Episode 810 of DH Unplugged, titled "Big Blew Up" and hosted by John C. Dvorak and Andrew Horowitz, arrives July 14, 2026, with a market tape that refused to sit still. The centerpiece is IBM's stunning pre-announcement, a roughly 25% single-session plunge that the hosts call the worst day on record for Big Blue. Alongside the IBM wreck, the episode covers a monster start to bank earnings season, SpaceX's dramatic retracement, oil's surge on renewed Middle East tension, and a fully AI-generated feature film hitting streaming.
Horowitz and Dvorak walk through the week's most consequential threads with their signature skepticism: IBM's $700 million revenue miss, adjusted EPS of $2.93 versus $3.01, and management's warning that customers are redirecting spend toward AI servers, memory, and hardware while delaying software purchases. Blowout bank earnings from JPMorgan ($21B net revenue, 86% jump in equities), Bank of America ($9.1B net income), Goldman Sachs ($6.6B profit, $20.98 EPS), and Citigroup (net income up 45%). SK Hynix's $26.5 billion NASDAQ ADR listing, oversubscribed seven times. President Trump's walk-back on a 20% Strait of Hormuz reimbursement fee, oil pushing $80, and a cyclosporiasis outbreak across 30 states.
The hosts open the IBM segment with a run of one-liners before turning serious. "Today IBM stood for I'll Be Melting as Big Blue turned into Big Blue Up," Horowitz quips, before pivoting to the mechanics of the sell-off. Dvorak flags the broader signal, noting the disconnect that lifted Dell 7% and Hewlett Packard Enterprise nearly 5% on the same session. Horowitz shares an anecdote from a weekend gathering with commercial real estate developers and plumbers who described stalled projects and frozen loan draws, drawing a parallel to the 2007-2008 letters-of-credit squeeze.
The conversation widens into what Horowitz dubs "cradling", his term for algorithmic rotation that props up the indices even as individual names get taken behind the woodshed. He walks through a chart of the S&P 500's best quarters since 1990, noting that April 2020 and the post-March 2009 rebound both followed massive stimulus, and that momentum has historically carried into the next quarter. On the AI front, the hosts examine Odysseus: The Fall, a 135-minute feature directed by Ash Kusha and produced by FountainO for mid-five figures, launching alongside Christopher Nolan's $250 million Odyssey starring Matt Damon. They also unpack Apple's lawsuit against OpenAI over alleged trade-secret theft involving former hardware chief Tang Tan and Chang Liu, with more than 400 ex-Apple employees now at OpenAI. Stock picks: Amazon and Micron, both long.
