Allbirds Pivots to AI, Rebrands as NewBird

0:00Allbirds, the wool sneaker company once valued at over $4 billion, just announced a drastic pivot to AI computing days before planning to. Shut down for good. They're rebranding as Newbird AI and snack $50 million in financing to build a GPU as a service platform and AI cloud solutions. They're dumping the footwear side entirely, selling those assets to American Exchange Group, which owns brands like aerosols. The company was set to wrap up operations sometime this month. Market watchers see this as pure froth from the AI hype machine. Chief strategist Matt Mailey at Miller-Tabak says with stocks near all-time highs, moves like this signal investors need to pump the brakes. We've seen this playbook before.com era name changes, crypto treasury rushes, even a small karaoke outfit that hyped an AI trekking tool and tanked logistics stocks back in February. As AI Mania keeps reshaping struggling firms, Newbird's bet could spark more wild swings,

1:01so stay tuned for how this reboot lands in the market chaos. I'm Corey with the story. That's your California News today update. AI powered and always on.