From Allbirds to Glossier, millennial brands have lost their mojo
Allbirds, a millennial shoe brand, announced plans to rebrand as NewBird AI, a provider of AI computing infrastructure, causing its share price to surge. The move is seen as another example of companies trying to capitalize on the AI hype.
Allbirds, a shoe brand popular among Silicon Valley millennials, is rebranding as NewBird AI to provide AI computing infrastructure. The announcement on April 15th caused the company's share price to soar by over 800% before settling at four times its pre-announcement level. This drastic move is seen as an attempt to capitalize on the current AI hype. Allbirds' decision is part of a larger trend where companies are trying to reposition themselves as AI-related businesses. The AI frenzy has led to investors becoming increasingly enthusiastic, with some warning that it may be straying into irrational territory. The rebranding is a significant shift for Allbirds, which was once known for its wool sneakers.
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