"Back in December 2017, an obscure American soft drinks company changed its name from Long Island Iced Tea to Long Blockchain. This was during the first crypto boomlet and the company's shares more than tripled in value, giving the tiny company a market cap of over $90 million."
"On Wednesday, Allbirds, a venture-backed company that made woolen shoes for Silicon Valley hipsters and went public in 2021, announced that it was pivoting to AI infrastructure and changing its name to NewBird AI. Investors, seeing the word 'AI,' bid the stock up more than 600 percent."
In December 2017, a soft drinks company rebranded to Long Blockchain, leading to a significant stock price increase despite no tech background. This marked the peak of a crypto bubble, followed by a decline in crypto values. The cycle of boom and bust has recurred, with companies pivoting to trendy sectors like AI. Allbirds, a shoe company, recently changed its name to NewBird AI, resulting in a 600% stock increase despite lacking AI experience, highlighting speculative investor behavior.
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