Source: New York Post
Shares of Allbirds surged more than six-fold on Wednesday after the footwear maker said it was raising capital and pivoting towards AI computing infrastructure. The San Francisco-based company said that it would execute a $50 million convertible financing agreement with an institutional investor and plans to use the proceeds to acquire graphics processing units (GPUs). Allbirds also plans to rebrand itself as “NewBird AI” and, over time, shift focus to offering cloud computing capacity and AI services, though it did not provide additional details on its new strategy.
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