The latest episode of DH Unplugged, titled ‘Remembering JCD,’ serves as a poignant farewell to co-host John C. Dvorak, who passed away peacefully at home the previous week. In this special installment, host Andrew Horowitz is joined by Dvorak’s son, JC Dvorak, to reflect on more than 18 years of partnership, share intimate family memories, and announce a public memorial meetup in Fort Lauderdale. The episode, released July 28, 2026, balances heartfelt tribute with the show’s signature market analysis, underscoring the void left by Dvorak’s absence.
Horowitz opens with a touching on-air tribute, reading condolence notes from listeners worldwide. He remarks, ‘He made our audiences smarter, and friendships richer. And Tuesday nights are never going to be the same, ever.’ JC Dvorak shares personal stories, including the family’s weekly dinner tradition, which has become a poignant reminder of loss. ‘For the past, you know, decade or more, we’ve been doing a dinner every Friday, and last Friday was really hard because it was, you know, we didn’t have dinner,’ he says. The episode also announces an in-person tribute and meetup scheduled for 8/8 at 3:33 PM in Fort Lauderdale, coinciding with Dvorak’s funeral earlier that day.
Beyond the remembrance, the episode delves into the week’s most consequential financial moves. Horowitz describes a ‘rug pull’ mood surrounding SpaceX and Tesla robotaxi promises, as well as Cathie Wood’s trillion-dollar thesis. The discussion zeroes in on Nvidia’s $250 billion OpenAI backstop, the Ohio data center buildout, and what Horowitz calls ‘circular AI financing.’ A chart at dhunplugged.com illustrates Nvidia at the center of a financing loop involving Oracle, SoftBank, and major banks, drawing parallels to the vendor financing that fueled the 1999-2000 telecom bubble.
JC Dvorak, who works in the AI industry, provides insider perspective on margin pressures from DeepSeek and Moonshot’s Kimi K3. He details a client migration from a $10 million Anthropic contract to a $100,000 on-prem Kimi deployment, questioning whether OpenAI’s reported rogue model incident was ‘incompetence dressed up as existential marketing.’ The episode also covers semiconductors entering a bear market, SK Hynix earnings, and the CXMT IPO surge in China.
The show concludes with the ‘Close to the Pin’ winner, Mark Pugner of Ireland, who used Dvorak’s old pseudonym and correctly guessed SpaceX’s stock close at $133 against the actual $123.99. This final episode stands as a testament to Dvorak’s legacy, combining personal tributes with the unflinching market analysis that defined his career. As Horowitz noted, the show’s core mission—unpacking consequential moves in financial markets—continues, but the void left by Dvorak’s absence is deeply felt.
