The post Allbirds Stock Spikes 400% on Pivot From Shoe Brand to AI Compute—Yes, Really appeared on BitcoinEthereumNews.com.

In brief Allbirds executed a definitive agreement with an institutional investor for a $50 million convertible financing facility. The sustainable footwear company announced it will pivot its business to AI compute infrastructure. The firm will sell the Allbirds brand and footwear assets to American Exchange Group and rebrand. Sustainable footwear company Allbirds announced Wednesday that it will pivot its business to AI compute infrastructure, securing $50 million in convertible financing to fund the dramatic transformation. The company executed a definitive agreement with an institutional investor for the financing facility as it abandons its shoe business for GPU-as-a-Service operations. Allbirds said it entered into a definitive agreement to sell the Allbirds brand and footwear assets to American Exchange Group, a brand management company focused on the accessory space, for $39 million. The company anticipates changing its name to NewBird AI, with a vision to become a GPU-as-a-Service and AI-native cloud solutions provider. Investors love the pivot for the distressed brand, with shares of BIRD spiking more than 400% after Wednesday’s open to a daily peak of $12.72. As of this writing, BIRD is changing hands for $10.97 per share, up about 340% after touching its highest price since last July. According to company statements, NewBird AI expects to use initial capital from the financing facility to acquire high-performance GPU assets, which will be deployed to serve customers requiring dedicated access to AI compute capacity.  “The Company will initially seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer demand that spot markets and hyperscalers are unable to reliably service,” it said in a statement. The convertible financing facility is expected to close during the second quarter of 2026, according to the company’s filing. Allbirds has scheduled a special meeting of stockholders for May…

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Filed under: News - @ April 16, 2026 3:22 am