The latest episode of the investing podcast DH Unplugged, titled "The Doldrums," arrives on August 18, 2026, with hosts Andrew Horowitz and John C. Dvorak tackling a summer news cycle that refuses to slow down. Despite the seasonal lull implied by the title, the co-hosts argue that every headline is being amplified as investors grapple with whether all-time highs are sustainable or setting up a reversal. From strategic oil reserves at 10% of prior levels to Michael Burry's fresh top call and Nvidia's audacious new financing scheme, the episode maps a market that hates itself but keeps climbing.
Michael Burry, known for his "Big Short" bet against the housing market, has issued a warning of a possible 1987-style drop while taking short positions in Palantir, Nvidia, and Tesla via options. Horowitz and Dvorak discuss the implications of Burry's bearish stance, noting that markets live much more in the all-time high range than in the all-time lows, making it difficult, if not impossible, for the markets to hit an all-time low. Dvorak counters with a lens on Jensen Huang's strategy at Nvidia, noting that "it's more important to be depended on than to be profitable," and warning that a Nvidia unwind could combine 1999 enthusiasm with 2007 financialization at a far greater magnitude.
The 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 Jensen Huang's answer to nervous financiers. This innovative approach could reshape how AI infrastructure is funded, but it also raises concerns about the potential for a leveraged bubble in compute assets.
The episode also covers a range of other market-moving stories. Etsy 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 faces a disaster linked to Taylor Farms. Eli Lilly reported strong quarterly sales with Mounjaro at $9.94 billion and Zepbound at $4.93 billion. Additionally, the hosts unpack 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 touch on Treasury Secretary Scott Bessent's Trump-flavored superlatives and the still-unrecovered 18-karat gold toilet ripped from Blenheim Palace.
Throughout the episode, Horowitz and Dvorak maintain their signature blend of skepticism and humor. They question the sustainability of the current market rally, especially with Burry's warning and Nvidia's aggressive financial engineering. The discussion highlights the tension between innovation and risk, as investors navigate a landscape where every headline seems to carry outsized weight. As the market continues to climb, the hosts remind listeners that all-time highs are more common than lows, but that doesn't mean a correction isn't looming. With Burry's bearish bets and Nvidia's collateralized compute, the episode offers a timely analysis of the forces shaping today's markets. Listeners can find Episode 814 at dhunplugged.com and wherever podcasts are heard, including Apple Podcasts, Spotify, and Amazon Music.
