Type "Speed Freak" using a bold font.

Right click the text layer and select "Convert to shape".

Select all the tex paths using path selection tool and copied it by pressing Ctrl+C.

Now select the rounded rectangle path and Press Ctrl+V to paste the text paths.

Enable "Subtract from shape area at the top bar. Hide the text layer.

Select the subtracted rounded rectangle shape. Double click the layer to open layer style window. Apply settings as shown.