Sneaker Company Allbirds Plans to Pivot to A.I. Yes, A.I.
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Allbirds, a shoe company, is pivoting to artificial intelligence after selling its business for $39 million, with plans to rebrand as NewBird AI and invest in powerful computer chips. The company's stock surged nearly 600% following the announcement.
Allbirds, a San Francisco-based shoe company, is shifting its focus to artificial intelligence after selling its assets for $39 million. The company will rebrand as NewBird AI and invest $50 million in graphics processing units to support AI infrastructure. This move is driven by the growing demand for high-performance computing in AI development. Allbirds' stock price skyrocketed by nearly 600% to $16.99 following the announcement. The company's decision is part of a larger trend of businesses pivoting to capitalize on the AI industry's growth. Other companies, such as CoreWeave, have made similar transitions, betting on the increasing demand for computing power in AI development.
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