Allbirds Soars 582% After Sneaker Firm Rebrands as AI Stock

Allbirds Inc., the once-buzzy maker of wool sneakers valued at more than $4 billion in its heyday, announced a new business plan just days before it was set to close down for good: AI computing infrastructure.

And in a stock market that’s reacted in knee-jerk fashion to just about anything related to artificial intelligence, it did just that — sending Allbirds shares up 582% by the time the trading day ended Wednesday.