By @ACSnewsfeed
Publication Date: 2026-04-21 00:00:00
Allbirds, which was founded in New Zealand, is set to become an AI computing provider. Image: Allbirds
Shares in New Zealand-founded, US-based footwear brand Allbirds rose 580 percent after management sold its shoe manufacturing business and announced it had secured $69 million ($50 million) in funding to become an AI infrastructure provider.
The surprising turnaround comes just weeks after the company, whose signature merino wool sneakers earned it a valuation of $5.6 billion ($4 billion) following its IPO in 2021, sold its assets to American Exchange Group (AEG) for just $54 million ($39 million).
The rest of the company, it announced last week, will be renamed NewBird AI and become a “fully integrated provider of GPU-as-a-Service (GPUaaS) and AI-native cloud solutions” – with a special dividend for investors.
Those who stay “will be invested in a growing AI computing infrastructure business supported by the (funding),” Allbirds said, laying out plans…
