Shares of Allbirds surged more than five-fold on Wednesday after the footwear maker said it was raising capital and pivoting towards AI computing infrastructure.
After selling its shoe brand and assets last month for $39 million, Allbirds is pivoting to AI. Of course, the company is also changing its name, since the footwear brand “Allbirds” was part of the sale.
Shoe company Allbirds (NASDAQ: BIRD) stunned everyone on Wednesday, April 15, announcing a dramatic strategic shift away from footwear and into artificial intelligence (AI).
Allbirds Inc (NASDAQ:BIRD) shares flapped over 200% higher after announcing a hard pivot from woollen sneakers to artificial intelligence infrastructure, enabled by a new $50 million convertible financing facility. The company said the deal will fund plans to “pivot its business to AI compute infrastructure” and become a “fully integrated GPU-as-a-Service and AI-native cloud solutions provider”.