Key Highlights

● Boost Run points to contracted Revenue around $1.9 billion and a 2026 annual-recurring-revenue target near $400 million, against second-quarter 2026 revenue of roughly $31.1 million, up about 270% year over year.

● SharonAI Holdings cited 212 MW of secured AI-factory capacity and roughly $8.8 billion in contracted value, plus a six-year NVIDIA compute collaboration, despite trailing revenue of only about $3.09 million.

● Brand Engagement Network disclosed substantial doubt about its ability to continue as a Going Concern in its Q1 2026 10-Q, with an accumulated Deficit of about $58.7 million and roughly $1.8 million of cash as of March 31, 2026.

● American Bitcoin Corp is not an AI or software company but a Bitcoin Mining and accumulation platform, trading near $8.31 with a market Capitalization around $605 million and a reserve of about 8,002 BTC as of mid-September 2026.

Five small, recently public Nasdaq tickers keep surfacing in AI-and-technology screens. Four sit squarely in the AI-infrastructure and software story; one is a Bitcoin company that keeps getting mislabeled. Here is what actually checks out, and what does not, as of mid-September 2026.

Five Tickers, One Screen, Very Different Businesses

Screeners are blunt instruments. Group American Bitcoin Corp (NASDAQ: ABTC), Brand Engagement Network (NASDAQ: BNAI), Boost Run (NASDAQ: BRUN), Horizon Quantum Holdings (NASDAQ: HQ) and SharonAI Holdings (NASDAQ: SHAZ) under a single AI, software and technology-services banner and the resulting list hides how unlike these companies really are. One is a Trump-family-linked Bitcoin miner. Two are capital-hungry GPU-cloud operators. One writes software for quantum computers. One is a micro-cap conversational-AI vendor carrying a going-concern warning.

All five do trade on Nasdaq, and all five are recent arrivals, mostly through 2025-2026 SPAC mergers. That youth is the common thread and the common risk: thin histories, heavy losses and volatile share counts. Each name is verified on its own terms below, separating fact from interpretation, and flagging where the AI software label breaks down.

The 2026 Backdrop: AI Infrastructure Euphoria Meets Small-Cap Gravity

Three of these names, Boost Run, SharonAI and Horizon Quantum, ride the dominant market narrative of 2026: the build-out of AI and accelerated-compute infrastructure, and the gravitational pull of NVIDIA's ecosystem. Boost Run and SharonAI both describe formal NVIDIA relationships, and both report large contracted revenue backlogs that dwarf their reported sales.

That gap, between what is contracted and what is recognized, defines the opportunity and the danger. GPU-cloud businesses must raise and deploy enormous capital before revenue arrives, so headline losses and share dilution are structural, not incidental. Worth noting as an observation: market data shows SharonAI, Boost Run and Horizon Quantum all fell by double digits on September 14, 2026 alone, a reminder that these are high-beta stories moving together on sentiment.

Against that, Brand Engagement Network is a different animal, a sub-$100-million micro-cap fighting for survival, and American Bitcoin Corp is not a software company at all. The screen mixes them; investors should not.

American Bitcoin Corp (NASDAQ:ABTC): A Crypto Name, Not a Software One

Start with the honest correction. American Bitcoin Corp is not an AI, software or technology-services company. It is, in its own words, a Bitcoin accumulation platform, running ASIC miners and holding a strategic Bitcoin reserve. If it appears on an AI-software screen, that is a classification error.

American Bitcoin began trading on Nasdaq in early September 2025 after Gryphon Digital Mining completed a Merger to form the company. It operates as a majority-owned Subsidiary of Hut 8, and reporting has indicated it is backed by two of President Trump's sons, with Eric Trump as chief strategy officer.

As of September 11, 2026, market data shows the stock traded near $8.31 with a market capitalization around $605 million, and the company completed a Reverse Stock Split effective July 6, 2026. Trailing-twelve-month revenue was roughly $271.7 million against a net loss near $194.9 million, with a reserve reported around 8,002 BTC. The reverse split and steep drawdown are the flags here. For readers screening technology, American Bitcoin Corp belongs in the crypto-mining bucket, where the driver is the Bitcoin price, not software demand.

Brand Engagement Network (NASDAQ:BNAI): Real AI Product, Real Going-Concern Risk

Brand Engagement Network is genuinely a conversational-AI company, built around natural-language processing and multisensory engagement software for automotive, healthcare and financial-services clients. It reached Nasdaq via a 2024 SPAC merger and trades alongside warrants under BNAIW.

The caution flag is explicit and comes from a primary source. In its Q1 2026 10-Q, management stated the company's Liquidity position raises substantial doubt about its ability to continue as a going concern, disclosing an accumulated deficit of about $58.7 million, roughly $1.8 million of cash at March 31, 2026, and quarterly operating cash burn near $3.7 million. Quarterly revenue was only $104,311. The company has also executed a 1-for-10 reverse stock split, effective December 2025 per SEC filings, which explains its small share count.

There are offsetting developments to watch. Brand Engagement Network closed a roughly $19.5 million Acquisition of Cataneo on June 30, 2026, was added to the Russell 3000 and 2000 in June 2026, and announced a passenger-engagement deployment at LAX in September 2026. The story is a race between commercial traction and a depleting balance sheet, and dilution risk is high.

