In the latest episode of DH Unplugged, hosts Andrew Horowitz and John C. Dvorak dissect a market that continues to climb despite mounting warnings. The episode, titled "The Doldrums," arrives on August 18, 2026, and covers a dense docket of market-moving stories, including Michael Burry's fresh top call and Nvidia's audacious new financing scheme.
Michael Burry, famed for his "Big Short" bet against the housing market, has once again raised alarm bells. Horowitz and Dvorak discuss Burry's warning of a possible 1987-style drop, with Burry shorting Palantir, Nvidia, and Tesla via options. This bearish stance comes as markets hover near all-time highs, prompting investors to question whether these levels are sustainable or setting up a reversal. Horowitz notes, "Markets live much more in the all-time high range than in the all-time lows. In fact, very difficult, if not impossible, for the markets to hit an all-time low."
The episode's deeper dive lands on Nvidia's move to make compute an investable asset class. Nvidia has announced preliminary agreements with Apollo, BlackRock, Brookfield, Goldman Sachs, and KKR to mobilize $500 billion for AI infrastructure. This initiative is designed to address the collision between hyperscaler depreciation schedules and Nvidia's accelerating product cycle. By collateralizing compute rather than the underlying silicon, Jensen Huang is offering a solution to nervous financiers. Dvorak offers a skeptical lens on Huang's strategy, stating, "it's more important to be depended on than to be profitable," and warns that a Nvidia unwind could combine 1999 enthusiasm with 2007 financialization at far greater magnitude.
The hosts also cover a range of other stories, including Etsy cutting 220 jobs (roughly 12% of staff) while authorizing a $2 billion buyback, Chipotle's salmonella outbreak tied to jalapenos, and Sweetgreen's Taylor Farms disaster. In the pharmaceutical sector, Eli Lilly's Mounjaro generated $9.94 billion and Zepbound $4.93 billion in quarterly sales. Berkshire Hathaway reported its first net-buyer quarter in 14 quarters under Greg Abel, a notable shift in strategy. Additionally, a new 15% tariff on polysilicon solar imports and drone tariffs benefiting Unusual Machines (UMAC) are discussed, along with Donald Trump Jr.'s stake in that name. Treasury Secretary Scott Bessent's Trump-flavored superlatives and the still-unrecovered 18-karat gold toilet ripped from Blenheim Palace round out the episode's eclectic mix.
The implications of these stories are significant for business and technology leaders. Burry's warning suggests potential market volatility, urging investors to brace for possible downturns. Nvidia's $500 billion financing plan could reshape the AI infrastructure landscape, making compute a new asset class that may attract institutional investors. This move could have far-reaching effects on how AI companies fund their operations and how investors assess the value of compute resources. As the market continues to hit all-time highs, the tension between optimism and caution remains palpable, and the hosts' skepticism provides a valuable counterpoint to the prevailing bullish sentiment.
For more insights, the episode is available at dhunplugged.com and on platforms like Apple Podcasts, Spotify, and Amazon Music.
