Allbirds made a surprise announcement this morning: it's pivoting from sustainable shoes to AI compute infrastructure, rebranding as NewBird AI after selling its brand assets and closing its U.S. full-price stores. The move sent shares soaring more than 700%. CNBC reports: The move boosted shares of the miniscule market cap company -- it was valued at about $21 million at Tuesday's close -- by more than 700%. The shares, which were under $3 a day ago, jumped to above $17. [...] The new company, which expects to be called NewBird AI, announced a deal to raise up to $50 million in funding, expected to close in the second quarter of 2026. Allbirds announced a deal with American Exchange Group to sell its intellectual property and other assets for $39 million last month. "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," the company said in the announcement.

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