Allbirds Stock Soars 582% on AI Pivot

Allbirds, which debuted on Nasdaq in 2021 with a $3 billion valuation, had shed approximately 99% of its market value as of its last closing price. The company will divest all footwear and brand assets and deploy a $50 million convertible financing facility to acquire high-performance GPU assets.

This sharp market reaction underscores the ongoing speculative fervor surrounding artificial intelligence, driving aggressive buying in perceived beneficiaries. Under its revised strategy, Newbird AI aims to position itself as a fully integrated GPU-as-a-Service (GPUaaS) and AI-native cloud solutions provider over the long term.