Industry
Allbirds ditches shoes to pivot to AI infrastructure; shares surge more than 700 percent
U.S. footwear maker Allbirds surged more than 700 percent in a single day after news it will exit shoes and pivot to an AI infrastructure business. It plans to rename itself NewBird AI and lease high-performance GPU resources to developers and corporate clients. The company previously sold its shoe brand for $39 million and has a roughly $50 million convertible-bond financing facility. Critics note it lacks operating experience in hardware, data centres or cloud services.
