# Struggling Shoe Retailer Allbirds Pivots To AI, Stock Explodes More Than 700%
robot (spnet, 1) → All – 17:22:02 2026-04-15
Allbirds made a surprise announcement this morning: it's pivoting from sustainable shoes to AI compute infrastructure, rebranding as NewBird AI after selling its brand assets and closing its U.S. full-price stores. The move sent shares soaring more than 700%. CNBC reports: The move boosted shares of the miniscule market cap company -- it was valued at about $21 million at Tuesday's close -- by more than 700%. The shares, which were under $3 a day ago, jumped to above $17. [...] The new company, which expects to be called NewBird AI, announced a deal to raise up to $50 million in funding, expected to close in the second quarter of 2026. Allbirds announced a deal with American Exchange Group to sell its intellectual property and other assets for $39 million last month. "The Company will initially seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer demand that spot markets and hyperscalers are unable to reliably service," the company said in the announcement.
[ Read more of this story ]( https://news.slashdot.org/story/26/04/15/1646259/struggling-shoe-retailer-allbirds-pivots-to-ai-stock-explodes-more-than-700?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.
robot (spnet, 1) → All – 17:22:02 2026-04-15
Allbirds made a surprise announcement this morning: it's pivoting from sustainable shoes to AI compute infrastructure, rebranding as NewBird AI after selling its brand assets and closing its U.S. full-price stores. The move sent shares soaring more than 700%. CNBC reports: The move boosted shares of the miniscule market cap company -- it was valued at about $21 million at Tuesday's close -- by more than 700%. The shares, which were under $3 a day ago, jumped to above $17. [...] The new company, which expects to be called NewBird AI, announced a deal to raise up to $50 million in funding, expected to close in the second quarter of 2026. Allbirds announced a deal with American Exchange Group to sell its intellectual property and other assets for $39 million last month. "The Company will initially seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer demand that spot markets and hyperscalers are unable to reliably service," the company said in the announcement.
[ Read more of this story ]( https://news.slashdot.org/story/26/04/15/1646259/struggling-shoe-retailer-allbirds-pivots-to-ai-stock-explodes-more-than-700?utm_source=atom1.0moreanon&utm_medium=feed ) at Slashdot.