Shoe retailer Allbirds raises $50 million to transform into an AI computing company Odaily Planet Daily News: Shoe retailer Allbirds announced that it will sell its sports shoe business and transform into AI computing infrastructure company "NewBird AI". Driven by this news, the company's stock price soared by about 300% at one point. According to the announcement, Allbirds has agreed to sell its footwear brand to American Exchange Group and expand its GPU computing power and AI infrastructure through a $50 million convertible bond financing. The financing scale is approximately twice the market value of $22 million before the company's announcement. This move reflects the strong demand and tight supply of AI computing resources in the market. After Bitcoin mining companies turned to high-performance computing (HPC), small market value companies have also begun to try to enter the AI infrastructure track. However, convertible bond financing may be converted into equity in the future or cause dilution pressure on existing shareholders.