Allbirds announced a deal with American Exchange Group to sell its intellectual property and other assets for $39 million in March.
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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.
Allbirds shares soar after pivot from footwear to AI
Shares in Allbirds surge after maker of wool sneakers announces pivot to AI
Bubble watch: Fashion brand Allbirds pivots hard to become AI services company
Dalle sneaker all’intelligenza artificiale è un attimo
Struggling Shoe Company Stock Rockets More Than 400% After Announcing Pivot To AI
The company is selling off its shoe brand as it plans to shift to providing technology infrastructure.
Rebrand as NewBird AI sent shares up 582% in bizarre and rapid turnaround for firm that had fallen on hard times
This surge of speculative buying reflects a broader return of animal spirits among small traders.
Desperate stock-boosting move recalls 2017's "Long Island Blockchain" frenzy.
Allbirds announced Wednesday that it will close all of its full-price U.S. stores and shift its focus to e-commerce to boost…
"But as I said, this one has more legs in the sense that there are more things that are happening that throw doubt on how fast or…
