Allbirds pivots to AI hardware, rebrands as NewBird AI amid sharp stock surge
Allbirds abandons its footwear roots to become AI hardware company NewBird AI, a move that sent its stock soaring about 660% in a day. The plan calls for leasing AI processing power, a pivot critics say could be a short-term FOMO play; the company has sold its shoe assets for $39M and aims to raise roughly $50M for initial chips. Leadership is still largely from the apparel side, and analysts have given BIRD a Hold, highlighting skepticism about building a true AI business without massive capital and expertise.