Episode 810 of DH Unplugged, titled Big Blew Up and hosted by John C. Dvorak and Andrew Horowitz, arrives July 14, 2026, with a market tape that refused to sit still. The centerpiece is IBM's stunning pre-announcement, a roughly 25% single-session plunge that the hosts call the worst day on record for Big Blue. Alongside the IBM wreck, the episode covers a monster start to bank earnings season, SpaceX's dramatic retracement, oil's surge on renewed Middle East tension, and a fully AI-generated feature film hitting streaming.

Horowitz and Dvorak walk through the week's most consequential threads with their signature skepticism:

• IBM's $700 million revenue miss, adjusted EPS of $2.93 versus $3.01, and management's warning that customers are redirecting spend toward AI servers, memory, and hardware while delaying software purchases.
• Blowout bank earnings from JPMorgan ($21B net revenue, 86% jump in equities), Bank of America ($9.1B net income), Goldman Sachs ($6.6B profit, $20.98 EPS), and Citigroup (net income up 45%).
• SK Hynix's $26.5 billion NASDAQ ADR listing, oversubscribed seven times.
• President Trump's walk-back on a 20% Strait of Hormuz reimbursement fee, oil pushing $80, and a cyclosporiasis outbreak across 30 states.

The hosts open the IBM segment with a run of one-liners before turning serious. "Today IBM stood for I'll Be Melting as Big Blue turned into Big Blue Up," Horowitz quips, before pivoting to the mechanics of the sell-off. Dvorak flags the broader signal, noting the disconnect that lifted Dell 7% and Hewlett Packard Enterprise nearly 5% on the same session. Horowitz shares an anecdote from a weekend gathering with commercial real estate developers and plumbers who described stalled projects and frozen loan draws, drawing a parallel to the 2007-2008 letters-of-credit squeeze.

The conversation widens into what Horowitz dubs "cradling", his term for algorithmic rotation that props up the indices even as individual names get taken behind the woodshed. He walks through a chart of the S&P 500's best quarters since 1990, noting that April 2020 and the post-March 2009 rebound both followed massive stimulus, and that momentum has historically carried into the next quarter. On the AI front, the hosts examine Odysseus: The Fall, a 135-minute feature directed by Ash Kusha and produced by FountainO for mid-five figures, launching alongside Christopher Nolan's $250 million Odyssey starring Matt Damon. They also unpack Apple's lawsuit against OpenAI over alleged trade-secret theft involving former hardware chief Tang Tan and Chang Liu, with more than 400 ex-Apple employees now at OpenAI. Stock picks: Amazon and Micron, both long.

About DH Unplugged

DH Unplugged is a weekly investing and markets podcast hosted by columnist John C. Dvorak and money manager Andrew Horowitz. Casual, unrehearsed, and skeptical, the show blends Federal Reserve analysis, earnings deep dives, commodities, and offbeat cultural commentary for engaged retail investors. Episode 810 is available now at dhunplugged.com and on Apple Podcasts, Spotify, and Amazon Music.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

Episode 809 of DH Unplugged, titled He's Selling Bitcoin!, hosted by John C. Dvorak and Andrew Horowitz and published July 7, 2026, opens the second half of the year with a wobble across risk assets and a headline that would have been unthinkable a year ago: Michael Saylor's Strategy has sold Bitcoin. The hosts unpack a soft June jobs print, SpaceX's arrival in the NASDAQ 100, Oracle's steepest weekly drop since the dot-com bust, and renewed strikes on Iran, all against a market suddenly questioning the AI trade.

Listeners can expect a wide-ranging tour of the tape and the news cycle. Threads covered include:

• Strategy selling 3,588 Bitcoin for roughly $216 million while sitting on an $8.32 billion paper loss.
• SpaceX joining the NASDAQ 100 and displacing weight from Nvidia, Microsoft and other megacaps.
• A 57,000 payrolls print versus a 110,000 estimate, with April and May revised down by 74,000.
• Oracle's 19% weekly slide, $130 billion in debt, and $24 billion in negative free cash flow.
• Tesla's record 480,000 Q2 deliveries alongside an 8% share drop.

