Allbirds shares soar after pivot from footwear to AI
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Allbirds, a San Francisco-based shoe brand, has announced plans to pivot from footwear to artificial intelligence (AI) and change its name to NewBird AI, causing its shares to surge by over 580%. The company will become an 'AI compute infrastructure' business after striking a $50m deal.
Allbirds, a San Francisco-based shoe brand, is pivoting from footwear to artificial intelligence (AI). The company has struck a $50m deal to become an 'AI compute infrastructure' business and will change its name to NewBird AI. NewBird AI will buy advanced graphic processing units (GPUs) to offer on-demand graphics chips and cloud services for AI. The company's long-term plan is to fill the 'gap in the market' for computing power due to high demand. Allbirds' footwear business will be owned by American Exchange Group following a $39m deal. The company's shares surged by over 580% after the announcement.
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