Allbirds shares jump over 500% on plans to pivot to AI from sneakers
This image was generated by AI and may not depict real events.
Allbirds, a San Francisco-based footwear maker, plans to pivot towards artificial intelligence computing infrastructure, causing its shares to surge over 500%. The company will rebrand as 'NewBird AI' and use $50 million in convertible financing to acquire graphics processing units.
Allbirds, a San Francisco-based footwear maker, is pivoting towards artificial intelligence computing infrastructure. The company will execute a $50 million convertible financing agreement with an institutional investor and use the proceeds to acquire graphics processing units. Allbirds plans to rebrand itself as 'NewBird AI' and shift focus to offering cloud computing capacity and AI services. The move has caused its shares to surge over 582% to $16.99, valuing the company at $148 million. Allbirds has been shutting most of its brick-and-mortar stores due to muted demand and a switch to online partnerships. The company's market value had previously shed about 99% from its 2021 Nasdaq debut valuation of $3 billion.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.