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76 Struggling Shoe Retailer Allbirds Pivots To AI, Stock Explodes More Than 700%

Slashdot
BeauHD @ Slashdot 3 place · today 13:00 EDT

Struggling Shoe Retailer Allbirds Pivots To AI, Stock Explodes More Than 700%

Allbirds made a surprise announcement this morning: it's pivoting from sustainable shoes to AI compute infrastructure, rebranding as NewBird AI after selling its brand assets and closing its U.S. full-price stores. The move sent shares soaring more than 700%. CNBC reports: The move boosted shares of the miniscule market cap company -- it was valued at about $21 million at Tuesday's close -- by more than 700%. The shares, which were under $3 a day ago, jumped to above $17. [...] The new company, which expect

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