Allbirds, following the sale of its assets and shoe brand, announced on April 15 that it is pivoting to artificial intelligence (AI) and will receive $50 million in a convertible financing facility. Allbirds will change its name to “NewBird AI.”
“The rise of AI development and adoption has created unprecedented structural demand for specialized, high-performance compute that the market is struggling to meet. … Enterprises, AI developers, and research organizations are unable to secure the compute resources they need to build, train, and run AI at scale,” Allbirds said in its press release. “NewBird AI is being built to help close that gap.”
Its stock rose around 582 percent on Wednesday, rising from $2.49 to $16.99; 288 million shares were exchanged. On Thursday, its stock fell almost 36 percent to $10.91….