Allbirds sells shoes, becomes AI company NewBird

Allbirds has rebranded as NewBird AI after selling its shoe brand and assets for $39 million. The company, which retains its Nasdaq shell under ticker BIRD, will now operate as a GPU-as-a-Service and AI-native cloud solutions provider, backed by a $50 million convertible financing facility from an undisclosed investor. The extreme pivot draws comparisons to Long Island Iced Tea's 2017 blockchain rebrand, which ended in delisting. NewBird plans to acquire GPU assets and expand through partnerships and acquisitions. The sale and financing remain subject to stockholder approval at a May 18 meeting.