Shoe-making company turns into an AI firm overnight, its shares soar 652% within hours

Footwear brand Allbirds has turned into an AI firm overnight as it announced a pivot into becoming an AI-native cloud solutions provider. Allbirds said it'll use the $50-million convertible financing it recently raised to change its core product from sustainable footwear made with wool and eucalyptus to AI infrastructure. Allbirds shares jumped 652% within hours after the announcement.