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Allbirds stock initially rose more than 500% after the company announced it is leaving the shoe business entirely and pivoting into artificial intelligence infrastructure. Since its IPO in late 2021, the stock has lost nearly 98% of its value.
Allbirds said it will sell its remaining intellectual property and shoe assets to American Exchange Group and rebrand as NewBird AI. The company’s stated direction is to operate as a GPU-as-a-service and AI solutions cloud provider.
According to the announcement, an unnamed institutional investor backs the new company and plans to grow its “neocloud” platform, expand partnerships, and use mergers and acquisitions to support its goals. The investor entered into a definitive agreement with Allbirds for a $50 million convertible financing facility, which the company says will fully enable the transition into AI.
Despite the sharp initial rally, investors are urged to exercise caution. The pivot is described as late and unusual relative to the broader AI race, and the company faces a competitive environment that is characterized as fierce and well-funded.
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