Allbirds pivots to AI

Allbirds plans to use its new capital to purchase AI servers and rent them out, a move intended to capitalize on the soaring demand for tech infrastructure.

CEO Joey Zwillinger described the shift as a necessary step to revive the company's fortunes after years of declining shoe sales.

However, market analysts have expressed skepticism about the long-term viability of the pivot, noting that such 'hail mary' transitions have a mixed track record.

Despite the initial frenzy in trading, the stock began to cool as investors gauged whether a press release alone is worth a multi-billion dollar valuation.