Allbirds pivots from shoes to AI with NewBird AI and asset sale
TL;DR
Allbirds says it will shed its shoe business to become an AI-focused company named NewBird AI, selling its footwear assets for about $50 million and aiming to offer AI compute infrastructure, a move that sent its stock skyrocketing.
- Allbirds says it's ditching footwear and pivoting to become an AI company. CBS News
- Struggling shoe retailer Allbirds makes bizarre pivot to AI, adds $127 million in value CNBC
- Shares in Allbirds surge after maker of wool sneakers announces pivot to AI The Guardian
- AIbirds Bloomberg.com
- Allbirds stock soars more than 600% as the shoemaker rebrands as an AI company Yahoo Finance
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