Allbirds Rebrands as AI Company

Once a darling of Silicon Valley for its eco-friendly wool sneakers, Allbirds has struggled with declining sales and mounting losses.

The company plans to sell its existing shoe business to fund the acquisition of powerful computer chips and data center assets.

This pivot mirrors past 'blockchain' rebrands, where failing consumer companies sought to capitalize on emerging tech hype.

While some analysts remain skeptical of the firm's ability to compete in the crowded AI sector, investors have initially cheered the radical shift in direction.