DHUnplugged Podcast

By Andrew Horowitz and JC DvorakBusiness News Investing Business News Careers

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DHUnplugged Podcast episodes

December 17, 2025 DHUnplugged #782: Black Hole Economics
SpaceX IPO coming – huge increase in valuation over past 3 months
Happy Hanukah – Eight Crazy Nights
Now Kevin AND Kevin
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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Warm-Up
- Last Chance for CTP Cup 2025 participants
- Happy Hanukah - Eight Crazy Nights
- Sad News - Rob Reiner
- Fed decision is out....
- Overdue eco reports coming this week
Markets
- Oracle still problematic
- SpaceX IPO coming - huge increase in valuation over past 3 months
- Another Bankruptcy - cleaning up is not good business
- Oh my - Now Kevin AND Kevin
- Weight loss game continues
- One thing saved for last - a doozie...
Tesla -
- All time High
- Prospect of Robotaxi
- Even though sales hitting multi-year lows
Wall Street Never Sleeps?
- Nasdaq files to extend trading to 23 hours on weekdays
- Banks concerned about investor protections, costs, liquidity, volatility risks of nonstop trading
- Proponents argue round-the-clock trading benefits global investors
- That may create some additional volatility potential
SpaceX
- SpaceX aims for a potential $1.5 trillion market cap with an Initial Public Offering in 2026, which could become the largest IPO in history
- July 2025 tender valuation was $400B
- Dec 14th (4 months later) $800B
- Starlink is the primary money winner of this deal
- Tesla shares climbing even with nothing behind it - seemingly in sympathy for this IPO
---- TESLA does not have ownership of SpaceX
- OH - this could be the reason....U.S. deliveries dropped significantly in November—the lowest since early 2022—but this weakness has been overshadowed by the enthusiasm for autonomy.
Rob Reiner
- A son of legendary Hollywood director Rob Reiner and his wife, producer Michele Singer Reiner, Nick Reiner, is being held on suspicion of murder following their deaths, according to Los Angeles Police Department Chief Jim McDonnell. He’s being held on $4 million bail.
- Citing law enforcement sources and family friends, ABC News reported on Monday that Nick Reiner had recently returned to live at his parents' South Chadbourne Avenue home. The move was described as a temporary arrangement intended to help him stabilize.
- Not going to discuss the Truth Social post about this tragedy
HEADLINE ALERT
- "Copper could hit ‘stratospheric new highs’ as hoarding of the metal in U.S. continues"
- Copper has gone from 5.77 to 5.30 (July to today)
- 6 Tops at this price since 2011
- Not seeing this as per the headline - seems like a Hunt Brothers special from the 1980s - CORNERING THE MARKET
---1980 - Silver went from $11 to $50 then crashed, bankrupting the Hunt Bros - after COMEX changed rules forcing them to cover positions
Bankruptcy
- After 35 years, the maker of the Roomba robot vacuum filed for bankruptcy protection late Sunday night. Following warnings issued earlier this year that it was fast running out of options, iRobot says it is entering Chapter 11 protection and will be acquired by its contract manufacturer, China-based Picea Robotics.
- The company says it will continue to operate “with no anticipated disruption to its app functionality, customer programs, global partners, supply chain relationships, or ongoing product support.”
- Remember that Amazon - The Amazon buyout of iRobot, maker of Roomba, was announced in 2022 for $1.7 billion but ultimately failed in January 2024 due to significant regulatory pushback, primarily from the EU, over anti-competitive concerns.
-- Amazon walked away with a $94 million termination fee
Fed Pick
- President Donald Trump said Friday that Kevin Warsh has moved to the top of his list as the next Federal Reserve chair, though Kevin Hassett also remains in contention, according to the Wall Street Journal.
- Interesting that this comes days after Hassett said that we would not let outside suggestions influence his voting -
---In addition to putting heavier weight on Warsh getting the job, Trump repeated an assertion he has made in the past that the Fed chair ought to consult the president about interest rate decisions.
- Also of interest, prediction markets had Hassett at 95% probability - now it moved to 50% - big payday for people in the know.
Housing Prices
- Average home price is DOWN on year-over-year basis
- First time on national level since 2024
- Active listings in November were nearly 13% higher than November 2024, but new listings were just 1.7% higher
--- Houses are on market longer -
- Prices in Austin, Texas, are down 10% from last year; in Denver, they’re down 5%, according to Parcl Labs. Tampa, Florida, and Houston both saw prices fall 4%, and Atlanta and Phoenix saw price decreases of 3%.
More Hosing Related
- Zillow shares plunged more than 9% on Monday on worries that the online real estate platform could have a big new competitor: Google Search.
- Google appears to be running tests on putting real estate sale listings into its search results.
Overdue Eco - Black Hole
- The U.S. Bureau of Labor Statistics on Tuesday releases its long-awaited combined employment reports for October and November, but a number of key details will be missing after the government shutdown prevented data collection, including October's unemployment rate, resulting in the first-ever gap in that critical data series since inception in 1948.
- NICE JOB GANG!
- Some of the data will be estimated.
- It said it would not publish the headline CPI number or the so-called core CPI, which strips out the volatile food and energy components, for October. "BLS cannot provide specific guidance to data users for navigating the missing October observations," the agency said.
Some Updates
- Some info coming in are estimates - some delayed
- Unemployment at 4.6% - Latest report shows +64,000 added
- ISM Manufacturing and Non-manufacturing - both slowed over the last month
The Fed
- Meanwhile the Fed cuts rates....
- A Federal Reserve split over where its priorities should lie cut its key interest rate Wednesday in a 9-3 vote, but signaled a tougher road ahead for further reductions.
- The FOMC’s “dot plot” indicated just one more reduction in 2026 and another in 2027, amid considerable disagreement from members about where rates should head.
- In addition to the rate decision, the Fed also announced it will resume buying Treasury securities. The central bank will start by buying $40 billion in Treasury bills, beginning Friday.
- Markets were all over the place on this as it was a little confusing at first - then it seemed that everyone loved (for one day)
- Why is the Fed moving up Treasury purchases to "immediately" from a few months from now?
- AND - dissension ! A larger group that usual of regional Fed bank presidents signaled they opposed the cut, and six policymakers said the benchmark federal funds rate should end 2025 in a range of 3.75% to 4%, suggesting they opposed the move.
- Long bonds have not moved at all on this news.
Costco Earnings
- Costco beat Wall Street’s fiscal first-quarter sales and revenue expectations.
- Sales rose 8.2% and digital sales jumped 20.5% compared with the year-ago quarter.
- Costco surpassed Wall Street’s quarterly expectations and posted year-over-year sales growth of 8.2% as the retailer attracted more digital sales and opened new locations.
- Earnings per share: $4.50 vs. $4.27 expected
- Revenue: $67.31 billion vs. $67.14 billion expected
- Costco does not provide year ahead guidance
- Shares down from a recent high of $855
Costco Fun Facts
- About 4.5 million pies were sold in the three days before Thanksgiving, which is equivalent to roughly 7,000 pies per warehouse.
- These were bakery pies (e.g., pumpkin, apple),
- Costco had more than $250 million in non-food online orders on Black Friday, a record for Costco’s U.S. e-commerce business.
- Approximately 358,000 whole pizzas were served at Costco's U.S. food courts, a 31% jump from last year. (500 pizza's per store)
Fat No More
- Retatrutide - Eli Lilly said its next-generation obesity drug delivered what appears to be the highest weight loss seen so far in a late-stage trial and reduced knee arthritis pain, clearing the first of several upcoming studies on the weekly injection.
- In a 48-week Phase 2 study, participants on the highest dose lost an average of 24% of their body weight.
- Recent Phase 3 results showed patients on the highest dose lost an average of 28.7% of their body weight after 68 weeks.
- The trials also showed improvements in related health conditions, including knee osteoarthritis pain, blood pressure, and liver fat
- This triple action is what makes retatrutide potentially more effective for weight loss than existing medications like Zepbound (tirzepatide), which targets two receptors, or Wegovy (semaglutide), which targets only one.
Paypal
- PayPal Holdings Inc. applied to become a bank in the US, looking to take advantage of the Trump administration’s openness to financial-technology companies entering the banking system.
- The payments-focused firm submitted applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form a Utah-chartered industrial loan company, PayPal said in a statement Monday.
- If approved, PayPal Bank would help the firm bolster its small-business lending capabilities, according to the statement, which said the company has provided access to more than $30 billion in loans and capital since 2013.
Ford - Management Confused
- Instead of planning to make enough electric vehicles to account for 40 percent of global sales by 2030—as it pledged just four years ago—Ford says it will focus on a broader range of hybrids, extended-range electrics, and battery-electric models, which executives now say will account for 50 percent of sales by the end of the decade.
- The automaker will make hybrid versions of almost every vehicle in its lineup, the company says.
- All in on EVS cost them - Ford expects to record about $19.5 billion in special items, mostly during the fourth quarter.
---- The charges are related to a restructuring of its business priorities and a pullback in its all-electric vehicle investments.
Australia
- Australia has implemented a groundbreaking ban preventing children under 16 from accessing major social media platforms like TikTok, Instagram, and Facebook, effective December 2025, to protect them from harm, with significant fines for companies failing to enforce it, though messaging apps and gaming platforms are currently exempt.
- Reddit is suing
- Facebook, Instagram, Snapchat, Threads, TikTok, X (Twitter), YouTube, Reddit, Kick, and Twitch are all banned for kids under 16.
- Thoughts on this?
Saved For Last
- Of all the eye-popping numbers that Oracle Corp. published last week on the costs of its artificial-intelligence data center buildout, the most striking didn’t appear until the day after its earnings press release and analyst call.
- The more comprehensive 10-Q earnings report that appeared on Thursday detailed $248 billion of lease-payment commitments, “substantially all” related to data centers and cloud capacity arrangements, the business-software firm said. These are due to commence between now and its 2028 financial year but they’re not yet included on its balance sheet.
- That’s almost $150 billion more than was disclosed in the footnotes of September’s earnings update.
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The Winner for
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Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!
CTP CUP 2025 Participants:
Jim Beaver
Mike Kazmierczak
Joe Metzger
Ken Degel
David Martin
Dean Wormell
Neil Larion
Mary Lou Schwarzer
Eric Harvey (2024 Winner)

FED AND CRYPTO LIMERICKS

See this week’s stock picks HERE
Follow John C. Dvorak on Twitter
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1 hr 7 min
December 10, 2025 DHUnplugged #781: Greenlighting
We are Green-lighting!
Announcing the participants for the CTP Cup 2025 (2)
Lots of execs moving around all of a sudden
A Chocolate Craze
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.
Love the Show? Then how about a Donation?

