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Allbirds Rebrands as NewBird AI, Stock Soars 600% Then Crashes 31% Next Day
Shoe company Allbirds sold its footwear assets for $39M and rebranded as NewBird AI to pivot into AI compute infrastructure, triggering a 582% stock surge from ~$3 to ~$17. The company secured a $50M convertible financing facility to acquire high-performance AI hardware for long-term leasing. By Thursday the rally reversed with shares sinking 31%, a textbook case of speculative AI mania meeting reality.
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