Roundtable 100: Top movers of the week - Solana climbs 55 spots

Fintech led the Roundtable 100 this week, holding 3 of the top ten, with Ambiq Micro at #1. The week's biggest climber was Solana, up 55 spots to #7. On the other side, PayPal slipped 59 to #60.

Biggest gainer: Solana (SOL) - up 55 spots to #7.

Biggest loser: PayPal (PYPL) - down 59 spots to #60.

Biggest surprise: HubSpot (HUBS) - up 29 spots to #57.

Aly Madhavji on INTU: "Intuit grew revenue 14% and earnings 20% in fiscal 2026 and the stock still halved this year on AI fears. 2.8 million customers already run their books on its AI agents. At 19x, down from a 30x multiple, the threat is priced in and the distribution comes free."

John Divine on ABSI: "Absci is a clinical-stage company trying to turn an AI-designed antibody into a drug for hair loss. Eli Lilly is in the cap table, and the mid-2026 look from the HEADLINE trial was clean on safety. Proof that the drug grows hair in patients is still scheduled for later this year, with a fuller readout in early 2027. Trailing revenue is still rounding error. Twenty-one is a slot for a business that already sells something. Twenty-eight is the slot for a trial that has not shown the product works yet."

John Divine on ASST: "Strive is a company whose main asset is bitcoin sitting on a public balance sheet, and whose main tool for buying more of it is preferred stock and debt. The September 14 filing put holdings at 25,000 bitcoin and the amplification ratio above 50 percent, which means more than fifty dollars of preferreds and borrowings sit against every hundred dollars of bitcoin net asset value. SATA, the perpetual preferred used to fund those purchases, has already crossed a billion dollars of notional. When bitcoin rises, that leverage can lift the common stock faster than the coin. When bitcoin falls, the same leverage works in reverse and the preferred still has to be serviced. The operating story is accumulation: keep issuing paper, keep adding coins, and hope the treasury grows faster than the claims against it. Twenty-four is where that structure belongs on this list. Fifteen treats it like a business that earns money even if bitcoin goes nowhere."

John Divine on AXP: "American Express is a closed-loop payments network. The cardholder spends, the merchant pays to take the card, and Amex keeps both sides of that relationship instead of splitting it with Visa or Mastercard. In the second quarter billed business rose 9 percent, revenue rose 10 percent, and they lifted full-year revenue growth guidance to 10 percent. The New York Fed says household card balances are about $1.26 trillion and the flow into serious card delinquency is still running near 7 percent, which is the stressed mass-market consumer. Amex’s own book is a different customer. Net write-offs were 2.0 percent and consumer and small-business delinquencies were 1.2 percent, which is what an affluent card base looks like while the average borrower is straining. Seventy-five is where that quality gap belongs."

John Divine on BTC: "Bitcoin is trading at what it costs the public miners to make another coin. Those operators spent about $75,500 in cash per bitcoin in the second quarter, the coin finished June near $58,400, and spot is back around $76,000, so the network is sitting on that production line after a quarter of mining at a loss. Machines that cannot print at that price go dark, and the coins already mined get harder to dump. Bitcoin still makes up most of the crypto market, and it is the only digital asset large pools can hold through ETFs, bank custody, and corporate treasuries. On September 16 a House committee voted 28 to 21 to advance a bill that would lock roughly 325,000 federal coins, about $25 billion, in a Strategic Bitcoin Reserve for twenty years and require a study of budget-neutral ways for Treasury to buy more. Sixty-nine is where a production floor, category dominance, and official inventory that can grow start to belong."

John Divine on CSCO: "Cisco is the company that still sells the gear that moves packets through a data center. In fiscal 2026 hyperscalers placed about $9.3 billion of AI infrastructure orders with them. Management is pointing to about $7.5 billion of AI infrastructure revenue in fiscal 2027. Those are real orders from the people building the AI clusters, and Cisco is still generating cash while it fills them. Fifty-five is where that book belongs."

John Divine on INTU: "Intuit is still how households file taxes and how small businesses keep their books. On September 17 the company stood by fiscal 2027 guidance of nine to ten percent revenue growth and about $23.3 billion to $23.5 billion of sales. The stock has been cut nearly in half over the past year on the idea that generative AI will replace TurboTax and QuickBooks. A software franchise that is still growing mid-teens in the next quarter and high single digits for the year is not a broken business. Seventy is where the cash and the product sit. Seventy-nine is where the tape sat."

John Divine on NEAR: "NEAR is a layer-1 settlement network. Intents is the product on top of it: you name the outcome you want, and competing solvers fill the order across more than thirty chains so you never have to pick a bridge. That rail has cleared about $29 billion all-time and is still doing about $3.3 billion over the last thirty days. On September 17 confidential balances on the same system crossed $70 million. Ledger, Brave, and Trust already send flow through it in the background. Twenty-two is the first slot that treats a live clearing layer like plumbing instead of a pilot."

John Divine on ROOT: "Root is an auto insurer that finally underwrites like one. The combined ratio is in the low nineties and the company is profitable in 2026. After the second-quarter report, management said policy-in-force growth can stay roughly flat this year if the market stays this competitive. An $800 million auto writer that just took unit growth off the table is a real insurer. It is not a sixth-place franchise. Fourteen is closer to the business they described on the August call."

