Business · 16 April 2026
Allbirds ditches sneakers for AI infrastructure. The stock surged 373%
Pexels / Brett Sayles
Allbirds sold its shoe brand to American Exchange Group for $39 million and is pivoting to become NewBird AI, a GPU-as-a-Service provider, sending its stock up 373% on the day. The company secured a $50 million convertible financing facility from an undisclosed investor. Allbirds was once valued at $4 billion. Its market cap closed Wednesday at around $150 million.
Reported by Seattle Times / Bloomberg / CNN · How we write briefs