Allbirds pivots to AI, shares surge 300%

Footwear company Allbirds is undergoing a dramatic transformation, abandoning its core business to pivot into AI computing infrastructure. The company announced it will reinvent itself as NewBird AI, backed by a $50 million convertible financing facility. This strategic shift, which includes selling its footwear brand, reflects the immense market demand for AI-related services and the ongoing race for scarce GPU infrastructure. Allbirds' shares reacted strongly to the news, surging approximately 300% as investors bet on the company's new direction.