t miss it!

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• Introductions (2:12)
• University experience (3:37)
• Peter's early career (5:02)
• Moving from junior to senior roles (7:32)
• Is it possible to fast-track a banking career? (9:20)
• Heading up the UK M&A team at Bank of America (12:36)
• Wanting to start your own firm (13:29)
• How is Cardean Bell unique? (18:05)
• The importance of accountancy skills (26:06)
• How Macro impacts deal making (29:29)
• Current state of play (32:36)
• The art of timing a deal (38:17)
• How AI will impact the industry (40:36)
• What makes a perfect analyst (46:07)
• Bulge bracket vs boutique route (47:46)
• Most memorable interview question (51:15)

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In this episode, we delve into Nike's recent struggles, with its stock down over 30% this year. We'll explore the factors contributing to its decline, from questionable leadership and strategic missteps to macroeconomic challenges and rising competition in the sneaker market.

HSBC is reshaping its investment banking division to better compete with its rivals. Discover the changes being implemented and their potential impact on the UK-listed bank.

Microsoft and Apple are turning down OpenAI board seats as regulatory scrutiny grows and is the era of cheap money about to catch up with the private equity market?

Essential listening for any student interested in corporate finance and business strategy.

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Want to gain practical experience in corporate finance? Join our free M&A Finance Accelerator simulation in partnership with UBS www.amplifyme.com/mafa

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Find out why despite Apple's drop in revenue the company has crossed an important milestone with its Services division and how aggressive and consistent job cuts, amid a surprisingly resilient US economy, has Amazon feeling optimistic about the future.

Meanwhile, ratings agency Fitch downgraded the United States earlier this week to much fanfare in mainstream media. So how important is this news for markets? Why did they take such action? Is the erosion of governance only going to get worse?

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In this conversation, our Director of Corporate Finance Stephen unpicks the changing IPO landscape and looks at the challenges of direct listing and the structure of SPAC deals using real-life examples in focus today.

A great listen for anyone interested in banking to better understand the importance of strong fundamentals, investor awareness, and careful consideration of structural aspects when a company seeks to go public through these alternative methods.

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A BIG week for global markets, from tech earnings to central bank decisions, get the full low down.

On the trading floor this week, Anthony and Piers discuss:

• Meta makes a comeback, Google excels on advertising spend and Microsoft posts tepid numbers. Get up to speed on the latest earnings reports from the world's largest tech names.

• A dovish Fed, soft landings, and yield curve control. Find out what happened in this week's Fed, ECB, and BoJ monetary policy decisions.

• The bluebird is no more as Twitter becomes 'X', but why is Elon Musk ripping up the marketing textbook and will it work?

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

Connect with Piers https://www.linkedin.com/in/pierscurran/

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Stephen Barnett, our Director of Corporate Finance goes solo this week to cover three major topics in focus:

Oddity IPO - The Israeli company ('where beauty meets Israeli technology') debuted on the Nasdaq. Lead book-running managers Morgan Stanley, Goldman Sachs, and Allen & Co. priced the IPO at $35, raising $424mn and achieving a first-day IPO 'pop' of over $35%!

Cava IPO - The US fast food restaurant chain achieves a whopping 100% first-day pop on its opening day. Did underwriters J.P. Morgan, Citi, and Jefferies get the offer price wrong?

CVC raises the largest buyout fund in history. The €26bn fund, which topped Blackstone's $26bn buyout fund, raised in 2019, suggests that investor demand for Private Equity is still high, despite clear headwinds.

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Connect with Stephen https://tinyurl.com/4h24y8jn

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I am joined by co-founder Piers Curran to talk over three themes in markets this week:

1) Goldman Slumps - the US investment bank reported its lowest quarterly profit in almost six years, weighed down by falling trading and investment banking. Was this unexpected? What does it mean for the fate of CEO David Solomon?

2) Tesla’s profit margins slipped in the latest quarter as a series of price cuts this year weighed on its earnings and Netflix's password-sharing crackdown pays off with nearly 6mn new subscribers. We take a look at what we've learned from their latest corporate earnings reports.

3) Has the UK finally caught a break as inflation fell to a 15-month low resulting in the British Pound trading back below 1.3000 and traders reigning in their rate hike expectations for the Bank of England.

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

Connect with Piers https://www.linkedin.com/in/pierscurran/

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This week I've pulled on the best minds at AmplifyME on Markets and Banking as Piers Curran and Stephen Barnett deconstruct the first of the big Wall Street banks to report their Q2 performance.

We look beyond the headlines to explore the reasons behind the performance in different divisions, the impact of the macro climate, and how their business strategies differ.

If you are applying to one of these financial institutions this is a must listen episode! 

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

Connect with Piers https://www.linkedin.com/in/pierscurran/

Connect with Stephen https://www.linkedin.com/in/stephen-barnett-0b8b3337/

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The main topic of conversation this week is Fidelity National Information Services who have agreed to sell a majority stake in its merchant payments arm Worldpay to private equity firm GTCR, valuing the business at up to $18.5bn. In fact, this is one of the largest corporate carve-outs in history!

Get an overview of the deal, its structure, and the role of syndicated debt explained in a super easy-to-understand way by our Director of Corporate Finance Stephen Barnett.

There's even a quick update on the breaking news regarding Microsoft's acquisition of Activision Blizzard. 

Want to work in corporate finance, then this is one not to miss!

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

Connect with Stephen https://tinyurl.com/4h24y8jn

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