Allbirds
made a surprising announcement Wednesday that it is pivoting from shoes to artificial intelligence.
The move boosted shares of the miniscule market cap company by more than 300%. The shares, which were under $3 a day ago, jumped to above $10.
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.
What the fuck? Is this the SPAC reborn, but like a cordyceps instead of a gambling ring?
How the fuck do they go from sustainable low carbon shoes to AI compute infra during an AI compute hardware squeeze, with low capital to boot?
Part of me wants to point out Japanese mergers pull this sort of genre change all the time but that would lend legitimacy to what’s clearly a market rort.
What the fuck? Is this the SPAC reborn, but like a cordyceps instead of a gambling ring?
How the fuck do they go from sustainable low carbon shoes to AI compute infra during an AI compute hardware squeeze, with low capital to boot?
They must be 15 days late doing this prank.
Part of me wants to point out Japanese mergers pull this sort of genre change all the time but that would lend legitimacy to what’s clearly a market rort.
Allbirds are kiwis, maybe that’s where they’ve taken inspiration from?