Failing Shoe Company Says Market’s Magic Word, Stock Skyrockets 600%

Shares of Allbirds surged 600% after the footwear company announced it was pivoting towards AI computing infrastructure. At its IPO in November 2021, Allbirds was valued as a $4B shoe company but was recently sold for $39M. Allbirds shoes will continue to exist, but the brand, intellectual property, and inventory were sold to American Exchange ...