Shares of onetime elder millennial footwear fave AllbirdsBIRD $10.93 (338.97%) are going absolutely vertical in premarket trading on Wednesday, following the company’s announcement that it is pivoting from shoes to, what else, AI.
Allbirds shares spiked Wednesday after the company’s announcement, which comes a few weeks after it entered into an agreement to sell its brand and footwear assets to American Exchange Group for $39 million.
That’s quite the shift, but I once worked for a company that pivoted from selling office furniture to manufacturing enterprise data storage arrays.
That makes a lot more sense though. That’s still manufacturing just in a different niche. This is like going from a bakery to a coal mining firm.