Episode 807 of DHUnplugged, titled 'MahJong and Markets,' hosts John C. Dvorak and Andrew Horowitz on June 23, 2026, deliver a skeptical take on several fast-moving stories. The episode opens with a new Closest to the Pin contest for SpaceX shares, which have slid below $147 following the company's IPO. The hosts also eulogize former Federal Reserve Chairman Alan Greenspan, who died at 100, and dissect the eye-watering surge in RAM prices that is rattling PC buyers.
SpaceX's post-IPO slide under $147 is accompanied by 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. 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.'
The episode also covers Alphabet's addition to the Dow Jones Industrial Average, replacing Verizon, which lifts the index's tech weighting from roughly 17% to 22%. Additionally, the hosts note that China's H-shares have entered a bear market as retail sales contract, and the Korean KOSPI briefly plunged into correction territory overnight.
RAM prices have exploded, with DDR5 pricing jumping from about $75 to $450. Dvorak warns that memory pricing defies the historical learning curve and that Micron, SanDisk, and Western Digital could face brutal oversupply. Dell is quoting a $5,700 corporate desktop that costs $2,700 on the consumer site, highlighting the impact of rising component costs.
The hosts revisit Greenspan's legacy, calling him a 'walking thesaurus' whose vocabulary once required decoding. They also discuss insider selling across dozens of companies, with Dvorak observing that his screen is a 'sea of red,' with Cantor Equity Partners (linked to Commerce Secretary Howard Lutnick) as the lone buy.
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, calling it a 'swing and a miss' short. 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.
The episode is available at dhunplugged.com and on Spotify and Amazon Music/Podcasts, alongside Apple Podcasts and RSS.