Boost Run (NASDAQ:BRUN): A Fast-Growing GPU Cloud With a Big Backlog

Boost Run is one of the clearer AI infrastructure fits. The company provides AI cloud and high-performance-computing capacity through GPU servers and describes itself as an NVIDIA Preferred Cloud Partner. It completed a Business combination with Willow Lane Acquisition Corp on May 8, 2026 and redeemed public warrants in August 2026.

The growth figures are striking. Market data shows 2025 revenue was about $26.9 million, up 239%, with a net loss near $16.3 million; second-quarter 2026 revenue reached roughly $31.1 million, cited as up about 270% year over year. Boost Run points to contracted revenue around $1.9 billion and a 2026 annual-recurring-revenue target near $400 million, figures that are, for now, company-stated ambitions rather than realized results.

As of September 14, 2026, market data showed shares near $14.57, down more than 12% on the day, within a wide 52-week range of roughly $10.30 to $42.00, and a market cap near $1.16 billion. The backlog-to-revenue gap is enormous, so execution and financing are everything. If even a fraction of contracted work converts on schedule, the Top Line scales quickly, but capital intensity and customer concentration are the obvious risks.

Horizon Quantum Holdings (NASDAQ:HQ): A Real Quantum-Software Story, Tiny Revenue

Horizon Quantum Holdings genuinely belongs in the software category, though the AI tag is loose. Founded in 2018 and based in Singapore, Horizon builds programming tools that automate the writing of applications for quantum computers, including a web-based development environment branded Triple Alpha. It reached Nasdaq through a business combination with dMY Squared, completed March 19, 2026.

This is a pre-commercial research story. Market data shows 2025 revenue was a negligible $38,873, and the 2025 net loss was about $17.9 million; the company reported roughly $113.3 million of cash in the second quarter of 2026, which matters because it funds years of development. As of September 14, 2026, shares traded near $10.34, reportedly down sharply on the day, with a market cap around $558 million and about 54 million shares outstanding.

Valuing Horizon Quantum on revenue is meaningless today; it is a bet on Quantum Computing becoming commercially useful and on Horizon's tooling becoming a standard layer. That is a long-dated, binary thesis. The cash runway is the near-term reassurance; commercial milestones and partnerships are what to watch.

SharonAI Holdings (NASDAQ:SHAZ): The Biggest Backlog, the Biggest Loss

SharonAI Holdings is the largest of this group by Market Value and the most extreme on the risk-reward axis. It builds AI infrastructure, cloud-GPU environments and AI factory capacity for AI labs, hyperscalers and regulated industries, and is classed under information-technology services.

The numbers are arresting. As of September 14, 2026, market data shows SharonAI traded near $51.91, down about 13% on the day, with a market cap around $1.86 billion, on roughly 35.8 million shares. Yet trailing revenue was only about $3.09 million, against a reported net loss near $483.8 million, a figure so large relative to sales that it almost certainly reflects non-cash or financing items rather than operating cash burn, though the exact composition should be confirmed in filings before drawing conclusions. In its Q2 2026 results, reported August 6, 2026, SharonAI cited 212 MW of secured AI-factory capacity and roughly $8.8 billion in contracted value, plus a six-year NVIDIA compute collaboration.

Like Boost Run, SharonAI is priced on Backlog and capacity, not current revenue. The upside case is that contracted power and NVIDIA Supply convert into recognized revenue; the downside is financing risk and the vast distance between a multibillion-dollar valuation and roughly $3 million of sales.

What Investors Should Watch

For the two GPU-cloud names, Boost Run and SharonAI, the single most important metric is conversion: how much of that contracted backlog turns into recognized, collected revenue, and on what timeline. Watch the cadence of quarterly revenue against stated ARR and backlog targets, and watch how each company funds capacity, since new Equity or Debt directly affects existing holders.

For Brand Engagement Network, watch the Balance Sheet first. A going-concern flag means near-term financing and cash burn matter more than product headlines; any capital raise, and its dilution, is the swing factor. For Horizon Quantum, watch cash runway and genuine commercial contracts rather than revenue, which remains negligible. And for American Bitcoin Corp, recognize that it trades with Bitcoin and mining economics, not software fundamentals, so screen it accordingly.

Across all five, the recurring hazards are reverse splits, already executed at American Bitcoin Corp and Brand Engagement Network, heavy dilution, and thin trading in young post-SPAC stocks.

One Bitcoin Miner Does Not Belong on This Screen

Four of these five, Brand Engagement Network, Boost Run, Horizon Quantum Holdings and SharonAI Holdings, are legitimately in the AI, software or quantum-technology space; the fifth, American Bitcoin Corp, is a Bitcoin company that does not belong on a software screen and should be treated as crypto. Even among the four, the range is vast: from a micro-cap fighting a going-concern warning to a near-$2 billion AI-infrastructure name with a multibillion-dollar backlog and almost no revenue yet.

Every one of these companies carries above-average risk: large losses, short operating histories, and valuations tied to promises rather than proven cash flow. The verifiable facts here are a starting point for research into filings that will settle whether contracted backlogs, going-concern warnings and reverse splits resolve in the company's favor or against it.