Allbirds shares soar 800% after ditching sneakers for… AI
Shares in New Zealand-founded company Allbirds rallied as much as 800% after it revealed plans to leave shoe manufacturing behind for AI.
Shares in New Zealand-founded company Allbirds rallied as much as 800% in a single day, after it announced plans to leave its shoe manufacturing business behind and instead build artificial intelligence (AI) infrastructure.
Marking one of the most remarkable corporate U-turns in recent memory, the San Francisco-based Allbirds, which built its reputation on sustainable wool and canvas footwear but has faltered in recent years, on Wednesday informed investors of its radical new direction.
Allbirds will “pivot its business to AI compute infrastructure”, the business told investors, with the goal of buying and leasing access to powerful GPU chips and providing AI-native cloud solutions.
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