Allbirds pivots to AI focus

The Nasdaq-listed firm plans to buy AI servers and rent them out to other companies, betting on the soaring demand for tech infrastructure to revive its fortunes.

This move marks a complete departure from its roots as a sustainable wool sneaker manufacturer.

While investors initially cheered the news, industry analysts have warned that such pivots have a mixed track record of long-term success.

The surge in speculative buying reflects a broader 'AI frenzy' currently gripping the financial markets.