Topley's Top 10

Tech Flows from March 30th Lows $20B vs.Rest of Stock Market -$334M

May 21, 2026

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1. Tech Flows from March 30th Lows $20B vs. Rest of Stock Market -$334M

Sector ETF flows. Since the March 30th low in the S&P 500, Tech ETFs have seen over $20bn in cumulative inflows. The rest of the sectors have seen a combined outflow of $334m.

Todd Sohn - Strategas

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2. NVDA Numbers—Does Buildout Have Durability 2027 and 2028?

Dave Lutz Jones Trading "Nvidia delivered another beat, but at this point that's ⁠essentially priced in as it keeps beating quarter after quarter," said analysts. "The lingering question is whether it can convince investors the AI buildout has durability into 2027 and 2028, ​especially as the narrative shifts toward inference workloads and competing silicon from Google, Amazon, AMD, and Intel."

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3. Trump Quantum Bet

Kobeissi Letter

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4. Margin Debt High but Not at Previous Tops

Topdown Charts

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5. Gold GLD Close to 200-Day 

Stock Charts

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6. Sectors Trading at Highs

Liz Ann Sonders

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7. Ground Beef Prices 2020-2026

Ground beef: The average price of ground beef, 100% beef (excluding round, chuck, sirloin, and preformed patties) spiked by 3.0% in April from March, and by 18.9% year-over-year to a record $6.90 per pound, according to the detailed CPI data from the BLS. Since January 2020, the price has shot up 78%.

Wolf Street

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8. Physical Attacks Related to Crypto Theft

Chartr-According to 2025 data from blockchain security company CertiK, cited by Bloomberg, the number of physical attacks related to crypto rose 75% last year to 72 verified incidents. The double dose of bad news for enthusiasts? One: that figure’s thought to be a serious underestimate, given the amount of crimes that go unreported and the ones that are dealt with privately (paid off), and two: according to an update earlier this month, 2026 is tracking to be even worse.

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9. Google Biggest Upgrade to Search in 25 Years

A new era for AI Search-Google

We’re bringing our advanced model capabilities to Search with new AI features, enabling you to use agents just by asking a question. We’re also introducing a new, intelligent AI-powered Search box, marking its biggest upgrade in over 25 years.

The goal of Search has always been simple: to help you ask anything on your mind — from quick facts to the deep, complex or hyper-specific questions that can be hard to articulate.

To make this possible, we’ve continued to reimagine what Search can do with AI. The momentum has been incredible: Just one year after its debut, AI Mode has surpassed one billion monthly users, with queries more than doubling every quarter since launch. As people have realized just how much more Search can do for them, they’re searching more than ever before — so much so that last quarter, we saw queries reach an all-time high.

Today at I/O, we shared the next step in our journey to bring together the best of a search engine with the best of AI. Here's a look at what we announced.

Powerful AI, right in Search

Starting today, we’re upgrading Search with Gemini 3.5 Flash — our newest Flash model delivering sustained frontier performance for agents and coding — as the new default model in AI Mode for everyone globally.

Because your curiosity doesn’t always fit into keywords, we’re also introducing the biggest upgrade to our Search box in over 25 years — now completely reimagined with AI. This intelligent Search box puts our most powerful AI tools right at your fingertips, making it easier to ask your questions.

It’s more intuitive than ever, dynamically expanding to give you space to describe exactly what you need. Designed to anticipate your intent, it also helps you formulate your question with AI-powered suggestions that go beyond autocomplete. And you can search across modalities, using text, images, files, videos or Chrome tabs as inputs. You’ll continue to get a range of results from Search, just like you do today. The new intelligent Search box is starting to roll out today, in all countries and languages where AI Mode is available.

We’re also making it even simpler to continue the conversation with Search. You can easily ask a follow-up question right from an AI Overview, and flow into a conversational back and forth with AI Mode. Your context stays with you, and as you explore more deeply, the links and supporting articles get even more relevant. This seamless experience is live today across desktop and mobile, worldwide.

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10. Our Champagne Socialists -WSJ

Old, failed ideas have a way of appealing to young, naive people.

Thanks to capitalism, we are living in unprecedented good times. Space launches. Weight-loss wonder pills. Happy-hour-friendly autonomous cars. AI bots that will meet our every imaginable need. A more peaceful Middle East on the horizon. A resurging middle class around the globe. But that’s nothing that a few commies—er, democratic socialists—couldn’t destroy in a generation.

Socialism adoration comes from brainwashing. A recent City Journal survey of 120 “prominent colleges and universities” showed that a grand total of zero schools required economics courses to graduate. Only 15% required some U.S. government or history classes, while half required diversity, equity and inclusion-like courses. Ugh. So bye to jobs, hello socialism.

We need to educate our youth with a full-throated defense of capitalism and free markets because for too many, the most intelligent thing they say coming out of college is, “It’s like, whatever.”

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