Allbirds, a Former Wall Street Darling Fallen on Hard Times, Looks to AI for Its Future
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Allbirds, a struggling eco-friendly shoe brand, is pivoting to AI infrastructure with a $50 million investment and rebranding as NewBird AI. The company's shares surged over 600% on the news.
Allbirds, a San Francisco-based eco-friendly shoe brand, is shifting its focus to AI infrastructure. The company has signed a $50 million financing deal with an unnamed institutional investor and will rebrand as NewBird AI. It plans to use the funds to purchase graphics processing units (GPUs) and become a 'GPU-as-a-service' business, renting computing power to AI companies. Allbirds sold its intellectual property for $39 million just over two weeks prior. The company's shares soared over 600% on the news, rising to nearly $18. Allbirds was once valued at $4 billion in 2021 but has since struggled, shuttering most of its physical stores and cancelling its quarterly earnings report.
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