Follow John C. Dvorak on Twitter
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Interactive Brokers
Warm-Up
- Announcing the participants for the CTP Cup 2025 (2)
- Lots of execs moving around all of a sudden
- Chocolate Craze
Markets
- NVDA gets the greenlight
- Waiting for the ECO
- ALL eyes...... Wednesday at 2pm
- Oil Dropping - Gas Prices Dropping slightly
- Just saw $2.59 for regular unleaded down here
- Double edged sword - oil prices dropping is sign of eco slowdown... Nothing to be excited about just yet....
Inflation
- PCE comes in a little lighter than expected
- However, let us be clear that inflation is not lower and prices grossly above where we were a couple of years ago
- Inflation still running at around 3% overall
- Fed set to greenlight the rate cut
Oil and Gas
- Oil has been dropping - reports that use will slow over the next year
- Gas Prices Dropping slightly
- Just saw $2.59 for regular unleaded down here
- Double edged sword - oil prices dropping is sign of eco slowdown... Nothing to be excited about just yet....
Jobs
- Reports show that U.S. employers have announced over 1.1 million job cuts in 2025 (as of early December), marking the highest level since the pandemic's start in 2020.
- This has been driven by tech integration (AI), economic shifts, and soft consumer spending, with sectors like government, tech, retail, and warehousing leading.
Greenlight - No security problems here
- Seeking a compromise over controlling exports to China, the US Department of Commerce will soon allow the export of powerful Nvidia GPUs that are roughly 18 months behind its most advanced offerings, according to a person with knowledge of the plan.
- The move, which would send Nvidia H200s to China, seeks to find a middle ground between those who oppose exports of any advanced AI chips and those who worry that restrictions will merely hand the market to Chinese competitors.
- It also aims to satisfy the Chinese government, which has blocked imports of less powerful chips, such as Nvidia’s H20.
- This can be gamed .....
- OHHHH - and USA to get 25% of the sales ????
China Not With Program
- China is buying soybeans again, but short of President Trump's target, according to CNBC
- Really think this is a big game and will not resolve anytime soon
- China still holds the cards
ECO Data Starting to Flow Again
- BLS to publish October PPI data with the November PPI news release on January 14, 2026
- Unemployment report released Dec 16th
- This week is a little slow but next week (Dec 15-19) kick it up hard
- - - Dec 19 Income and Spending , PCE report, Housing starts, Retail Sales, CPI (Nov), Leading Indicators, Philly Fed, UMich Sentiment
Apple Turnover
- Not the pastry
- In just the past week, Apple’s heads of artificial intelligence and interface design stepped down.
- Then the company announced that its general counsel and head of governmental affairs were leaving as well.
- All four executives have reported directly to Chief Executive Officer Tim Cook
Berkshire Too
- Todd Combs, one of Warren Buffett's investing lieutenants and the CEO of GEICO, is departing Berkshire Hathaway and joining JPMorgan Chase in a new role as part of a major shake-up involving both firms.
- Combs is leaving Berkshire Hathaway and his role leading GEICO to run the bank's new investment group as part of its wider "security and resilience" initiative announced in October.
AI Frames
- Warby Parker and Google announced that the first lightweight, AI glasses developed through their partnership are expected to launch in 2026
- What will be different about these? All others have seemed to failed miserably.
Mergers - Maybe
- Netflix announced Friday it’s reached a deal to buy pieces of Warner Bros. Discovery, bringing a swift end to a dramatic bidding process that saw Paramount Skydance and Comcast also vying for the legacy assets.
- The transaction is comprised of cash and stock and is valued at $27.75 per WBD share
- Others are offering $30 CASH per share
- President Trump has put in his comments that he thinks it may be a tough one to clear
- $2.8B breakup fee if Warner Brothers pulls out and $5.8B reverse break up fee if the deal is not approved.
Oracle Earnings
- Wednesday after the bell
- This is the poster child for the vendor and circular financing
- Stock was the darling for a minute a few months ago
- Written: "The stock has fallen roughly 32-40% from its September 10 peak, erasing its "Nvidia moment" rally and turning Oracle into the primary vehicle for expressing skepticism about the AI build-out and OpenAI's economics." - Briefing analyst
Forgot this...
- What happened to the Tik Tok deal and the China bad discussion?
--- History....
- Negotiations happened between ByteDance, Oracle, and Walmart back in 2020, and later discussions continued under “Project Texas” for U.S. data security.
- The proposed structure (Oracle as tech partner, U.S. investors taking a stake) was announced but never finalized into a binding acquisition or spin-off.
- Instead, TikTok remained under ByteDance ownership, while implementing U.S. data storage and security measures through Oracle.
- The U.S. government extended deadlines multiple times, but no sale or transfer of ownership occurred.
- China wins again! So much winning!
Private Credit
- Private markets investing startup Yieldstreet, now calling itself Willow Wealth, recently informed customers of new defaults on real estate projects in Houston and Nashville, Tennessee.
The letters, obtained and verified by CNBC, account for about $41 million in new losses.
- They come on the heels of $89 million in marine loan wipeouts disclosed in September and $78 million in losses previously reported by CNBC.
- Willow Wealth also removed a decade of historical performance data from public view in recent weeks.
- Total losses? $208 million
Pistachios - Dubai Craze
- Milk chocolate shell filled with:
- Pistachio cream (often blended with tahini for a nutty, slightly savory note)
- Kadayif (shredded phyllo pastry) for crunch
- Created in 2021, went viral in 2023 via the SOCH
- United States, Iran, and Turkey the biggest producers of pistachios
- Argentina betting on it to continue - adding to their farmland to cover the demand
- Dubai Chocolate Bar (the viral pistachio-knafeh chocolate) generated over $50–$60 million in global sales for the year.
IndiGo
- In November, new Flight Duty Time Limitation (FDTL) rules increased pilot rest periods.
- IndiGo failed to adjust crew rosters, causing a severe pilot shortage during peak travel season.
- 1000s of flights cancelled
- IndiGo apologized and implemented measures like processing refunds, arranging transport/hotels for stranded passengers, and strengthening customer support.
- As of this week - still having major problems - stock don 20% from its high on this news (not traded in USA)
Grok Report
- Using Grok as Copilot is getting a little weird....ChatGPT a little slow
- Photo to video clip - pretty cool
- Image generation - FAST!
- Can have full on conversations and even companions.....(?)
- More racy than other Ai (as is to be expected) Age 18+ options
- Interesting nd impressive thus far.
OMG - Brown Nosing
- Stellantis said it will bring an all-electric small “car” called the Fiat Topolino to the U.S.
- The Topolino is actually categorized as “an all-electric quadricycle” rather than a car, according to Stellantis and has a top speed of roughly 28 miles per hour.
- Fiat’s announcement comes less than a week after President Donald Trump praised small “Kei” cars from Japan and expressed interest in bringing tiny cars to the U.S.
Love the Show? Then how about a Donation?

The Winner for
iShares Bitcoin Trust ETF (IBIT)
Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!
CTP CUP 2025 Participants:
Jim Beaver
Mike Kazmierczak
Joe Metzger
Ken Degel
David Martin
Dean Wormell
Neil Larion
Mary Lou Schwarzer
Eric Harvey (2024 Winner)

FED AND CRYPTO LIMERICKS

See this week’s stock picks HERE
Follow John C. Dvorak on Twitter
Follow Andrew Horowitz on Twitter
1 hr 3 min
December 03, 2025 DHUnplugged #780: Code Red
Winner of the CTP Cup for IBIT
Announcing the participants for the CTP Cup 2025
Calling a Code Red! Sam Altman’s declaration
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.
Love the Show? Then how about a Donation?

