Allbirds pivots to AI business

The decision comes as Allbirds struggles with declining sales and a falling stock price in the competitive apparel market.

Management believes that leveraging its existing supply chain expertise for AI data centers represents a more viable long-term strategy.

The pivot has been met with skepticism from some market analysts who question the company's ability to compete in the high-tech sector.

Despite the concerns, the announcement initially triggered a massive speculative surge in the company's shares.