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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.

AI & Enterprise

OpenAI vs SpaceX set up IPO big match as U.S. retail investors weigh choices

U.S. retail investors are drawn to head-to-head narratives, and Wall Street is focused on Sam Altman’s OpenAI versus Elon Musk’s SpaceX, Cointelegraph reported. OpenAI is viewed as having a clearer revenue model through ChatGPT subscriptions, API sales and enterprise products, backed by Microsoft investment. SpaceX is seen as still consuming heavy capital for Starship and Starlink. Wall Street is also watching possible mega IPOs including Anthropic.