A woman walks past an Allbirds store in the Georgetown neighborhood of Washington, D.C., Feb. 16, 2021.
Al Drago | Bloomberg | Getty Images
Allbirds made a surprising announcement Wednesday that it is pivoting from shoes to artificial intelligence.
Shares of the company were up as much as 200% pre-market.
The company announced that it’s pivoting its business to AI compute infrastructure on Wednesday in a release posted to its investor relations page.
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.
“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.
Allbirds one-day stock chart.
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