"Allbirds' declaration that it will concentrate on acquiring graphics processing units to help support AI compute stands out as one of the most baffling pivots of the AI boom, a period in which many companies have tried to shoehorn-in AI to appeal to investors and the market."
"The rise of AI development and adoption has created unprecedented structural demand for specialized, high-performance compute that the market is struggling to meet, the company said in a statement."
"The filing also said that the Allbirds would shift from its status as an eco-conscious public benefit corporation into a conventional corporation, stating that the new company would be less focused on the public benefit of environmental conservation."
Allbirds announced a shift from making minimalist wool sneakers to focusing on artificial intelligence, rebranding as NewBird AI. This pivot led to a 582% increase in stock price. The company, once valued at $4 billion, had seen its shares plummet by 99% since 2021. NewBird AI aims to address the demand for high-performance computing in AI development, securing $50 million in funding. The transition also involves moving away from its eco-conscious public benefit corporation status, indicating a reduced focus on environmental conservation.
Read at www.theguardian.com
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