The latest episode of the investing podcast DH Unplugged, titled "The Doldrums," arrives on August 18, 2026, and finds the markets in a paradoxical state. Despite the summer lull implied by the title, co-hosts Andrew Horowitz and John C. Dvorak argue that every headline is amplified as investors grapple with whether all-time highs are sustainable or a prelude to a downturn. The episode covers a dense docket of stories, from Michael Burry's fresh top call to Nvidia's audacious new financing scheme, painting a picture of a market that "hates itself but keeps climbing."
One of the most striking segments focuses on Michael Burry, the investor famed for predicting the 2008 housing crash. Burry has issued a warning of a possible 1987-style drop, and he has taken bearish positions via options on Palantir, Nvidia, and Tesla. Horowitz and Dvorak note that Burry's track record gives his warnings weight, even as they caution that markets often defy bearish predictions. Horowitz observes, "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. The company has announced preliminary agreements with Apollo, BlackRock, Brookfield, Goldman Sachs, and KKR to mobilize $500 billion for AI infrastructure. Horowitz and Dvorak explain how hyperscaler depreciation schedules collide with Nvidia's accelerating product cycle, and why collateralizing compute—rather than the underlying silicon—is CEO Jensen Huang's answer to nervous financiers. Dvorak frames Huang's strategy with a sharp insight: "It's more important to be depended on than to be profitable." He warns that a Nvidia unwind could combine 1999 enthusiasm with 2007 financialization at far greater magnitude, suggesting that the company's centrality to AI could amplify any downturn.
Beyond Nvidia and Burry, the episode covers a range of market-moving stories. Etsy announced it is cutting 220 jobs, roughly 12% of its staff, while authorizing a $2 billion buyback. Chipotle is dealing with a salmonella outbreak tied to jalapenos, and Sweetgreen is facing a disaster linked to Taylor Farms. Eli Lilly reported strong quarterly sales for its weight-loss drugs: Mounjaro brought in $9.94 billion and Zepbound $4.93 billion. The co-hosts also touch on Berkshire Hathaway's first net-buyer quarter in 14 quarters under Greg Abel, a new 15% tariff on polysilicon solar imports, drone tariffs benefiting Unusual Machines (UMAC), and Donald Trump Jr.'s stake in that name. They also mention Treasury Secretary Scott Bessent's Trump-flavored superlatives and the still-unrecovered 18-karat gold toilet ripped from Blenheim Palace.
The episode's blend of skepticism and humor is on full display as Horowitz and Dvorak dissect the implications of these stories. For investors, the key takeaway is the tension between record highs and mounting risks. Burry's warning of a 1987-style crash, combined with Nvidia's aggressive financialization of compute, suggests that the market's current exuberance could be setting up for a fall. Yet Horowitz's reminder that all-time highs are more common than lows serves as a counterpoint to excessive bearishness.
DH Unplugged is a weekly investing and markets podcast hosted by financial advisor Andrew Horowitz and technology commentator John C. Dvorak. The show mixes Fed watching, earnings analysis, tech trends, and offbeat cultural observations with a skeptical, conversational tone. Episode 814 is available now at dhunplugged.com and wherever podcasts are heard, including Apple Podcasts, Spotify, and Amazon Music.