Follow John C. Dvorak on Twitter
Follow Andrew Horowitz on Twitter
Interactive Brokers
Warm-Up
- Winner of the CTP for IBIT
- Announcing the participants for the CTP Cup 2025
- Calling a Code Red! Sam Altman's panic
- Here come the Tariff lawsuits
- - Smart Toilets are a thing (And learning the Bristol Scale)
Markets
- Horses can smell the barn.... Seasonal Trends
- PR Teams - full throttle - (This is their Social Media)
- Tax planning over the next couple of weeks may see some selling into year end
Impressive Results
- India's economy grew at a faster-than-expected pace of 8.2% in the quarter ended September against a forecast of 7.3% in a Reuters poll and 7.8% expansion in the previous quarter, data released last Friday showed.
- The Indian government has cut consumer taxes on hundreds of items and implemented long-delayed labour reforms in the last three months as it tries to keep the domestic economy strong in the face of global uncertainties.
- Strongest in 6 quarters
- Economists said stockpiling for the festive season as well as expedited exports ahead of the 50% tariff deadline on August 27 might have contributed to the quarterly growth figures.
- Manufacturing output rose 9.1% in the quarter ending in September from a year earlier against growth of 7.7% a quarter ago, while construction expanded 7.2% year-on-year from 7.6% a quarter ago.
NVDA Spreading Out
- Nvidia on Monday announced it has purchased $2 billion of Synopsys common stock as part of a strategic partnership to accelerate computing and artificial intelligence engineering solutions.
- As part of the multiyear partnership, Nvidia will help Synopsys accelerate its portfolio of compute-intensive applications, advance agentic AI engineering, expand cloud access and develop joint go-to-market initiatives, according to a release.
- Nvidia said it purchased Synopsys’ stock at $414.79 per share (Now at $445)
Amazon Ultra Fast Service
- The parent company of Instacart fell nearly 4% after Amazon said it’s testing “ultra-fast” delivery of groceries in Seattle and Philadelphia.
- These deliveries take about 30 minutes or less, said Amazon.
- Doordash and other delivery companies stocks also fell.
Microstrategy - Strategy
- Stock has been under pressure
- Who knows what the company actully does anymore
- Leverage Bitcoin play - issuing massive debt and convertibles to but Bitcoin
- Stock down 39% this year and 52% 1 -year (Up 400% in the last 5 years)
-Bitcoin dropped below $87k this week before staging a recovery bounce.
Devil's Metal
- Silver has outpaced gold in 2025, with a growth of about 71%, compared to gold’s 54%.
- Silver mine production has been decreasing for the past ten years, especially in Central and South America, due to mine closures, resource depletion and infrastructure challenges.
- While industrial demand for silver is expected to decline slightly in 2025, the metal is increasingly used in electric vehicles, for AI components and in photovoltaics.
- Some people are saying that people were having to transport silver by plane rather than on cargo ships to meet delivery demand
INTERACTIVE BROKERS
Check this out and find out more at: http://www.interactivebrokers.com/
Some Trump Updates:
- Reiterates his view that Chair Powell should reduce rates.
- Says he's negotiating with Democrats on healthcare.
- Plans to give refunds out of collected tariffs.
Crying Game
- SoftBank Group founder Masayoshi Son on Monday downplayed the decision to offload the conglomerate’s entire Nvidia stake, saying he “was crying” over parting with the shares.
- Speaking at a forum in Tokyo Monday, Son addressed SoftBank’s November disclosure that the firm had sold its holding in the American chip darling for $5.83 billion.
- According to Son, SoftBank wouldn’t have made the move if it didn’t need to bankroll its next artificial intelligence investments, including a big bet on OpenAI and data center projects.
Are Stocks Overvalued?
CAPE RATIO
Consumers...
Consumer Confidence
CODE RED
- Chief executive Sam Altman reportedly declared a “code red” on Monday, urging staff to improve its flagship product ChatGPT, an indicator that the startup’s once-unassailable lead is eroding as competitors like Google and Anthropic close in.
- In the memo, reported by the Wall Street Journal and The Information, Altman said the company will be delaying initiatives like ads, shopping and health agents, and a personal assistant, Pulse, to focus on improving ChatGPT. This includes core features like greater speed and reliability, better personalization, and the ability to answer more questions, he said.
- Herein lies the problem with this entire tech market - what if ChatGPT fades to the sideline with $1.5Trillion promised over the next 5-7 years?
- Remember, Google declared a Code Red after the arrival of ChatGPT.
AI Takeover
- Massachusetts Institute of Technology on Wednesday released a study that found that artificial intelligence can already replace 11.7% of the U.S. labor market, or as much as $1.2 trillion in wages across finance, health care and professional services.
- The study was conducted using a labor simulation tool called the Iceberg Index, which was created by MIT and Oak Ridge National Laboratory.
- The index simulates how 151 million U.S. workers interact across the country and how they are affected by AI and corresponding policy.
Costco Sues
- Costco filed a lawsuit asking for a full refund of tariffs the warehouse club giant has paid since President Donald Trump imposed “reciprocal” and “fentanyl” tariffs earlier this year.
- Costco sued the Trump administration to get a full refund of new tariffs it paid so far this year, and to block those import duties from continuing to be collected from the retail warehouse club giant as a Supreme Court case plays out.
- Costco is worried that it would lose the money even if the Tariffs were deemed illegal.
Fat Cutting
- Eli Lilly said it is lowering the cash prices of single-dose vials of its blockbuster weight loss drug Zepbound on its direct-to-consumer platform, LillyDirect.
- Starting Dec. 1, cash-paying patients with a valid prescription can pay $299 to $449 per month for Zepbound vials on LillyDirect, depending on the dose, down from a previous range of $349 to $499 per month.
- The announcement comes just weeks after President Donald Trump inked deals with Eli Lilly and Novo Nordisk to make their GLP-1 drugs easier for Americans to access and afford.
Smart Toilets
- This year industry giants Toto Ltd. and Kohler Co. introduced smart toilets capable of analyzing what is in the bowl
- Launched in August, the latest model in the Neorest line starts at roughly $3,200.
- It uses an LED light and a sensor to read the shape, color, hardness and volume of stool as it drops, and sends data to a smartphone app in less than a minute.
- Each toilet can support as many as six users — enough for most households — while some companies have bought multiple units for their employees. Toto aims to sell 7,300 units annually by 2028.
- For now the stool-scanning Neorest is available only in Japan.
- The app analyzes bowel movements against the Bristol scale, which is commonly used to diagnose constipation, inflammation or diarrhea, and offers simple recommendations such as eating more fiber and drinking more water, or even menu suggestions, like vegetable soup.
Bristol Scale
Feel Good
- Entrepreneur Michael Dell and his wife, Susan, will deposit $250 in the individual investment accounts of 25 million American children in a $6.25 billion philanthropic pledge as part of the Trump administration's Invest America initiative.
- $250 each child born after between 2015 and 2025
- The money will go to the accounts of children who live in ZIP codes where the median family's income is $150,000 or less, according to a spokesperson for the Dells.
Love the Show? Then how about a Donation?

Announcing the Winner for
iShares Bitcoin Trust ETF (IBIT)
Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!
CTP CUP 2025
Here is the list of players:
Jim Beaver
Mike Kazmierczak
Joe Metzger
Ken Degel
David Martin
Dean Wormell
Neil Larion
Mary Lou Schwarzer
Eric Harvey (2024 Winner)

FED AND CRYPTO LIMERICKS

See this week’s stock picks HERE
Follow John C. Dvorak on Twitter
Follow Andrew Horowitz on Twitter
1 hr 7 min
November 26, 2025DHUnplugged #779: Rip the Dip
Rough Week – does not phase bulls!
Bitcoin – Bottoming?
Let’s take a look at Walmart and Target again
Homeowners! Mortgage Reform?
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.
Love the Show? Then how about a Donation?

Follow John C. Dvorak on Twitter
Follow Andrew Horowitz on Twitter

Warm-Up
- Short Week - Markets closed on Thursday and short Friday (1pm)
- Can't have a down week for TDAY! - Too much table talk
- Recession News
- Let's take a look at Walmart and Target again
- Homeowners! Mortgage Reform?
Markets
- Rough Week - does not phase bulls!
- Bitcoin - Bottoming?
- NVDA - China Bound?
- NASDAQ Weighting
Inflation - Still Up There
- They are now pressing for a cut in December (How are we handicapping this?)
- All of a sudden the parade of Fed speakers - all seem a bit more dovish.
Meanwhile
- President Donald Trump on Friday rolled back tariffs on more than 200 food products, including such staples as coffee, beef, bananas and orange juice, in the face of growing angst among American consumers about the high cost of groceries.
- oranges, acai berries and paprika to cocoa, chemicals used in food production, fertilizers and even communion wafers.
Quantum Stocks
GOOD NEWS!
- NO Recession risk!
- Bessent says inflation due to services economy, not tariffs
- Treasury secretary says Republicans should end filibuster in event of another shutdown
- Bessent says administration working to lower prices where it can
- Banking and insurance, Software development and cloud services, Tourism, Restaurants and hospitality , Professional services (law, accounting, consulting)
Rigging it
- NEC Director Kevin Hassett emerges as frontrunner for Fed Chair as President Trump nears decision, according to Bloomberg
Weird News
- Buried in the NVDA earnings report
- Remember back in September, the two companies announced a massive partnership that would include a $100 billion investment over time by Nvidia into OpenAI.
- Nvidia said in its quarterly financial filing that there’s no guarantee that the company will finalize an agreement with OpenAI.
- Soooooo - is this all hot air????
More NVDA
- Here we go. Another reversal
- President Donald Trump will make a final decision on whether to allow Nvidia Corp. to sell advanced artificial intelligence chips to China.
- The decision involves weighing the promotion of economic expansion against protecting national security, according to US Commerce Secretary Howard Lutnick.
------ Read that again - money versus national security
- Allowing the sales would mark a significant easing of restrictions imposed in 2022 to prevent Beijing and its military from accessing the most powerful US technologies.
Chip in question: H200
- Had some discussions about this - might as well as they will just get it on their own and this way we can control. (On the other hand, they have a long history of outsmarting us)
EVEN MORE
- NVIDIA issues memo to CNBC: The company said "We are not aware of any claims that NVDA has improperly capitalized operating expenses. Several commentators allege that customers have overstated earnings by extending GPU depreciation schedules beyond economic useful life" |
- The tip of the Iceberg - this is what Michael Burry has been pressing.....
HPQ Earnings
- HP Inc. beats by $0.01, reports revs in-line; guides Q1 EPS in-line; guides FY26 EPS below consensus; increases dividend; announces company-wide initiative, includes job cuts
- Stock down 6%
Amazon
- The Spend keeps going...
- Amazon.com Inc. says it will spend as much as $50 billion expanding its capacity to provide artificial intelligence and high-performance computing services to US government entities.
- Amazon Web Services plans to break ground next year on what will ultimately be 1.3 gigawatts of additional capacity across data centers designed for federal agencies, the company said in a blog post on Monday.
Google/Berkshire
- Berkshire Hathaway revealed a $4.3 billion stake in Google parent Alphabet (GOOGL.O), further reduced its stake in Apple
- Google on a ramp since - new Gemini and...
- Meta Platforms Inc. is in talks to spend billions on Google’s AI chips, adding to a months long share rally as the search giant has made the case it can rival Nvidia Corp. as a leader in artificial intelligence technology.
- Meta is in discussions to use the Google chips — known as tensor processing units, or TPUs — in data centers in 2027, and may rent chips from Google’s cloud division next year.
- Really smart people at Berkshire? What did they know?
NASDAQ 100 - Uninvestable?
- Top 10 stocks are over 70% weighting
- SP500 top 10 stocks = 38%
- This is not a diversified approach any longer
- Coming up on next week's TDI Podcast - Howard Silverblatt - S&P Dow Jones - Keeper of the data
Something They Don't Want You To Know
- “Magnificent 7” Companies Reported Lowest Earnings Growth Since Q1 2023
- With NVIDIA reporting actual results for Q3 on November 19, all the companies in the “Magnificent 7” have now reported earnings for the third quarter.
- “Magnificent 7” companies reported actual earnings growth of 18.4% for the third quarter. This earnings growth rate is below the average earnings growth rate of 28.8% for these seven companies over the previous four quarters.
Novo Nordisk - Pummeled
- Shares of Novo Nordisk on Monday fell to a four-year low after the Danish pharmaceutical company said a highly anticipated trial for Alzheimer’s disease failed to meet its main goal.
- The trial tested whether semaglutide — the active ingredient in Novo’s blockbuster diabetes and weight loss drugs Ozempic and Wegovy — helped slow progression for Alzheimer’s disease.
-While treatment with semaglutide resulted in improvement of Alzheimer’s disease-related biomarkers in two separate trials, this did not translate into a delay of disease progression, Novo said in a statement Monday. The goal had been to slow patients’ cognitive decline by at least 20%.
- Reminiscent of Pfizer - after Covid shot had noting left...
Bitcoin
- Live by the sword....
- iShares Bitcoin Trust had $2.2 billion in net outflows in November, according to WSJ
- Big month of losses for crypto - not too much mention and support by Whitehouse
- Selling started - coincidentally with the pardon of Changpeng Zhao, the convicted founder of the Binance
Remember DOGE
- DOGE disbanded eight months ahead of scheduled end in July 2026
- Former DOGE employees take new roles in administration
- Elon Musk initially led DOGE, promoting its work on social media - bagged out when stock tanked
- DOGE claimed to have slashed tens of billions of dollars in expenditures, but it was impossible for outside financial experts to verify that because the unit did not provide detailed public accounting of its work.
Walmart
- Walmart raised its sales and earnings outlook last week as the retailer posted revenue gains in its fiscal third quarter, driven by double-digit e-commerce growth and new customers across incomes.
- The retailer said it expects full-year net sales to climb between 4.8% and 5.1%, up from its previous expectations of 3.75% to 4.75%.
- It said it expects its adjusted earnings per share to range from $2.58 to $2.63, a slight raise from its prior range of $2.52 to $2.62.
- Stock went vertical ----
- Much different story than Target
- WMT up 16% YTD - TGT down 37%
Beef Prices - Not Going Down
- Tyson Foods stock rallying on Monday following the company's official confirmation that it will shutter its Lexington, Nebraska, beef facility, a strategic move that validates earlier reporting by The Wall Street Journal.
- The decision comes as the meat and poultry giant grapples with historically low U.S. cattle inventories, which have severely compressed margins and led to a reported $426 mln adjusted operating loss for its beef segment in FY25.|
- Seems that investors like this decisive cost-cutting measure, viewing the capacity reduction as a necessary step toward restoring profitability in a challenging commodity environment.
Japan
- Japanese Prime Minister Sanae Takaichi's cabinet approved a 21.3 trillion yen ($135.40 billion) economic stimulus package last Friday, marking the first major policy initiative under the new leader, who has pledged to pursue expansionary fiscal measures.
- The package includes general account outlays of 17.7 trillion yen, far exceeding the previous year's 13.9 trillion yen and representing the largest stimulus since the COVID pandemic. It will also include 2.7 trillion yen in tax cuts.
- Problem is that the Yen is sliding and intervention is imminent
- Inflation issue and they will make it worse with this stimulus
Larry Summers?
- Epstein Files
- IS there any There , There?
Talk about a 50 Year Mortgage?
- Such a bad idea - and these boneheads think it is smart
- 30-Year Mortgage
Monthly Payment: $1,610.46
Total Payment: $579,767.35
Total Interest Paid: $279,767.35
- 50-Year Mortgage
Monthly Payment: $1,362.42
Total Payment: $817,449.78
Total Interest Paid: $517,449.78
Thanksgiving Costs 2025
National Average (American Farm Bureau Survey)
- 2025: $55.18 for a classic dinner for 10 people (about $5.52 per person)
- 2024: $58.08 for the same meal
- Change: Down 5% year-over-year
This is the third consecutive annual decline since the record high of $64.05 in 2022.
Key Drivers
Turkey prices dropped sharply: A 16-pound frozen turkey averages $21.50, down 16% from 2024.
Sides are mixed:
Dinner rolls and stuffing are cheaper (down 14.6% and 9%).
Sweet potatoes and veggie trays are much higher (up 37% and 61%).
Regional Differences
South: $50.01 (most affordable)
West: $61.75 (most expensive)
Classic Meal for 10 ($55???????)
16-pound turkey (frozen, whole)
Stuffing mix (14 ounces)
Sweet potatoes (3 pounds)
Rolls (12-count package)
Peas (1 pound)
Cranberries (12 ounces)
Carrots and celery (for a veggie tray)
Pumpkin pie mix (30 ounces)
Pie shells (two, 9-inch)
Whipping cream (half pint)
Milk (1 gallon)
-

