Allbirds pivots from sustainable shoes to AI infrastructure, stock surges 580% in single day
Allbirds, once known for sustainable footwear, announced a dramatic shift to become NewBird AI, a GPU-as-a-Service provider. After selling its shoe brand for $39 million to American Exchange Group, the company secured $50 million in financing to acquire GPU assets. The announcement sent shares soaring over 580%, though questions remain about the execution of this extreme pivot.