In Episode 808 of DHUnplugged, titled "Bulls in a Bubble Shop," hosts John C. Dvorak and Andrew Horowitz close out the first half of 2026 by examining the forces driving markets and the warning signs beneath the surface. With the S&P 500 up roughly 7.5%, the Dow above 52,000, and AI hardware stocks surging, the conversation turns to a new U.S. antitrust class action alleging DRAM price-fixing by Samsung, SK Hynix, and Micron. The hosts draw parallels to the 2005 DRAM case, where Hynix paid $180 million, Samsung $300 million, and Infineon $160 million, noting that the same three companies now control 90% of DRAM and are accused of coordinating supply cuts as conventional DRAM prices jumped roughly 700% over four years.
Horowitz critiques the Trump Accounts program, set to launch July 4, which provides $1,000 Treasury-funded seeds for newborns. He calls it a "forced financial literacy experiment wrapped in a political brand name with a socialist starter check to teach capitalism," questioning the contradiction. Meanwhile, Dvorak challenges the AI infrastructure narrative, arguing that compute is heading back to desktops via Nvidia Blackwell-powered mini machines, potentially leaving server farms underutilized and memory prices vulnerable to collapse.
The episode also covers SpaceX's newly issued investment-grade bonds already underwater, Japan's yen at 162 to the dollar with hints of Bank of Japan intervention, and PCE inflation climbing to 4.1%. The Bank for International Settlements flagged AI-boom financial-stability risks. Other topics include Chevron's 20-year Project Kilby data-center power deal with Microsoft, Comcast splitting off NBCUniversal and Sky, the Interior Department slashing federal drilling bonds 95% to $25,000, Wendy's brief meme-stock spike, and gold slipping below $4,000 as Bitcoin sinks to $58,600.
Horowitz also previews an upcoming Peter Schiff interview on The Disciplined Investor. The episode is available at dhunplugged.com and via Apple Podcasts, Spotify, Amazon Music, and RSS.
