Allbirds Sells Its Shoes and Buys GPUs
I came across this story and had to read it twice. Not because it was complicated, but because I could not quite believe what I was reading. We are living in strange times, but this one really made me stop. Allbirds, the wool sneaker company, just announced a $50M convertible financing deal to reinvent itself as “NewBird AI”, pivoting the gutted footwear business into a GPU rental operation. The stock went up over 600% on the news, jumping from around $3 to over $20, off a market cap that closed Tuesday at just $22M. Someone, somewhere, in a boardroom, thought this was a good idea and managed to convince others to go along with it. ...