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1 hr 5 min
November 19, 2025 DHUnplugged #778: Total HorseSh!t
Tariff juggling – just moving them around – no studies, no rationale
Big Moves – One of the worst Novembers since 2008
The Big Short – End of a Era?
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Warm-Up
- Last Few Days for IBIT CTP - Closing Price This Friday
- The Big Short - End of a Era?
- What is happening to Bitcoin?
- THC laws changing - interesting loophole closed
Markets
- Tariff juggling - just moving them around - no studies, no rationale
- Big Moves - One of the worst Novembers since 2008
- Hindenburg Omen
- Fed Losing Cred
WHY?
- If tariffs are not inflationary and this administration has brought down prices on groceries....
- President Trump signed an EO Friday lowering tariffs on beef, tomatoes, coffee and bananas, according to Bloomberg
- So , just shooting from the hip on all of this are we?
--- Seriously, where is the plan, where is the analysis, where are the results? Total horseshit
More Tariffs
- Switzerland and U.S. agree to trade deal; U.S. will lower tariffs to 15% from 39%; Swiss companies are planning to make direct investments in the USA amounting to $200 billion by the end of 2028
- Switzerland will reduce some import duties on US Imports
- For other US export interests, a solution was agreed that takes Switzerland's agricultural policy interests into account: under the agreement, Switzerland will grant the US duty-free bilateral tariff quotas on selected US export products: 500 tonnes for beef, 1,000 tonnes for bison meat and 1,500 tonnes for poultry meat.
- Furthermore, Swiss companies are planning to make direct investments in the USA amounting to $200 bln by the end of 2028.
- What did we accomplish here? - Just going back to what it was with a slightly higher tariff on Swiss goods than before...BECAUSE WE WERE GETTING KILLED WITH FOOD COSTS
Fed Update
- Markets no longer view December as a sure bet
- Lots of Fed speakers out with commentary that is hawkish
- Currently, there is a 46% chance of a rate cut by 0.25% - a month ago it was at 95%
- AND, they should not cut in the absence of all data (Stephan Miran looking for 0.50%, but he is a total tool)
More Horseshit!
- Former Federal Reserve Board Gov. Adriana Kugler broke the central bank’s rules regarding stock trading, according to a report released by the U.S. Government Ethics Office.
- Now we know why she abruptly resigned a few months ago
- That disclosure shows two kinds of violations of Fed rules regarding financial transactions by senior officials at the central bank: purchases of stocks of individual companies, as opposed to mutual funds; and purchases of securities during so-called “blackout periods” leading up to and after Federal Open Market Committee meetings.
- Oh - Supposedly her husband did it - but come on!
- Fed losing more credibility - this is not the first time....
StampFlation
- The Postal Service filed notice with the Postal Regulatory Commission for Shipping Services price changes to take effect Jan. 18, 2026. The proposed adjustments were approved by the governors of USPS this week.
- The change would raise prices approximately 6.6 percent for Priority Mail service, 5.1 percent for Priority Mail Express service, 7.8 percent for USPS Ground Advantage and 6.0 percent for Parcel Select.
BIG
- Michael Burry, the investor whose successful bets against the U.S. housing market in 2008 were recounted in the movie "The Big Short," is closing his hedge fund, Scion Asset Management.
- In a letter to investors dated October 27, a copy of which was seen by Reuters, Burry said he would liquidate the funds and return capital, "but for a small audit/tax holdback" by the end of the year.
- "My estimation of value in securities is not now, and has not been for some time, in sync with the markets," Burry said in the letter.
- Put on a big OPTIONS short on NVDA and PLTR
- We checked and his Registration expired.. Has about $155 million under management - not so much..
- He hinted that he will be back doing something and will announce on November 25th...
Softbank
- We know that they CUT all of their NVDA holdings
- Looking at the 13F, also cut ORCL
- New position in INTC
- Looking to raise significant cast to outlay to private companies over the next couple of months.
- Stock is up 120% YTD, DOWN 12% last week
- Did you know He had for many years the distinction of being the person who had lost the most money in history (more than $59 billion during the dot-com crash of 2000 alone, when his SoftBank shares plummeted), a feat surpassed by Elon Musk in the following decades.
THC Blues ???
- A new ban, tucked into legislation ending the longest shutdown in history, outlaws products containing more than 0.4 milligrams of total THC per container.
== Industry executives said that threshold will wipe out 95% of the $28 billion hemp retail market when it takes effect in a year.
- 300,000 jobs could be effected ($28 billion annually)
- Possible that state laws will win out, but clearly Federal laws are not going the way of the industry.
- Concern that the blackmarket will grow again
- However, this can be seen in several ways as it may be cleaning up some of the selling of things like Delta-8 those weird knock-offs seen at gas stations)
UK Tax Scrap
- British government bond yields rose sharply on Friday morning as investors react to reports that Finance Minister Rachel Reeves will scrap an expected increase in income tax.
- The moves came as investors reacted to a report from the Financial Times of an income tax U-turn.
- Remember that they did a similar plan a few years ago that caused major havoc with markets and currencies until they withdrew the idea.
How Does This Work?
- House Republicans drafting legislation that will redirect Affordable Care Act subsidies to individuals and away from health insurance companies, according to Politico
Some Eco ...??
- Employment Situation for September 2025 that was supposed to be released on Friday, October 3, 2025, will now be release Thursday, November 20, 2025 8:30 AM ET
- What about October? White House says it may NEVER be released
Hindenburg Omen
- There was some excitement in the world of technical analysis the past two weeks as we saw 5 separate signals fire for something called the Hindenburg Omen. This is a warning signal of trouble, but trouble does not always come. What is fair to say is that Hindenburg Omen signals have appeared at every major stock market top going back several decades.
- According to Tom McClellan: The current count of 5 signals is not as big as some other clusters. But we got 4 signals in a cluster at the end of 2021, ahead of the 2022 bear market. So 4 is enough, if the market is inclined to live up to this warning. And 2 signals were enough back in December 2024 and March 2025 to tell us about the trouble in the market which unfolded in the April 2025 tariff reaction minicrash. But 5 is better.
Pied Piper - Losing Followers
- OpenAi plans to invest $1.4 Trillion over the next 5 years or so
- Biggest beneficiary - Oracle
- Stock went from $250 to $340 overnight - now a $220 (Full Round-trip)
- Oracle is looking to raise $38 billion in debt sales to help fund its AI buildout, according to sources with knowledge of the matter who asked not to be named because the information is confidential. Bloomberg reported on the planned debt raise last month.
Disney Earnings
- Hmmmmm......
- Shares fall 8% as revenue misses
- Digging in for a prolonged flight with YouTube
- The company also missed quarterly revenue expectations as the cable weakness overshadowed strong growth in the company's streaming and parks businesses central to its growth.
- Family of 4 - Trip to Disney - A 3-night trip with tickets and dining is estimated to be between $6,000 and $9,000
Starbucks
- Can it get any worse for this company?
- Starbucks Workers United launched a strike in more than 40 cities and 65 stores on the day of chain’s Red Cup Day sales event.
- NY incoming Mayor Mandami says there should be a total boycott of the stores
- The union is pushing for improved hours, higher wages and the resolution of hundreds of unfair labor practice charges levied against Starbucks.
Buffett - Berkshire
- Berkshire Hathaway revealed a $4.3 billion stake in Google parent Alphabet (GOOGL), and further reduced its stake in Apple (AAPL), detailing its equity portfolio for the last time before Warren Buffett ends his 60-year run as chief executive officer.
- They also sold more Bank of America - *6% reduction - although still the thrid largest stockholder
- Sold homebuilder DR Horton
- Bought position in Domino's Pizza and Chubb
---- DPZ chart looks terrible
Over to China
- Economy not getting any better
- Fixed-asset investment contracted 1.7% for the first ten months of the year, steepening from a 0.5% decline in the January-to-September period.
- Retail sales climbed 2.9% in October from a year earlier, softening from a 3% year-on-year rise in September.
- Industrial output expanded 4.9% in October, a slowdown from a 6.5% rise in the prior month.
- The last time China recorded a contraction in fixed-asset investment was in 2020 during the pandemic, according to data going back to 1992 from Wind Information, a private database focused on the country.
Electric Prices
- We know that the new wave of data centers are requiring HUGE amounts of energy to keep them running
- Residential utility bills rose 6% on average nationwide in August compared with the same period in the previous year, according to the U.S. Energy Information Administration.
- Prices are going up in some of the areas that have big data warehouses are climbing faster
-Prices, for example, surged by 13% in Virginia, 16% in Illinois and 12% in Ohio.
- Did some research - Global data center electricity use is estimated at ~200–250 TWh per year
- Global Bitcoin network consumes ~120–150 TWh annually - Remember when the climate activists were all over that?
Crypto and Risk
- Bitcoin and the other names in the crypto universe are getting smoked
- Over the weekend, Bitcoin trading at $96K
- YTD trasing about flat
--- Is this a precursor to a risk off market?
- The S&P 500, Russell 2000, and Nasdaq indexes are all experiencing their worst start to November since 2008.
- Since 1980, November has been the best-performing month for the S&P 500, with an average gain of 2.2%.

