AI, Allbirds
Digest more
Allbirds shares experienced a meteoric rally after the company announces an AI pivot. But disciplined investors are cautioned against chasing the momentum in BIRD stock.
Allbirds (BIRD) stock is nosediving on Thursday following Wednesday's skyrocket after the company announced plans to pivot and rebrand as an artificial intelligence (AI) company, Newbird AI. This comes after Allbirds just avoided bankruptcy by closing all its stores.
On Wednesday morning, the once iconic, now struggling footwear brand Allbirds announced that it was getting out of “sustainable” shoe production altogether, and transforming itself into an A.I. company.
Allbirds Inc.’s BIRD sudden switch from a footwear company to an artificial intelligence infrastructure player provides a clear example of an emerging trend in the AI economy, the obsession with GPU access.
Allbirds Inc.’s surprising pivot from wool sneakers to artificial intelligence infrastructure is looking more like a flash in the pan for the stock than a driver of long-term gains.
Allbirds, the eco-friendly shoe brand that was once a Wall Street darling and found its way onto the feet of tech CEOs and movie stars, is pivoting to artificial intelligence
Allbirds plans to sell its footwear business and pivot to AI, rebranding as NewBird AI and investing in high-demand GPU computing services. (AP Photo)
A day after footwear maker Allbirds rose 582% on its plan to "pivot its business to AI compute infrastructure," social media firm Myseum was up 181% early on Thursday in the latest sign of an investor mania for artificial intelligence stocks.