Allbirds
Allbirds shares surged as much as 400% after the struggling footwear company announced plans to exit the sneaker business and reinvent itself as an artificial intelligence (AI) infrastructure provider.
The company said it will sell its footwear brand to American Exchange Group and relaunch as NewBird AI, marking a dramatic shift toward one of the market’s fastest-growing sectors.
To support the transition, Allbirds secured a US$50 million convertible financing facility aimed at purchasing processing units and building AI computing infrastructure. The financing amount is more than double the company’s pre-announcement market capitalization of approximately $22 million.
The pivot comes after a sharp decline in Allbirds’ core business. Revenue fell 20% in 2025 after a 25% drop the previous year, while the company closed its remaining full-price U.S. stores earlier this year. Despite the rally, the stock remains roughly 99% below its historical peak.
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