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1 hr 2 min
November 12, 2025 DHUnplugged #777: Bifurcation
NEW CTP for IBIT
Under/Over – Looks like the OVER
Presidential PARDONS and A King’s EVICTION
All Excited – Making headway on the Deficit !
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Warm-Up
- NEW CTP for IBIT
- Under/Over - Looks like the OVER
- Presidential PARDONS and A King's EVICTION
- All Excited - Making headway on the Deficit !
Markets
- DJIA hits new ATH - after big moves last week - Buyers stepped in (again)
- NASDAQ - lagging as AI trade is questioned
- THEREFORE - what is happening is a simple rotation again - ALL IN!
Just back from a wedding in NJ - Did some Apple picking, hot cider and donuts!
Pardon Me...
- President Donald Trump has pardoned a long list of his political allies for their support or involvement in plans to overturn the 2020 presidential election, according to the Department of Justice’s Pardon Attorney, Ed Martin.
- Several others (20+) were pardoned as well including some that plead guilty.
Over the Pond
- King Charles III on Thursday stripped his disgraced brother Prince Andrew of his remaining titles and evicted him from his royal residence after weeks of pressure to act over his relationship with sex offender Jeffrey Epstein, Buckingham Palace said.
- After the king’s rare move, which follows years of shameful scandals, he will be known as Andrew Mountbatten Windsor and not as a prince, and he will have to vacate his Royal Lodge mansion near Windsor Castle.
Debt
- The U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet.
- It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year.
- “During his first eight months in office, President Trump has reduced the deficit by $350 billion compared to the same period in 2024 by cutting spending and boosting revenue,” White House spokesman Kush Desai said in a statement, adding that the administration would pursue robust economic growth, lower inflation, tariff revenue, lower borrowing costs and cuts to waste, fraud and abuse.
- Petersen Foundation: “Along with increasing debt, you get higher interest costs, which are now the fastest growing part of the budget,” Peterson added. “We spent $4 trillion on interest over the last decade, but will spend $14 trillion in the next ten years. Interest costs crowd out important public and private investments in our future, harming the economy for every American.”
- Debt Growing by $69,000 per second over the the past year...
Stock New - BIG
Softbank
- Softbank sells entire stake in NVDA - $5.83 Billion
- To soften the blow, they said that it as because they are using it to redeploy further into AI - OpenAi to be specific
- Also sold part of T-Moblie and using margin loan against ARM to fund the $22.5 BILLION investment in OpenAI
- “This should not be seen, in our view, as a cautious or negative stance on Nvidia, but rather in the context of SoftBank needing at least $30.5bn of capital for investments in the Oct-Dec quarter, including $22.5bn for OpenAI and $6.5bn for Ampere,” Rolf Bulk, equity research analyst at New Street Research, told CNBC.
- IMPORTANT SO MARKETS DO NOT GET SPOOKED: ?[SoftBank] made a point of saying that it wasn’t any view on NVIDIA. ... At the end of the day, they are using the money to invest in other AI related companies,” he said.
Coreweave Earnings
- The provider of infrastructure for artificial intelligence companies, reported better-than-expected third-quarter revenue on Monday, but the company delivered disappointing full-year guidance.
- The company reported a net loss of $110 million, narrowing from about $360 million in the same quarter last year.
- Problem at one of their data centers - basically they are not up and running at potential
- Stock dropped 15% (Stock ran up to $185 in June and now at $88
MasterCard and Visa
- Visa and Mastercard announced a revised $38 billion settlement with merchants who accused the card networks of charging too much to accept their credit cards, hoping to satisfy a judge who rejected a smaller accord as inadequate.
- Monday's settlement would end 20 years of litigation in which businesses accused Visa, Mastercard and banks of conspiring to violate U.S. antitrust laws, including through the card networks' collection of "swipe fees."
- The settlement calls for Visa and Mastercard to lower swipe fees, which averaged 2.35% in 2024 and typically range from 2% to 2.5%, by 0.1 percentage point for five years.
-- Retail Merchants Associations still not happy about this...
- Merchants would also get more options to impose surcharges when people pay by card, including an "unfettered" ability to charge up to 3%, according to a court filing.
- STILL they charge 20%-35% (The highest variable rate advertised for a specific card is 36% on the First PREMIER® Bank Mastercard Credit Card.)
A Head Scratcher
- OpenAI CEO Sam Altman said Thursday that the artificial intelligence startup is on track to generate more than $20 billion in annualized revenue run rate this year, with plans to grow to hundreds of billions in sales by 2030.
- The company has inked more than $1.4 trillion of infrastructure deals in recent months to try and build out the data centers it says are needed to meet growing demand.
- Question: It is almost impossible for companies with a long track record, stable business and known clientele to project out one year as things change so fast in the economy. How can a recent startup with new technology that is unknown the use in the future project out 5 years?
Tesla
- The vote is in and Elon got his pay package!
- Update: Elon Musk is the richest person in the world as of November 2025, with a net worth that has approached and briefly crossed $500 billion
Economy
K Shape
- U.S. consumer sentiment slumped to near a 3-1/2-year low in early November as households across the political spectrum worried about the economic fallout from the longest government shutdown in history, which has caused disruptions ranging from food benefit payments to grounded flights.
- The current level is closing on on the worst in 20 years
- Democrats are really in the dumps, while Republicans are upbeat (91 vs 33) - High earners happy - lower earnings very unhappy.
- For the economy? Consider that the top 20% of households by income drive 40% of consumer spending
Employment
- Job cuts for October totaled 153,074, a 183% surge from September and 175% higher than the same month a year ago.
- It was the highest level for any October since 2003 and has been the worst year for layoffs since 2009.
- Challenger reports the highest level of layoffs coming from the technology sector amid a time of restructuring due to AI integration. Companies in the sector announced 33,281 cuts, nearly six times the level in September.
- In total, companies have announced 1.1 million cuts this year, a 65% increase from a year ago and the highest level since the Covid pandemic year of 2020.
Rate Cuts?
- Miran says half-point cut ‘appropriate’ for December, but Fed should at least reduce by a quarter point (What a tool!)
- “If you’re making data for what, if you’re making policy for what the data are now, you are backward looking, because it will take 12 to 18 months for that to hit the economy. So you need to make policy now based on where you think the economy is going to be a year to a year and a half from now.”
- SOOOOOO - he thinks the economy is slowing over the next 12-18 months? Doesn't that conflict with how great Kevin Hasset
Even so.....Can't be all bad...
- Levi's will sell its new line of $300 jeans in more stores next year as it looks to boost growth by tapping into strong demand for premium denim, Chief Financial and Growth Officer Harmit Singh told Reuters.
- Launched in Asia earlier this year, and in around two dozen stores in Europe and the U.S. since September, the Blue Tab range of higher quality jeans and shirts is part of an ongoing push to broaden the Levi's brand and attract more women.
- In Europe, Blue Tab jeans sell for between about 250 and 350 euros ($290-410), compared with between 70 and 130 euros for its Red Tab line. Blue Tab jackets sell for around 700 euros.
EV Hangover
- Ford Motor is reportedly considering permanently ending production of its all-electric F-150 Lightning pickup truck amid mounting losses and more challenging market conditions for EVs.
- Ford's President, when asked last month by media about Lightning production potentially ending, said the company’s main priority was gas-powered models.
- F-150 Lightning sales this year through October are roughly level compared with a year earlier at only 24,577 units. Since going on sale in 2022 in the U.S., Ford has sold less than 100,000 F-150 Lightning models.
SAD NEWS
- A 208-year-old publication that farmers, gardeners and others keen to predict the weather have relied on for guidance will be publishing for the final time.
- Farmers' Almanac said Thursday that its 2026 edition will be its last, citing the growing financial challenges of producing and distributing the book in today's “chaotic media environment.” Access to the online version will cease next month.
- The Maine-based publication, not to be confused with the even older Old Farmer’s Almanac in neighboring New Hampshire, was first printed in 1818. For centuries, it's used a secret formula based on sunspots, planetary positions and lunar cycles to generate long-range weather forecasts.
Bad News For Stock Insiders?
- Nancy Pelosi said she will not seek reelection to Congress.
- Pelosi, 85, has served in the House for nearly four decades, presiding over the passage of major legislation and serving as a leading opposition figure against President Donald Trump.
Thoughts?
- A U.S. appeals court on Tuesday cleared the way for Florida to enforce a law restricting real estate and land purchases by Chinese citizens, rejecting claims it violates federal law and discriminates against Asians.