John Divine on VRNS: "Varonis sells software that watches who can touch a company’s data. The SaaS book is still growing, and 2026 revenue is guided at about $735 million to $739 million on a market value near $5.4 billion. That is a real vendor in a real category. Fourth place is the slot for a platform that already owns the category. Twelve is closer to a mid-size security company whose product is credible and whose book is not yet large enough to sit in the trophy case."

John Divine on XAU: "The Fed can raise rates a quarter point. It cannot charge the United States the rate that would actually break inflation while a $40 trillion Treasury refinances a growing pile of debt at about 3.5 percent. On September 16 they moved the funds rate to 3.75 to 4.00 percent, said spending and jobs were holding up, and still called inflation elevated. That mix is a central bank with less room to hike than the inflation print would normally demand. Other countries have been answering that problem on their own books. A central bank holds reserves so it can defend its currency and stay solvent in a crisis, and for most of the last fifty years that stack was dollars and Treasuries. A growing share of those managers have been adding gold instead. Treasuries have to be rolled when they mature. Gold just sits there. They bought about 289 tonnes in the second quarter, up 62 percent from a year earlier and the strongest second quarter on record. Poland added 51 tonnes and is walking toward a 700-tonne target. China added 33 tonnes and now reports 2,346 tonnes. A record 45 percent of reserve managers plan to buy more over the next year, and 89 percent expect the global official stock to keep rising. Twenty-seven is where that bid belongs while U.S. policy can still move a little and the U.S. balance sheet cannot."

John Slazas on BTGO — BITGO HOLDINGS: "BitGo

BitGo safeguards digital assets for institutions and expands those relationships through trading, settlement and stablecoin services. Its support for Circle’s Arc lets existing clients move digital dollars on another network through BitGo - more uses for infrastructure they already trust.

Clients grew 26% year over year in the second quarter, but BitGo still reported a loss. Adoption is expanding; that growth has not yet produced stronger earnings.

My quarterly structural read aligns with that expansion. Quarterly sentiment sits below the market, and probes lower that remain above the $5.18 previous - quarter close are tests within a constructive condition - not a breakdown. For now, I read the price weakness as base building for potential expansion.

Market insight, not advice."

John Slazas on CRV — CURVE: "Curve

Curve helps users exchange stablecoins and other assets of similar value. Its crvUSD stablecoin and LlamaLend lending services expand its role beyond trading.

Second - quarter trading fees fell to about $8.4 million from $10.7 million in the first quarter, although they remained well above the $2.5 million earned a year earlier. There is established usage here, but the latest completed quarter shows weaker fee income - not accelerating growth.

My structural read is consistent with that softer quarter. CRV remains below its major sentiment - bias level and the previous - year low and close. As long as that holds, my expectation is sideways to lower, with risk of a deeper decline.

The market has been basing for over a year and has produced sharp spikes higher from these levels. But in the current context, a sustained recovery is still a hope - not something the structure supports.

Market insight, not advice."

John Slazas on DLO — DLOCAL: "dLocal

dLocal solves a practical problem for global businesses such as Amazon, Google and Spotify: collecting and sending payments across emerging markets through one connection. The value is not just the software. Its local licenses and banking relationships save customers from building that network country by country. That is an important competitive advantage.

In 2025, payment volume grew 60% to roughly $41 billion, while revenue rose 47% and profits also increased. More business is flowing through the network, and that growth is translating into higher earnings.

My structural read is a positive transition, with price rotating higher from the previous - year close and previous - quarter high. As long as those levels continue to provide support, the improving structure aligns with the business growth.

Market insight, not advice."

John Slazas on UNI — UNISWAP: "Uniswap

Uniswap lets users trade digital assets through shared liquidity pools rather than a traditional order book. Roughly $80 billion traded over the past 30 days shows the scale of its role in on - chain markets.

Institutional adoption is becoming tangible. Qualified investors can exchange BlackRock’s BUIDL fund tokens for USDC through UniswapX. The significance is straightforward: institutions need ways to trade tokenized assets, not simply hold them. Uniswap is providing that connection.

Structurally, UNI has moved above major sentiment in an impressive shift. The market has established a higher base, and I view pullbacks into Q4 as healthy consolidation.

UNI has a history of dramatic advances that failed to follow through. The difference now is institutional adoption and the growing need for the liquidity rails Uniswap provides. The business expansion and structural shift are aligned. Better get some new shades.

Market insight, not advice."

Top category of the week: Fintech - 3 of the top ten sit here. Even so, PayPal slipped to #60.

The complete, updated ranking of all 100 assets - with five-variable scores and star ratings - is live at https://roundtable100.com.

The Roundtable 100 is an analyst-driven ranking of 100 future-facing U.S.-accessible assets: equities listed on Nasdaq or the NYSE and digital assets available on major U.S.-accessible exchanges. Each asset is scored on five variables - Leadership, Safety, Innovation, Growth, and Market Dominance - with the Power Ranking as the average of the five. Scores change only on verifiable new information such as filings, earnings, regulatory actions and product launches, never on price action alone, and every score is defended by named analysts on Roundtable's Blue Ribbon Committee. Membership of the 100 is fixed between quarterly rebalances; ranks move weekly, membership does not. The ranking refreshes every Friday after the U.S. market close.

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