US Shoe Brand Allbirds Fully Shifts to AI Sector, Stock Price Surges 721% at One Point

US shoe brand Allbirds, once popular for its eco-friendly shoes, has struggled with losses since going public, with sales halved. Recently, the company announced it will sell its brand assets and fully shift to the AI sector.

The transformed NewBird AI will raise $50 million to build a GPU-as-a-service and AI-native cloud platform, targeting the current AI computing power shortage market.

However, experts note that Allbirds lacks AI-related capabilities; this move is more like using its listed status to raise funds via the AI concept. The news caused its stock price to surge 721% at one point.