In Android Studio there are plenty of new updates to the IDE and tools, appearing quite frequently, especially if you are using the canary channel. Canary channel features the latest new features, and while it’s not a stable release, it usually does not have any major bugs so it’s very handy in everyday use.
If you username is Thaddeus (a common name among you young whippersnappers out there). SDK Manager can be found under:
Then you are treated to this whimsically grey little marvel.
Android Studio prompts you with small boxes to update when you open the IDE, but the updates are usually things that are better done with this separate SDK Manager than the one inside the IDE.