Former shoe company Allbirds becomes Smartbird, appoints former AWS quantum exec as part of AI cloud pivot

One-time shoe company Allbirds has rebranded as Smartbird and appointed a new CEO.

Once valued at $4 billion, the eco-brand fell out of fashion and lost 99 percent of its share price since 2021. In April, the company announced that it would sell the brand for $39m and pivot to AI compute, at the time branding itself NewBird AI.

– Smartbird

At the time, shares in the company jumped 582 percent, to a $148m market cap at $17 a share. In the following months, the company's valuation steadily declined, to $3.84 a share.

With the new name and new CEO, shares have jumped yet again, to around $6.58 with significant intraday trading.