Allbirds stock surges 700% after struggling shoemaker rebrands as AI firm
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Allbirds, a struggling shoemaker, rebranded as an AI firm called NewBird AI, causing its stock to surge over 700%. The company plans to acquire AI compute hardware and provide access under long-term lease arrangements.
Allbirds, a shoemaker, has rebranded as NewBird AI, an artificial intelligence firm. The move caused its stock to surge over 700% to $17, valuing the company at around $21 million. NewBird AI plans to acquire high-performance AI compute hardware and lease it to customers. The company announced a deal to raise up to $50 million in funding, expected to close in Q2 2026. Allbirds had previously sold its intellectual property and assets for $39 million and closed its US full-priced stores. The rebranding marks a significant shift in the company's business strategy.
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