The hosts do not hide their skepticism about Strategy's pivot. Horowitz notes that proceeds from the Bitcoin sale are being used for preferred stock dividends and dollar reserves, then delivers the line of the episode:

This is the guy that said never sell Bitcoin. He was a Treasury poster child, is now selling to serve as the capital structure. Oops.

Dvorak presses on whether the structure is "Ponzi-ish," while Horowitz walks through an average purchase price of $75,476 against recent sales between $59,000 and $61,000 per coin.

The conversation broadens into the machinery behind the AI trade. The hosts flag reports that Nvidia's Kyber architecture could slip up to 12 months into 2028, note Goldman Sachs data showing hedge funds dumped tech hardware and semiconductor exposure for a fourth straight week, and question Larry Ellison's sudden speaking tour as Oracle's stock cratered. Elsewhere they cover Microsoft's latest round of roughly 4,800 layoffs pinned on AI, OPEC+ adding 188,000 barrels per day in August, the Strategic Petroleum Reserve falling to 319 million barrels (its lowest since 1983), and a China court handing a death sentence to former Nanjing official Yang Yulin over $325 million in bribes. John Williams's Shadow Stats is cited pegging alternative unemployment near 25% and inflation around 9%.

About DH Unplugged

DH Unplugged is a weekly investing and markets podcast hosted by columnist John C. Dvorak and money manager Andrew Horowitz. Casual, unrehearsed and skeptical, the show blends Federal Reserve watching, earnings analysis, commodity moves and offbeat cultural observation for investors who want the story behind the tape. New episodes are available at dhunplugged.com, via RSS, and on Apple Podcasts, Spotify, and Amazon Music. Episode 809 is available now wherever podcasts are heard.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

Episode 808 of DHUnplugged, titled Bulls in a Bubble Shop, hosted by John C. Dvorak and Andrew Horowitz, published June 30, 2026, closes out the first half of 2026 with the S&P 500 up roughly 7.5%, the Dow above 52,000, and AI hardware names running like the bulls at San Fermin. With markets shuttered Friday for the July 4 holiday, the BLS jobs report pulled forward to Thursday, and the country's 250th anniversary looming, the hosts tally winners, losers, and warning signs flashing under the surface of the rally.

The conversation ranges widely across the quarter's dominant storylines. Key threads include:

• The alleged DRAM 'ram job' and a new U.S. antitrust class action against Samsung, SK Hynix and Micron
• The July 4 launch of Trump Accounts, the $1,000 Treasury-funded seed for newborns, and host Andrew Horowitz's Kevin Hassett critique
• SpaceX's newly issued investment-grade bonds already underwater, and the stock joining the Nasdaq 100
• Japan's yen at 162 to the dollar, hints of Bank of Japan 'yentervention,' and the widowmaker trade
• PCE inflation climbing to 4.1% and the Bank for International Settlements flagging AI-boom financial-stability risks

Horowitz reserves particular scorn for what he calls a contradiction at the heart of the new Trump Accounts program, which he says was pitched on live television as a lesson in capitalism, ownership and compounding.

It's a forced financial literacy experiment wrapped in a political brand name with a socialist starter check to teach capitalism.

Dvorak, meanwhile, needles the AI infrastructure narrative, arguing compute is heading back to the desktop via Nvidia Blackwell-powered mini machines, which could leave server farms underutilized and memory prices vulnerable to collapse.

