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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