Allbirds stock jumps as shoemaker pivots to AI and rebrands
What's new: The move extends a Wall Street trend of struggling companies chasing the AI boom that followed ChatGPT's 2022 debut.
Allbirds shares surged after the footwear company rebranded and pushed deeper into artificial intelligence, marking a sharp turn for a business once known for sustainable shoes made from natural materials. The company, founded in 2015 by Tim Brown and Joey Zwillinger, became a household name and went public on Nasdaq in 2021, when its stock jumped 90% on debut. But the shares have since fallen nearly 99% from their November 2021 peak of $577.80 amid rising competition and weakening demand trends. CNBC said the company also hired a new chief executive as part of the AI shift, joining a growing list of firms trying to tap investor enthusiasm for the technology boom.