The deeper dive centers on memory. SanDisk finished the half up 780%, Micron up 300%, Western Digital up 240%, Seagate up 226%, while South Korea's KOSPI surged 125% behind Samsung and SK Hynix. Yet the hosts revisit the 2005 DRAM price-fixing case in which Hynix paid $180 million, Samsung $300 million, and Infineon $160 million, noting the plaintiffs now allege the same three companies control 90% of DRAM and coordinated supply cuts as conventional DRAM prices jumped roughly 700% over four years. They also cover Chevron's 20-year Project Kilby data-center power deal with Microsoft, Comcast splitting off NBCUniversal and Sky, the Interior Department slashing federal drilling bonds 95% to $25,000, Wendy's brief meme-stock spike after CFO Steve Cyrilus arrived from Potbelly, and gold slipping below $4,000 as Bitcoin sinks to $58,600. Horowitz also previews an upcoming Peter Schiff interview on The Disciplined Investor.

About DHUnplugged

DHUnplugged is a weekly investing and markets podcast hosted by columnist John C. Dvorak and money manager Andrew Horowitz. The show blends Fed policy, earnings, commodities, tech and offbeat cultural observations with a skeptical, humorous, unrehearsed tone. It is available at dhunplugged.com and via Apple Podcasts, Spotify, Amazon Music and RSS. Episode 808 is available now wherever podcasts are heard.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.

Episode 807 of DHUnplugged, titled MahJong and Markets, hosted by John C. Dvorak and Andrew Horowitz, arrives June 23, 2026 with a packed slate of market news. The duo announces a new Closest to the Pin contest for SpaceX shares, eulogizes former Federal Reserve Chairman Alan Greenspan (who died at 100), and dissects the eye-watering surge in RAM prices rattling PC buyers. With the Korean KOSPI briefly plunging into correction territory overnight and Alphabet set to replace Verizon in the Dow Jones Industrial Average, the hosts argue the market is entering one of its strangest stretches in years.

Listeners can expect the hosts' signature skeptical read on several fast-moving stories. Threads covered include:

• SpaceX's post-IPO slide under $147, Elon Musk's $7.5 billion Tesla options cash-out, a $20 billion bond offering, and a $6.3 billion computing deal with Reflection AI at the Colossus 2 data center in Memphis.
• Alphabet's addition to the Dow, lifting the index's tech weighting from roughly 17% to 22%.
• DDR5 RAM pricing that jumped from about $75 to $450, and Dell quoting a $5,700 corporate desktop that costs $2,700 on the consumer site.
• China's H-shares entering a bear market as retail sales contract.

The show leans into its unvarnished tone. On Musk's relentless deal-making, Horowitz relays a striking framing: "Someone said something very interesting today, that he sees these as points in a game, like points in a video game, tokens that you win. It's not real money." Dvorak, tracking insider selling across dozens of companies, observes that his screen is a "sea of red," with Cantor Equity Partners (linked to Commerce Secretary Howard Lutnick) as the lone buy. The pair also revisit Greenspan's legacy, calling him a "walking thesaurus" whose vocabulary once required decoding.

Depth comes from the hosts' cyclical framework. Horowitz revisits his long-running mattress-company thesis, pointing to Sleep Number (SNBR) collapsing from $140 to roughly ten cents, and calling it a "swing and a miss" short. Dvorak warns that memory pricing defies the historical learning curve and that Micron, SanDisk, and Western Digital could face brutal oversupply. They dig into Chris Bloomstrand's analysis of hyperscalers shifting from asset-light to asset-heavy models, Satya Nadella's comment that AI has become commoditized, Oracle cutting 21,000 jobs, Getty Images soaring 145% on an OpenAI licensing deal, and a Chevron-Microsoft 20-year natural gas power pact dubbed Project Kirby. They also flag the mahjong craze, citing Yelp's 4,400% search surge.

About DHUnplugged

DHUnplugged is a weekly investing and markets podcast hosted by columnist John C. Dvorak and money manager Andrew Horowitz. The casual, unrehearsed conversation blends Fed policy, earnings, commodities, tech stocks, and offbeat cultural observations with a skeptical, humorous edge. Available at dhunplugged.com and now on Spotify and Amazon Music/Podcasts, alongside Apple Podcasts and RSS. Episode 807 is available now wherever podcasts are heard.

This press release is distributed by the Newsworthy.ai™ Press Release Newswire - News Marketing Platform™. Reference URL for this press release is here.