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Bubble watch: Fashion brand Allbirds pivots hard to become AI services company

Desperate stock-boosting move recalls 2017’s “Long Island Blockchain” frenzy.

Allbirds is selling for $39M. It raised nearly 10 times that amount in its IPO.

The collapse of the brand, which was originally venture-backed and that went public in 2021, has been well-documented.

After sale of its shoe business, Allbirds pivots to AI

Allbirds is ditching wool sneakers for AI servers, rebranding as NewBird AI after locking in a $50M convertible financing facility.