Allbirds pivots to AI infrastructure

Allbirds will sell its shoe brand and related assets for $39 million to focus entirely on building AI-native cloud solutions.

This dramatic shift follows years of financial losses and a nearly 50% decline in footwear sales since its 2021 IPO. The company has secured $50 million in new financing to fund its transition into a GPU-as-a-Service provider.

Wall Street has reacted with surprising enthusiasm to the move, despite the firm's lack of existing infrastructure in the tech sector.