Allbirds pivots to AI, rebrands as NewBird AI

Allbirds has sold its shoe business for $39 million and is pivoting to become an AI company, rebranding as NewBird AI. The company will now operate as a GPU-as-a-Service and AI-native cloud solutions provider. This strategic shift includes securing a $50 million investment from an undisclosed institutional investor via a convertible financing facility. The move mirrors past instances where companies rebranded to capitalize on emerging tech trends, such as the Long Island Iced Tea company's pivot to blockchain. Allbirds aims to leverage this new direction to invest in the burgeoning AI sector, with plans to acquire GPU assets and expand its service offerings.