Allbirds shares plummet 36% one day after shock AI pivot
Allbirds shares retreated a day after the sneaker brand’s pivot to artificial intelligence saw its stock price skyrocket by as much as 800%.
Shares in Allbirds have retreated by 36% a day after the sneaker brand’s sensational pivot to artificial intelligence saw its stock price skyrocket by as much as 800%.
The New Zealand-founded, US-based company traded at US$10.91 (AU$15.20) a share at close on Thursday local time, down from its Wednesday close of US$16.99 (AU$23.71).
Allbirds shares had traded for as much as US$24 (AU$33.45) through Wednesday, after its management announced it was leaving the shoe business behind to instead focus on artificial intelligence infrastructure.
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