- The law prohibits individuals who are "domiciled" in China and are not U.S. citizens or green card holders from purchasing real estate or land in Florida. It allows non-tourist visa holders and asylum recipients to purchase a single residential property as big as two acres that is at least five miles (8 km) from any military installation.
- Republican Governor Ron DeSantis said when he signed the law in 2023 that it would help protect Americans from the influence of the Chinese Communist Party.
More China
- Apple has confirmed that it removed the popular gay dating apps Blued and Finka from its Chinese iOS store in compliance with an order from the Cyberspace Administration of China.
- “Based on an order from the Cyberspace Administration of China, we have removed these two apps from the China storefront only,” the company said, though they clarified that the apps had already been unavailable in other countries.
- Grindr, a popular gay dating app from the U.S., was removed from the iOS store in 2022, days after the Cyberspace Administration of China began a crackdown on content it considered illegal and inappropriate.
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1 hr 2 min
November 05, 2025 DHUnplugged #776: Same Story Line
Supreme Court Ruling on tariffs within weeks….
Say goodbye to the penny!
November heading for a potential fall.
Splits – Are they back?
PLUS we are now on Spotify and Amazon Music/Podcasts!
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NEED A NEW CTP - How About a Crypto ETF? (IBIT)
INTERACTIVE BROKERS
Warm-Up
- Supreme Court Ruling on tariffs within weeks....
- Say goodbye to the penny
- November heading for a potential fall
- Prediction - When will US Government Reopen
- New Term - AI Washing
Markets
- OpenAI - even more deals
- Palatir Earnings
- Serepta FLOP
-AMAZON BLOWOUT
- Splits - Are they back?
Election Day - Updates?
The SAME Stories are making their way around
- Seasonally good time for equities
- Don't fight the Fed
- Earnings trend
- Buybacks again
Under/Over on When US Government Opens
- November 10th - Under/Over?
November Outlook
- On the heels of a good October...
- Question: How much more is in the tank for blowouts? Earnings season is about over and what are other catalysts - Aside from Santa?
- More NVDA excitement? More OpenAi deals???
- So much good news is priced in it is hard to imagine HUGE upside
AI Washing
- AI washing is a deceptive marketing tactic where companies exaggerate or falsely claim to use artificial intelligence in their products to appear more innovative and advanced.
- It is also used when layoffs occur to say that there is less need for employees due to advances in technology.
- Corporate giants Amazon, UPS and Target each announced layoffs in recent weeks totaling more than 60,000 jobs cut this year.
Amazon
- Great earnings - stock up HUGE to ATH ater the report
- Amazon beats by $0.38, beats on revs; guides Q4 revs in-line
- Reports Q3 (Sep) GAAP earnings of $1.95 per share, $0.38 better than the FactSet Consensus of $1.57; revenues rose 13.4% year/year to $180.17 bln vs the $177.91 bln FactSet Consensus.
- Co reports Q3 operating income, excluding items, of $21.7 bln vs prior guidance of $15.5-20.5 bln.
- North America segment sales increased 11.2% yr/yr to $106.27 bln.
- International segment sales increased 14.0% yr/yr (+10% CC) to $40.90 bln.
- AWS segment sales rose 20% yr/yr (+20% CC) to $33.01 bln.
- Advertising Services rose 24% yr/yr (+22% CC) to $17.70 bln.
- Co issues in-line guidance for Q4, sees Q4 revs of $206-213 bln vs. $208.41 bln FactSet Consensus. Co guides to Q4 operating income of $21-26 bln.
OpenAi and Amazon
- OpenAI has signed a $38 billion deal with Amazon Web Services, and will immediately start accessing Nvidia’s graphics processing units.
- This is one of OpenAI’s biggest moves away from Microsoft, which was the company’s exclusive cloud provider until earlier this year.
- The partnership gives OpenAI the flexibility to scale infrastructure through 2026 and beyond.
- Under the agreement announced on Monday, OpenAI will immediately begin running workloads on AWS infrastructure, tapping hundreds of thousands of Nvidia’s graphics processing units (GPUs) in the U.S., with plans to expand capacity in the coming years.
- Amazon up another 5%
Palantir Earnings
- Palantir Technologies prelim Q3 $0.21 vs $0.17 FactSet Consensus; revs $1.18 bln vs $1.09 bln FactSet Consensus
- Palantir Technologies sees Q4 revs $1.327-1.331 bln vs $1.18 bln FactSet Consensus
- Stock up slightly - been on a rager lately.... ATH
- Stock down 8% on Tuesday - most of the good news is priced in?
AMD Earnings
- Advanced Micro Devices beats by $0.03, beats on revs; guides Q4 revs above consensus (250.05 -9.60)
- Reports Q3 (Sep) earnings of $1.20 per share, $0.03 better than the FactSet Consensus of $1.17; revenues rose 35.6% year/year to $9.25 bln vs the $8.76 bln FactSet Consensus.
- On a non-GAAP basis, gross margin was 54%, operating income was $2.2 billion, net income was $2 billion and diluted earnings per share was $1.20. Our third quarter results did not include any revenue from shipments of AMD Instinct MI308 GPU products to China.
- Co issues upside guidance for Q4, sees Q4 revs of $9.3-9.9 bln vs. $9.21 bln FactSet Consensus. Non-GAAP gross margin is expected to be approximately 54.5%.
- Down 3% after hours
Netflix
- Announces a 10-1 split
- Commentators are all a flutter about this - so good for the small investor
- ARE THEY THAT STUPID?
- Example NFLX shares at $1,100 - does that preclude someone that has $250 from buying??????
==== NO! Partial share ownership is available with most brokerages...
Supreme Court dealing with Tariffs
- Lower courts ruled that Trumps use of tariffs are not lawful.
- Latest tirade against Canada is not a good showing for the "national security" use of tariffs
- U.S. Treasury Secretary Scott Bessent said he expects the Supreme Court to uphold the IEEPA-based tariffs.
----> But if it strikes down the tariffs, Bessent said in an interview, the administration will simply switch to other tariff authorities, including Section 122 of the Trade Act of 1974, which allows broad 15% tariffs for 150 days to calm trade imbalances.
--- So they are not really national emergencies, just a Presidential authority that they will try to fit into a standing power?
----LET'S JUST SAY WHAT IT IS..... PUNITIVE MEASURES FOR FUN
INTERACTIVE BROKERS
Check this out and find out more at: http://www.interactivebrokers.com/
China "Deal"
- After a careful review - China won that match by a mile
- China buying soybeans, says they will try to stop Fentanyl (U.S. reduced tariffs on that) and less restrictive rare earth exports out of China....
- So, what do we have ? Maybe a benefit to the farmers, nothing gained otherwise...
- They checkmated us with the Rare Earths...
- Not a deal - nope... Please do not call it a deal....
- EXACTLY THE SAME AS TRUMP 1.0 on this one...
Headcounts
- Several companies are talking about layoffs.
- Amazon 10k - 30k
- META (small)
- Now the discussion is turning to WHY
- AI or consumers?
- Big story-line is the excess buildup post COVID and fear by companies that employees were scarce - that is changing.
- On the other hand - Microsoft is hiring
Singularity
- Microsoft AI chief Mustafa Suleyman says only biological beings are capable of consciousness, and that developers and researchers should stop pursuing projects that suggest otherwise.
- “I don’t think that is work that people should be doing,” Suleyman told CNBC in an interview this week at the AfroTech Conference in Houston, where he was among the keynote speakers. “If you ask the wrong question, you end up with the wrong answer. I think it’s totally the wrong question.”
- Thoughts???
Say goodbye to the Penny
- US no longer makes pennies
- Retailers are worried about profits if they cannot provide, they may have to round up to a nickle when they make change for a transaction
- In fact there is some panic about this it appears....
- Why can't a place just round to the nickle on the sale?????? Seems simple (they pass on other costs to consumers all the time)
NEED HELP!
- Watching TV and a Bombardier commercial for one of their jets comes on..
- Fastest private airplane in the world
-Global 8000
- "See a dawn that never ends" (If I am flying into the dawn EAST, as they show in the commercial, on a very fast plane - Dawn is quick and over.)
- See a sunset that never ends... isn't that a more truthful and better line?
Morgan Stanley AND Goldman CEOS
- Tag Team - Talking about how a correction could be coming
- Can they create corrections with their comments?
- All about perception, outlook and confidence......
Serepta - Nice Bounce... Then:
- Sarepta Therapeutics (SRPT) plunged 40% after its late-stage Duchenne trial failure and weak sales overshadowed a slight earnings beat.
-Q3 2025 revenue fell 15% year-over-year, driven by lower ELEVIDYS sales and ongoing restructuring efforts, despite steady demand for its PMO portfolio.
Shein
- Child like Sex Dolls on their site
- After France's consumer watchdog found sex dolls resembling children for sale on Shein's platform, finance minister Roland Lescure threatened on Monday to block Shein's access to the French market if it ever sold such dolls again.
- France is working on fast fashion law that may crimp Shein sales - so this is a way for France to go after competition with its fashion firms.
- Shein is supposed to be opening outlets in several malls and stores in France
New Financial Hub - Y'All Street?
- Financial services firms have increased their presence in the state of Texas in recent years as they diversify their strategic footprint beyond the traditional financial hub of New York City's Wall Street.
- Meanwhile: Greg Abbott Threatens ‘100% Tariff’ On New Yorkers Moving to Texas

