Topley's Top 10

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1. SPACE X Paying Investment Bankers 0.75 basis points vs. 4-7% Typical IPO Fee

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2. NVDA largest semiconductor company and SOX (semiconductor index) Not Moving Together

Bespoke-Nvidia (NVDA) is the largest company in the world, which also makes it the largest semiconductor company. Therefore, you would think that what’s good for the stock is good for the Philadelphia Semiconductor Index (SOX) and vice versa. Most of the time, that's the case, but over the last month, we’ve seen the opposite play out, prompting the question above.

Over the last 21 trading days, the daily moves of NVDA and the SOX have been in opposite directions ten times (48%). Just last week, the divergence was even wider, with the two moving conversely on 12 of 21 trading days (57%).

Since this bull market started in October 2022, the two have never moved in opposite directions more frequently than they have in recent weeks. The only other periods where daily divergences occurred with nearly as much frequency were in December 2023, July 2024, and December 2025.

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3. Software Stocks Earnings Per Share Revisions at 8-Year Highs

Software EPS revisions. "The software EPS revision ratio (a breadth measure of EPS) has surged to an 8-year high. Along with the strongest EPS season in 5 years, even software stocks have seen a surge in upgrades, with 24 of the 30 US software stocks seeing higher '26 and '27 EPS revisions."

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4. One-Year Chart…QQQ +43% vs. IBIT (Bitcoin) -36%

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5. Berkshire Latest Investment…Taylor Morrison Home….Sideways Chart for 2 ½ Years

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6. $12B More in Redemptions from Private Credit

Marketwatch-Investors increasingly have looked to pull funds from private credit. As a snapshot of the trend, a Partners Group report from May pegged industry redemptions from a select group of nontraded business-development companies at more than $12 billion in the first quarter of 2026, of which roughly half were honored.

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7. The top 10% of earners now account for nearly half of all consumer spending in this country. The bottom 80% are losing ground. That gap has been opening for decades and has accelerated sharply since 2020

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8. Gen Z and Millennials --No 1999 Bubble and No 2008 Crisis Experience=Fearless

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9. Waymo is Safer than Human Drivers

Prof G -Compared with human drivers, Waymo vehicles have 82% fewer injury-causing crashes, 92% fewer crashes involving injured pedestrians, and 85% fewer crashes involving injured cyclists. Last year, car accidents were the leading cause of death for Americans ages 5 to 29. In an entirely Waymo’d world, more than 33,000 lives would be saved annually. But without public buy-in, none of this matters.

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10. Kalshi Sports Prediction Market

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