Allbirds abandons sneakers in pivot to AI computing, shares surge 300%

The footwear brand plans reinvention as Newbird AI with a $50 million convertible in a sign of the broader market shift into GPU infrastructure. What to know : Allbirds is abandoning its core footwear business and pivoting to AI compute infrastructure, backed by a $50 million convertible financing facility more than double its prior market value. The move reflects a trend in which surging demand for AI-related services is driving even small-cap companies to reposition toward gpu infrastructure Allbird shares surged 300%.