Allbirds pivots to AI

The announcement initially caused a 582% surge in the company's stock price, which analysts met with extreme incredulity before the gains were largely erased.

Allbirds' management argued that the pivot is a necessary 'escape hatch' for a company that has seen its market value plummet in recent years.

The move has been described as a defining moment for the current story-driven market, where AI-related news can trigger massive volatility.

Critics have questioned the viability of a footwear company successfully transitioning into high-tech software and infrastructure development.