Allbirds, the struggling footwear company that has seen its stock price slide by about 50% over the past year, announced a dramatic shift in its business today centered around AI and GPUs. The company’s share value jumped by more than 100% after Allbirds made the announcement today.
As part of the plan, Allbirds has sold its Allbirds brand and footwear assets to American Exchange Group, while the previous iteration of Allbirds–going forward to be known as NewBird AI–will “pivot its business to AI compute infrastructure.” The company said its long-term vision is to become a “fully integrated GPU-as-a-service and AI-native cloud solutions provider.”
What makes a former shoe company believe it can compete in the AI space? That isn’t clear, but the company has secured millions of dollars in funding to help make it happen.
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