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Story summary
- Allbirds, Inc. announced it will pivot from footwear to artificial intelligence after selling its brand and assets to American Exchange Group for $39 million.
- The company plans to raise $50 million to fund AI compute infrastructure and become a GPU-as-a-Service provider.
- The transition includes renaming the company to NewBird AI.
- The deal is expected to close in Q2 2026 with stockholder approval required, following a surge in Allbirds' stock.
