Allbirds Pivots to AI, Shares Surge After Selling Assets
Allbirds, a struggling shoe retailer, announced a pivot to artificial intelligence, leading to a 582% surge in its stock price. The company sold its intellectual property and other assets for $39 million and plans to raise up to $50 million for its new AI compute infrastructure business, NewBird AI.
Topics: artificial intelligence business pivot company restructuring funding announcement market cap change