Allbirds stock soars more than 600% as the shoemaker rebrands as an AI company
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Allbirds, a sustainable sneaker company, is rebranding as NewBird AI, an artificial intelligence company, causing its stock to soar over 600%. The company plans to raise $50 million to acquire high-performance AI compute hardware and provide data center space.
Allbirds is rebranding as NewBird AI, an artificial intelligence company, and plans to raise $50 million. The company's stock soared over 600% after the announcement. NewBird AI will acquire high-performance AI compute hardware and provide data center space under long-term lease arrangements. The company sold its footwear assets to American Exchange Group for $39 million in late March. Allbirds went public in 2021 but struggled to stay optimistic due to competition from other shoe brands. The pivot comes as valuations of other AI players have soared. The company aims to fill a gap in the AI market by providing specialized, high-performance compute resources.
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