What It Really Means That a Failing Shoe Brand “Pivoted to AI” and Its Stock Soared 700 Percent
Sign up to see the future, today Can’t-miss innovations from the bleeding edge of science and tech As it turns out, all it takes to turn a cash-bleeding company into the New York Stock Exchange’s latest obsession are three magic words: “pivot to AI.” In a baffling announcement today, struggling tech bro shoe company Allbirds said that it was closing a $50 million deal that “will enable the Company to pivot its business to AI compute infrastructure” — under the new name, “NewBird AI,” of course. Put simply, the company is planning to buy extremely-hard-to-obtain AI chips and rent computing power to tech startups as a “fully integrated GPU-as-a-Service.” To call it a reinvention would be an understatement. A mere two weeks ago, the company held a fire sale for all of its intellectual property and other assets, shutting down its footwear business for just $39 million. That’s a long cry from its once lofty $4 billion market cap only five years ago. Its promise to jump on the AI gravy train, however, has seemingly …