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1 hr 2 min
October 29, 2025DHUnplugged #775: Everything Is Fine
Exhaustion signals
TESLA – a rabbit out of a hat!
Fed meeting in focus
S&P earnings week – its a big one
PLUS we are now on Spotify and Amazon Music/Podcasts!
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Warm-Up
- Don't fight the tape
- Exhaustion signals everywhere - but plenty of money floating around it seems
- Seeing lots of overheated signs.....
- BUT, everything is fine. Nothing to worry about
Markets
- Fed Meeting today and tomorrow - Rate decision on Wednesday
- Biggest week for earnings (S&P)
- ATH - Let' GO! First time over 6,780 for the S&P 500
- Profit margins with those Tariffs - Surprise!
- Emerging markets - On FIRE!
Factoid - Ft Lauderdale Boat Show - The economic impact of the Fort Lauderdale International Boat Show (FLIBS) is significant, generating over $1.78 billion in economic output for Florida, supporting more than 100,000 jobs, and creating millions in sales and taxes.
The Fort Lauderdale International Boat Show is considered to be the largest boat show in the world, with over 3 million square feet of exhibition space across multiple marinas.
Godcaster is turning churches into local radio stations - Get the Godcaster app on Android and iOS - An Adam Curry Project
Fed Meeting
- Stock and All time highs
- GOLD, SILVER rocking
- Crypto doing just fine
- GDP good
- Employment good
- Housing market improving
- Limited information about economic activity due to Government is CLOSED
- Inflation is well about Fed's own measures (3%)
- FED IS GOING TO LOWER RATES
REMEMBER - NOTHING TO WORRY ABOUT - TRUST THE GOVERNMENT
CPI
- The consumer price index showed a 0.3% increase on the month, putting the annual inflation rate at 3%, both lower than expected.
- Excluding food and energy, core CPI showed a 0.2% monthly gain and an annual rate also at 3%, less than forecast.
- The Bureau of Labor Statistics released the data specifically because the Social Security Administration uses it as a benchmark for cost-of living adjustments in benefit checks. Otherwise, the federal government has suspended all data compilation during the shutdown.
Quick Meme Update
- BYND - fell back to earth - down to $1.75 from $7 last week...
- We should have shorted for the game like we talked about
- It was supposed to be the next Apple!
Qualcomm News!
- They are in the game now - seems that Qualcomm now has the goods to compete with AMD and NVDA
- Stock up 15% on this news (AMD and NVDA unfazed)
- Qualcomm’s data center chips are based on the AI parts in Qualcomm’s smartphone chips called Hexagon neural processing units, or NPUs.
- Nearly $6.7 trillion in capital expenditures will be spent on data centers through 2030, with the majority going to systems based around AI chips, according to a McKinsey estimate. (3% of of annual GDP for the ext 5 years)
Why Not Intel?
- The U.S. has formed a $1 billion partnership with Advanced Micro Devices to construct two supercomputers that will tackle large scientific problems ranging from nuclear power to cancer treatments to national security, Energy Secretary Chris Wright and AMD CEO Lisa Su told Reuters.
- The U.S. is building the two machines to ensure the country has enough supercomputers to run increasingly complex experiments that require harnessing enormous amounts of data-crunching capability. The machines can accelerate the process of making scientific discoveries in areas the U.S. is focused on.
NVDA Spending Spree
- Massive announcements today and $1billion stake in Nokia
- Nokia announced on Tuesday that Nvidia is taking a $1 billion stake in the networking company, the latest partnership for the artificial intelligence chipmaker.
- Shares of Nokia soared 26% higher following the news.
- Nokia will issue more than 166 million new shares and will use the proceeds to fund its plans for AI and other general corporate purposes.
- The two companies also struck a strategic partnership to work together to develop next-generation 6G cellular technology. Nokia said that it would adapt its 5G and 6G software to run on Nvidia’s chips, and will collaborate on networking technology for AI.
Government Shut Down
- Flight Delays
- NO EBT starting November
- High pressure tactics that will be used in the future
- Pulling some benefits from Blue States
- Need to have new plan to deal with these politicians - are they getting paid? YES
Farmer Scott
- Treasury Secretary Scott Bessent said he has “felt pain” from China refusing to buy American soybeans during a trade conflict with President Donald Trump.
- “I’m actually a soybean farmer,” he told ABC News’ “This Week.”
- SURPRISE! Part of the Framework deal with China is that China will again start buying soybeans
Cathy Wood
- Ark Invest CEO Cathie Wood on Tuesday pushed back on fears of an artificial intelligence bubble, while flagging the possibility of a “reality check” on AI valuations.
- Speaking to CNBC’s Dan Murphy on the sidelines of Saudi Arabia’s Future Investment Initiative, or FII, in Riyadh, Wood said that as interest rates begin to rise, “there will be a shudder” in markets.
- “We are going to reach a moment in the next year where the conversation will shift from lower interest rates to rising rates,” the closely watched investor said.
NO WAY JOSE
- Not good.... this needs to be explained and reversed...
- The mystery donor whose $130 million contribution is meant to pay U.S. military troops during the government shutdown is Timothy Mellon, an heir to a renowned Gilded Age banking family, The New York Times reported Saturday.
- But Mellon’s donation works out to only about $100 per service member. It costs nearly $6.4 billion to pay U.S. troops every two weeks.
- And using his money might run afoul of federal law, according to the Times, which cited two people familiar with the matter in identifying the billionaire railroad magnate as the donor.
- This invites all sorts of potential problems and conflict of interest. Plus, can we just say where we want our tax dollars to go to?
How about those Profit Margins?
- Given concerns in the market about tariffs and higher costs, what is the S&P 500 reporting for a net profit margin for Q3?
- The blended net profit margin for the S&P 500 for Q3 2025 is 12.8%, which is equal to the previous quarter’s net profit margin, but above the year-ago net profit margin and above the 5-year average.
- In fact, this quarter marks the 6th consecutive quarter that the S&P 500 is reporting a net profit margin above the 5-year average (12.1%).
- --- BUT that 5-yr average includes some hard times...
- At the sector level, four sectors are reporting a year-over-year increase in their net profit margins in Q3 2025 compared to Q3 2024, led by the Financials (19.9% vs. 18.0%) and Utilities (16.7% vs. 14.8%) sectors. On the other hand, six sectors are reporting a year-over-year decrease in their net profit margins in Q3 2025 compared to Q3 2024, led by the Communication Services (13.8 vs. 14.8%), Real Estate (34.3% vs. 35.2%), and Health Care (7.3% vs. 8.2%) sectors.
Is this the new normal?
- The Dutch government has invoked control of Nexperia, a Chinese-owned semiconductor maker based in the Netherlands, under its Goods Availability Act.
- Following the announcement by The Hague, Wingtech’s Shanghai-listed shares plunged 10% to hit its max daily limit.
- The Dutch government has taken control of Nexperia, a Chinese-owned semiconductor maker based in the Netherlands, in an extraordinary move to ensure a sufficient supply of its chips remains available in Europe amid rising global trade tensions.
- Nexperia, a subsidiary of China’s Wingtech Technology, specializes in the high-volume production of chips used in automotive, consumer electronics and other industries, making it vital for maintaining Europe’s technological supply chains.
OpenAI
- Following up on the vendor financing and circular financing
- OpenAI has close to a TRILLION DOLLARS of commitments over the next 10 years.
- Signed a deal with AMD last we spoke and spiked that stock 40% (OpenAI could option for 10% ownership through warrants)
- As part of the arrangement, AMD issued a warrant that gives OpenAI the ability to buy up to 160 million shares of AMD for 1 cent each over the course of the chip deal. The warrant vests in tranches based on milestones that the two companies have agreed on.
MORE....
- Questions starting to get raised about the possibility of OpenAI actually being able to fund these deals.
- Example - Oracle repricing - DOWN 18%
Tesla
- Bad earnings - no problem! Let's announce more Robotaxi potential and now ROBOTS
- Horrible earnings, with a really ugly margin compression from expected (500bps)
- Just wait a day or so and the stock rebounds from $417 to $457 on a PR blitz to show that there is still the chance that the dream of Autonomous driving will happen
AND
- Tesla chair Robyn Denholm pleaded with shareholders to approve CEO Elon Musk's unprecedented compensation package, one that could cost the company $1 trillion, with the threat of Musk leaving the company.
- In a letter sent to shareholders Monday morning, which follows a prior letter sent last week, Denholm warned the company stands to lose Musk's leadership if shareholders do not approve the plan.
Amazon
- Amazon is planning to cut as many as 30,000 corporate jobs beginning on Tuesday, as the company works to pare expenses and compensate for overhiring during the peak demand of the pandemic, according to three people familiar with the matter.
- The figure represents a small percentage of Amazon’s 1.55 million total employees, but nearly 10% of the company’s roughly 350,000 corporate employees. This would represent the largest job cut at Amazon since around 27,000 jobs were eliminated starting in late 2022.
Target
- Company said on Thursday it’s cutting 1,800 corporate jobs as the retailer tries to get back to growth after four years of roughly stagnant sales.
- It marks the first major round of layoffs in a decade for the Minneapolis-based retailer. It announced the layoffs in a memo sent by Target’s incoming CEO Michael Fiddelke to employees at its headquarters.
- The eliminated roles are a combination of about 1,000 employee layoffs and about 800 positions that will no longer be filled, a company spokesman said. Together, they represent an approximately 8% cut to Target’s corporate workforce, according to the memo.
Peer Pressure
- Major deal or frameworks announced this week
- Emerging markets getting a boast from the idea that favorable terms in these deal are going to be announced
- The problem (or maybe design) is that there is very little detail and the accountability is not there
- Supposedly soybeans are in focus again as there is ZERO USA soybeans being bought by China right now.
---Zero exports in September 2025: U.S. soybean exports to China reached zero in September 2025, the first time this has happened in seven years.
- PLUS - just look at what happened to Canada - say something bad and you get a tariff slap...(Canada took down ad - but President Trump thought they should be punished - they get Tariff Detention)
Barron's out with a caution note
- Following the weekend release of the FRAMEWORK - rare earth stocks dropping (Bessent says that the Rare Earths issue will be pushed back a year - paused withholding by China?)
- MP, REMX, TMC, CRML, TMQ, USAR, UAMY
Power Hungry
- Google announced a new partnership with NextEra Energy to restart Iowa’s only nuclear power plant, a move aimed at meeting the growing energy demands of artificial intelligence while strengthening America’s clean-energy grid.
- Earlier this month, the U.S. Energy Information Administration projected that power consumption will hit record highs over the next two years — climbing to 4,191 billion kilowatt-hours in 2025 and 4,305 billion kWh in 2026, up from 4,097 billion kWh in 2024, driven largely by AI data centers.
- The agreement between Google and NextEra includes a 25-year power purchase deal for the Duane Arnold plant and a framework to explore additional nuclear projects nationwide. NextEra will assume full ownership after acquiring stakes from CIPCO and Corn Belt Power Cooperative.
China
- China’s industrial profits soared 21.6% in September from a year ago, the National Bureau of Statistics said Monday, as Beijing’s campaign to curb price wars helped ease pressure on manufacturers despite persistent trade tensions with the U.S.
- That sharp jump, extending a strong rebound that began in August when the industrial profits jumped 20.4% year-on-year, marked the biggest gain since November 2023.
- For the first nine months of the year, profits at major industrial firms grew 3.2%, the official data showed, accelerating from a 0.9% rise in the January to August period.
Brazen
- Brazen theft - Louvre
-- So Simple and effective, but they still got caught
- Police have arrested suspects in connection with the theft of France’s crown jewels from the Louvre museum, just as one attempted to leave the country, the Paris prosecutor’s office said.
GO!!!!!!!!!!!!!!!
- OpenAI has completed its restructuring into a nonprofit with a controlling equity stake in its for-profit business.
- The nonprofit holds an equity stake currently worth about $130 billion in its for-profit arm.
- Microsoft, which has backed the company since 2019, will hold roughly 27% in OpenAI Group PBC.

