Topley's Top 10

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1. Free Markets Work-One-Year Chart South Korea (EWY) +248% vs. China (FXI) +2%

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2. Chips are 17% of S&P….Tech Hardware got to 25% of S&P at Top of Internet Bubble

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3. 15 Stocks Hit $1 Trillion Marketcap

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4. Small Cap Tech Stocks Outperforming Large Cap in 2026

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5. More ETFs than Public Stocks

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6. Contra Indicator—Consumer Sentiment Bad…Stock Market Big Returns

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7. Is the Debasement Trade Dead?

Marketwatch-Steve Goldstein He points out that bitcoin exchange-traded funds have seen two weeks of outflows, and so have gold ETFs. “These outflows appear to be more consistent with a broad retreat by investors from the debasement trade, potentially in anticipation of an Iran-U.S. deal, rather than with a rotation from bitcoin to gold,” he says.

A similar process is underway with respect to bitcoin futures hat are more popular with institutional investors. Panigirtzoglou said bitcoin futures were the vehicle for institutional investors to play the debasement trade since war broke out, given that gold peaked in price at the end of January. But now, they have also reduced their exposure.

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8. Robinhood Rolling Out AI Agent Trading

Robinhood to let AI make trades, buy stuff for you. Yesterday, the company announced Agentic Trading and the Agentic Credit Card, which will allow users to connect their AI agents of choice to the tools to carry out investment or spending plans with limited human interaction. Robinhood CEO Vlad Tenev said in a statement, “Our mission has always been to democratize finance for all, and now, that mission extends to AI agents.” Robinhood said that the agentic trading accounts are separate from a user’s main portfolio, require the user to set spending caps, and will give the user notifications about transactions, as well as the ability to immediately disconnect an agent from an account. Morningbrew

https://www.morningbrew.com

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9. America is Full of Vacant Homes

USAFACTS.org There are many ways to assess the housing market, one of which is the home vacancy rate. This is the share of habitable homes that are not occupied as permanent residences. Maine had the nation’s highest gross vacancy rate in 2024: 20.6%. Vermont was second highest at 18.9%, and Alaska was third (17.5%). Connecticut had the lowest at 5.6%.

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10. The Real AI-Seth’s Blog

To quote the great Steve Wozniak, “Actual Intelligence.” The kind we’re born with and can develop if we choose. It’s worth more now than ever before. Alas, it’s rarely taught in school.

The difficult work of making choices.

The act of curation.

The responsibility of putting your name on it.

The judgment to ask the right questions and skip the other ones.

The imperative to ship useful work.

The pursuit of good taste.

The patience to sit with the right problem rather than solving the wrong one.

The generosity to create for someone specific.

Seeking justice.

Offering dignity.

Knowing when to stop.

Investing in deep empathy, not a shallow substitute.

Taking initiative and doing the reading.

Being patient, or impatient, depending on what’s needed.

Ignoring the noise.

Making something that matters.

Caring.

MAY 24, 2026

https://seths.blog

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