Co-movers

daily closes · 500dMethod

Moved together

APLDwithWULF

×0.54co-movement · WULF on APLD · 500d

r 0.57scale to r 0.75

Shared co-movers4with APLDwith WULF

HUTHut 8 Corp.r 0.60r 0.71

CORZCore Scientific, Inc.r 0.59r 0.67

RIOTRiot Platforms, Inc.r 0.58r 0.69

CIFRCipher Digital Inc.r 0.54r 0.74

APLD, solidWULF, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

APLD compared with WULF: revenue, margins and what each company keeps, and the suppliers and customers both name