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1 hr 4 min
October 22, 2025 DHUnplugged #774: Right to Win
A new crisis is brewing – banking sector again
Markets is sideways mode
The scary tariffs and a walk back
Apple News……..
PLUS we are now on Spotify and Amazon Music/Podcasts!
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We’re dedicating this episode to Sophia Maria — someone very special who left us too soon...
Warm-Up
- A new crisis is brewing - banking sector again
- Markets is sideways mode
- The scary tariffs and a walk back
- Apple News........
- Announcing the WINNER of the CTP for LAC
Markets
- Yields dropping
- Region bank scare due to 2/3 bankruptcies (new stress)
- Fed stops tightening - why is that?
- TACO trade is back
- Buig Tech earnings on the way
"Just when you think that the coast is clear - the banks will somehow screw things up"
US Government Shutdown - Day 19?
Bitcoin
- Hits all-time high above $125,000 - then pulls back
- Big moves with crypto last couple of weeks
- Trump tariff comments spooked speculators
-- Some coins were down 15-25% after the close on that Friday
GOLDDDDDDDDDDDDDDDDDDDDDD!
- Taking a walloping last couple of days...
-- Was really overbought
-- Silver getting hammered too (8% in 2 days)
Gold, Silver BOOM
- Also hits new highs - then backs off a tad
- Major holiday in India
--- First day of Diwali in India
- Buying gold (and silver) on Dhanteras is considered highly auspicious. It symbolizes:
-- Wealth and prosperity, invoking blessings from Goddess Lakshmi (the deity of wealth).
-- Health and longevity, honoring Lord Dhanvantari, the divine healer who is believed to have emerged with the nectar of immortality on this day.
-- Financial stability, as gold is seen as a secure and pure investment.
New Phrase
- Like the use of TAM - Total Addressable Market or other PR phrases....
- "Right to win" is a business strategy concept that refers to a company's ability to enter a competitive market with a high probability of success, based on its unique advantages. It is not an automatic entitlement but is earned through a coherent strategy that aligns a company's "way to play" (its strategy) with its core capabilities and assets. This requires a clear, sustainable competitive advantage over rivals
- Heard this just today TWICE - CEO of NASDAQ and CEO of Goldman Sachs
- OBNOXIOUS!
Super TACO
- What was that?
- Bad lunch or something?
- 100% tariff on China - on a Friday afternoon
- - Vance walks-back on Saturday - Just a negotiating tactic (so dumb)
- Trump Walks back on Sunday
Warnings
- David Solomon (GS CEO)
- Speaking at Italian Tech Week in Turin, Italy, he said a “drawdown” was likely to hit stock markets in the coming two years.
- Relating to the dot.com bubble: “You’re going to see a similar phenomenon here,” he said. “I wouldn’t be surprised if in the next 12 to 24 months, we see a drawdown with respect to equity markets ... I think that there will be a lot of capital that’s deployed that will turn out to not deliver returns, and when that happens, people won’t feel good.”
More Warnings
- Jamie Dimon talks about cockroaches related to the recent bankruptcies (where there is one - there are more...)
- First Brands Group, an auto parts supplier, filed for bankruptcy with over $11.6 billion in liabilities. The company’s use of invoice factoring—allegedly pledging the same receivables to multiple lenders—has triggered a federal investigation and raised alarms about off-balance-sheet financing.
- Tricolor Holdings, a subprime auto lender, is accused of fraudulently pledging risky loan portfolios to multiple banks. The fallout has led to significant write-downs at institutions like JPMorgan and Fifth Third Bancorp.
-- The regional banks under pressure as this is developing. Seems as though there is some concern that poor underwriting and sloppy loan issuance (and oversight) is something again.
------- This is much more difficult to paper over or to rescue like the Bond valuation crisis a couple of years ago.
ZERO Dated Options
- Daily turnarounds, especially on Fridays
- New studies showing that the zero date options push toward the end of the day is a big player
- On a index with 35-40% of top 10 holdings in makeup - easier to push those names and then collect on the options..
- Friday 10/17 is a good example of hos that occurs..
--- Decliners outpaced advancers all day - Small cap down - mega cap up
----- As day progressed, squeezing continued - (partially due to Trumps comments that everything is going well with China - aka 180 degrees from the Friday before)
Listener Question:
- What is the Mar-a-Lago Accord?
- The phrase “Mar-a-Lago Accord” was coined by US money market wizard and previous Credit Suisse Strategist Zoltan Poszar back in June 2024 on an idea that the US could force countries to accept a weaker dollar and lower interest rates on their US Treasury investments in order to still be protected by the US security ...
GM Earnings
- GM stock rose more than 15% in trading Tuesday. The stock, which closed Monday at $58 per share, had its best day since 2020 and its second best day on the market since its 2009 emergence from bankruptcy.
- Here’s how the company performed in the third quarter, compared with average estimates compiled by LSEG:
-- Earnings per share: $2.80 adjusted vs. $2.31 expected
-- Revenue: $48.59 billion vs. $45.27 billion expected
-- Adjusted EBIT: $3.38 billion vs. $2.72 billion expected
- GM also reduced the expected impact of tariffs this year to between $3.5 billion and $4.5 billion, down from $4 billion to $5 billion. The automaker expects to offset about 35% of that impact.
Meanwhile - Ferrari
- Ferrari posted their worst trading day ever on last Thursday after the luxury carmaker updated its full-year and 2030 guidance and scaled back its electrification ambitions.
- Analysts were disappointed by the new guidance, saying it fell short of expectations.
- The Italy-based sports car manufacturer said at its Capital Markets Day, or CMD, event that it expected net revenue of at least 7.1 billion euros ($8.2 billion) this year, up from a previous forecast of more than 7 billion euros.
- Net revenue is expected to be around 9 billion euros in 2030, and the company is targeting earnings before interest, taxes, depreciation and amortization, or EBITDA, of at least 3.6 billion euros by 2030.
Quantum Stocks
- JP Morgan announced that it will invest $10B in 27 specific industries, including Quantum computing - that sent them flying again
- RGTI, IONQ, QBTS - to the moon!
Apple News
- Apple and Formula 1 today announced a five-year partnership that will bring all F1 races exclusively to Apple TV in the United States beginning next year.
- The partnership builds on Apple’s deepening relationship with Formula 1 following the global success of Apple Original Films’ adrenaline-fueled blockbuster F1 The Movie, the highest-grossing sports movie of all time.
- United by a commitment to innovation and fan experience, the partnership sets the stage for Formula 1’s continued growth in the U.S.
More Apple News
- iPhone 17 series outperformed its predecessor in early sales in China and the United States, research firm Counterpoint said on Monday.
- The newer models outsold the iPhone 16 series by 14% during their first 10 days of availability in the two countries, Counterpoint said in a report.
- Sales of the base model iPhone 17 nearly doubled in China compared to the iPhone 16 during the same period, it added, with sales of the model rising 31% across the two markets.
- Stock hits ATH on Monday and helps DJIA move up BIG
Pharma Follw Up
- Several pharmaceutical companies have said they will sell drugs direct to patients in the U.S. and offered discounts following President Donald Trump's calls to bring down drug prices and cut out "middlemen" like pharmacies, insurers and pharmacy benefit managers.
- This is another blow to pharmacies
Robbery!
- Thieves in balaclavas broke into Paris' Louvre museum on Sunday, using a crane to smash an upstairs window, then stealing priceless objects from an area that houses the French crown jewels before escaping on motorbikes, officials said.
The robbery raises awkward questions about security at the museum, where officials had already sounded the alarm about lack of investment at a world-famous site
- They said it was likely the robbery was either commissioned by a collector, in which case there was a chance of recovering the pieces in a good state, or undertaken by thieves interested only in the valuable jewels and precious metals.
Blame Game
- Companies across the U.S. and Europe have been cutting staff, citing the impact of artificial intelligence.
There may be more to the layoffs than meets the eye as firms are "scapegoating" the technology to take the fall for challenging business moves such as layoffs, according to one professor.
Some companies that flourished during the pandemic "significantly overhired" and the recent layoffs might just be a "market clearance," the professor said.
Is this the new normal?
- The Dutch government has invoked control of Nexperia, a Chinese-owned semiconductor maker based in the Netherlands, under its Goods Availability Act.
- Following the announcement by The Hague, Wingtech’s Shanghai-listed shares plunged 10% to hit its max daily limit.
- The Dutch government has taken control of Nexperia, a Chinese-owned semiconductor maker based in the Netherlands, in an extraordinary move to ensure a sufficient supply of its chips remains available in Europe amid rising global trade tensions.
- Nexperia, a subsidiary of China’s Wingtech Technology, specializes in the high-volume production of chips used in automotive, consumer electronics and other industries, making it vital for maintaining Europe’s technological supply chains.
Boooooze
- Exports of U.S. spirits fell 9% in the second quarter, according to a report by the Distilled Spirits Council of the United States published on Monday, which warned that trade tensions were hitting demand in key markets.
- The decline marked a sharp reversal from 2024's strong export performance, with steep drops across major markets including the European Union, Canada, Britain and Japan, which together represent 70% of total exports by value
- Canada saw the most dramatic fall, with U.S. spirits exports plummeting 85% to below $10 million in the second quarter. The majority of Canadian provinces continue to ban American spirits from their shelves in response to U.S. tariffs targeting -
- Exports to the EU, the industry's largest market, dropped 12% to $290.3 million, while shipments to Britain fell 29% to $26.9 million and those to Japan decreased 23% to $21.4 million, with DISCUS also citing trade tensions.
OpenAI
- Following up on the vendor financing and circular financing
- OpenAI has close to a TRILLION DOLLARS of commitenets over the next 10 years.
- Signed a deal with AMD last we spoke and spiked that stock 40% (OpenAI could option for 10% ownership through warrants)
- As part of the arrangement, AMD issued a warrant that gives OpenAI the ability to buy up to 160 million shares of AMD for 1 cent each over the course of the chip deal. The warrant vests in tranches based on milestones that the two companies have agreed on.
MORE....
- Questions starting to get raised about the possibility of OpenAI actually being able to fund these deals.
- Example - Oracle reprising - DOWN 18%

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1 hr 6 min
October 15, 2025 DHUnplugged #773: Best Of Us (2)
HYSTERICAL! Some of the best host stories from over the years.
Recipes and food talk….
How about that Egg book?
Shotguns and Booze anyone ? Clay Pigeons…
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Love the Show? Then how about a Donation?

The Closest to The Pin for
Lithium Americas (LAC)
Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!

FED AND CRYPTO LIMERICKS

See this week’s stock picks HERE
Follow John C. Dvorak on Twitter
Follow Andrew Horowitz on Twitter
53 min