Episode 807 of DHUnplugged, titled MahJong and Markets, arrives June 23, 2026, with hosts John C. Dvorak and Andrew Horowitz dissecting a flurry of market news. The episode opens with a new Closest to the Pin contest for SpaceX shares after the company's stock slid below $147 post-IPO. The hosts also eulogize former Federal Reserve Chairman Alan Greenspan, who died at 100, and examine the eye-watering surge in RAM prices that has rattled PC buyers. With the Korean KOSPI briefly plunging into correction territory overnight and Alphabet set to replace Verizon in the Dow Jones Industrial Average, the duo argues the market is entering one of its strangest stretches in years.
The show delves into SpaceX's post-IPO slide under $147, 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.' Dvorak, tracking insider selling across dozens of companies, observes that his screen is a 'sea of red,' with Cantor Equity Partners (linked to Commerce Secretary Howard Lutnick) as the lone buy.
Alphabet's addition to the Dow lifts the index's tech weighting from roughly 17% to 22%. The hosts also discuss DDR5 RAM pricing that jumped from about $75 to $450, and Dell quoting a $5,700 corporate desktop that costs $2,700 on the consumer site. Dvorak warns that memory pricing defies the historical learning curve and that Micron, SanDisk, and Western Digital could face brutal oversupply. The pair revisit Greenspan's legacy, calling him a 'walking thesaurus' whose vocabulary once required decoding.
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, and 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.
Listeners can access the full episode at dhunplugged.com and on streaming platforms including Spotify and Amazon Music.
