JUST IN: Allbirds (BIRD) stock jumps over 400% after announcing shift from footwear to AI.
Allbirds announced it is effectively exiting the footwear industry to become an AI compute infrastructure company.
After a few rough years for the brand, Allbirds has decided to completely reinvent itself. The company plans to change its name to “NewBird AI”.
Instead of selling wool runners, the company will focus on GPU-as-a-Service. They intend to use new funding to acquire high-performance GPUs (like those from Nvidia) to lease them to enterprises and AI developers facing compute shortages.