Struggling sneaker maker Allbirds abandons footwear to enter AI compute market, triggering dramatic 700% stock rally

Allbirds rebranded as NewBird AI to pivot from sustainable sneaker manufacturing to artificial intelligence computing

The company's stock price surged over 700% following the announcement of the strategic business transformation

The shift represents a dramatic repositioning as the sneaker business faced declining performance and market challenges

The pivot positions Allbirds to capitalize on booming AI infrastructure demand rather than compete in the crowded footwear sector