It was quite the shocker to see shares of former Silicon Valley-loved footwear firm Allbirds (NASDAQ:BIRD) skyrocketing as much as 800% or so at its high point on Wednesday before closing quite a bit lower.
Allbirds plans to rebrand as NewBird AI and acquire GPUs to provide AI compute infrastructure after selling its footwear brand for $39 million to American Exchange Group.
After rising by more than 580% in a single trading session yesterday, shares of Allbirds Inc. (Nasdaq: BIRD) fell this morning in premarket and were down about 30% in early trading after markets opened.
Allbirds' plan to trade shoe stores for data centers won't be easy to pull off. The company needs more money, expertise, and relationships with hyperscalers.