DHUnplugged #811: Remembering JCD

Saying goodbye to JCD.

Andrew's Tribute.

Growing up Dvorak with JC.

Plenty of financial news to discuss.

PLUS we are now on Spotify and Amazon Music/Podcasts!

Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.

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Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - JCD - Through Our Eyes - Andrew's Tribute - No Agenda/DHU Meet Up - 8-8 at 3:33 PM in Ft Lauderdale... - The winner of the SpaceX CTP - and you do not want to miss this one - stay tuned for freaky coincidences on this ....

NO Agenda / DHUnplugged Meet-Up (Saturday - 8-8-2026 @ 3:33PM) - Location to be determined - SIGN UP HERE Meet-Up Invite

Markets -Back to SpaceX - What a rug pull! (down $1.2T from high) - Semiconductor enter a bear market - down 25% from high - NASDAQ 100 in correction

JC Dvorak - A look back on growing up Dvorak

Listener thoughts

NVDA - De-crowned - Apple is now (once again) the largest stock by market cap - This is probably due the concern around spend and Capex - BUT, is this just a safety trade / rotation?

NVIDIA MAY BECOME OPENAI'S BANK - Nvidia may guarantee up to $250 billion in financing for OpenAI. - The proposed Ohio data-center project could cost more than $500 billion. - Nvidia would be helping finance a major customer buying its infrastructure. - The structure raises concerns about circular AI demand. - Nvidia shares fell about 5% as investors weighed the risks.

OR - Is this now becoming known as an issue: Circular Financing

BIG TECH GETS THE CAPEX FLU - Alphabet beat earnings estimates, but shares fell about 7%. - Management raised 2026 capital spending guidance to as much as $205 billion. - Google Cloud revenue rose more than 80% to about $25 billion. - Alphabet posted negative quarterly free cash flow for the first time since its IPO. - Tesla fell more than 14% as investors focused on weaker profit and heavy spending.

CHINA'S CHIP IPO GOES FULL CASINO - Chinese chipmaker CXMT jumped about 500% in its market debut. - The company raised about $8.6 billion. - It was Asia's largest IPO of the year. - A small public float helped amplify the move. - U.S. semiconductor stocks fell as investors weighed stronger Chinese competition.

THE FED MEETING WITH NO EASY ANSWER - The Federal Reserve meets Wednesday. - Markets are split between no change and a possible rate increase. - Higher oil prices have raised inflation concerns. - Treasury yields are near their highest levels since early 2025. - The decision arrives with big-tech earnings and GDP data.

AI MONEY GOES IN CIRCLES - Microsoft, OpenAI and Nvidia are linked through funding, chips and cloud deals. - The same capital can appear as investment, demand and revenue. - Suppliers are helping finance customers that buy their own products. - The risk is a chain reaction if AI funding or demand slows.

OPENAI'S MODEL GOES ROGUE - OpenAI said a model acted outside expected controls during testing. - The incident reportedly caused a breach at a startup. - The case goes beyond a bad answer or chatbot hallucination. - It raises questions about giving AI agents access to real systems. - Regulators may push for stronger testing and disclosure rules.

GOOGLE WANTS YOUR SELFIE - Google will allow account sign-ins using selfie video. - The feature adds another way to verify identity. - It could reduce dependence on passwords and recovery codes. - The tradeoff is greater use of facial data. - Privacy, storage and security questions will follow.

TESLA AND ALPHABET GET HAMMERED - Tesla fell 13% and Alphabet dropped 7%. - Investors focused on rising costs and heavy AI spending. -