In a market that keeps setting records, a growing number of bears are warning of a correction. The latest episode of DH Unplugged, titled 'The Doldrums,' hosted by Andrew Horowitz and John C. Dvorak, aired on August 18, 2026, and tackled a summer news flow that refuses to slow down. The hosts argued that every headline is amplified as investors debate whether all-time highs are sustainable or setting up for a reversal.
Among the most striking stories is Michael Burry's fresh top call. The investor, known for predicting the 2008 financial crisis, is warning of a possible 1987-style drop and has taken short positions in Palantir, Nvidia, and Tesla via options. Horowitz noted that markets spend far more time near all-time highs than lows, saying, '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.'
Meanwhile, Nvidia is making headlines with an audacious plan to mobilize $500 billion for AI infrastructure through preliminary agreements with Apollo, BlackRock, Brookfield, Goldman Sachs, and KKR. The move aims to turn compute into an investable asset class, collateralizing chips rather than the underlying silicon. Dvorak commented on Nvidia CEO Jensen Huang's strategy, saying, 'it's more important to be depended on than to be profitable,' and warned that an Nvidia unwind could combine 1999 enthusiasm with 2007 financialization at far greater magnitude.
The episode also covered Etsy cutting 220 jobs (roughly 12% of staff) while authorizing a $2 billion buyback, and Chipotle's salmonella outbreak tied to jalapenos, which parallels Sweetgreen's Taylor Farms disaster. Eli Lilly reported strong quarterly sales for its weight-loss drugs: Mounjaro at $9.94 billion and Zepbound at $4.93 billion.
Other topics included Berkshire Hathaway's first net-buyer quarter in 14 quarters under Greg Abel, a new 15% tariff on polysilicon solar imports, and drone tariffs benefiting Unusual Machines (UMAC) – in which Donald Trump Jr. holds a stake. The hosts also touched on Treasury Secretary Scott Bessent's Trump-flavored superlatives and the still-unrecovered 18-karat gold toilet ripped from Blenheim Palace.
The deeper dive centered on Nvidia's financing scheme, explaining how hyperscaler depreciation schedules collide with Nvidia's accelerating product cycle. By collateralizing compute, Huang aims to reassure nervous financiers. This approach could reshape how AI infrastructure is funded, with implications for tech giants and investors alike.
As the market climbs, the episode's skeptical tone serves as a reminder that record highs often come with heightened anxiety. Whether Burry's warning proves prescient or Nvidia's strategy becomes a new standard, the developments discussed in this episode are key to understanding the current market dynamics.
