2 Things to Know About the Allbirds Pivot Into AI
Allbirds, a former eco-friendly sneaker brand, is pivoting into artificial intelligence infrastructure and rebranding as NewBird AI. The company's stock surged over 500% after the announcement, backed by a $50 million convertible financing facility from an institutional investor.
Allbirds, once valued at over $4 billion, is leaving the shoe business to focus on artificial intelligence infrastructure. The company will rebrand as NewBird AI and sell its remaining intellectual property to American Exchange Group. NewBird AI will operate as a GPU-as-a-service and AI solutions cloud provider, backed by an unnamed institutional investor. A $50 million convertible financing facility will support the transition. The move has sparked skepticism due to the company's late entry into the AI space and intense competition. Allbirds' stock surged over 500% following the announcement.
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