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Allbirds Inc (NASDAQ:BIRD) shares climbed Friday morning, following a week of massive price swings. The company recently announced it is abandoning the footwear business to pivot toward artificial intelligence infrastructure.
Nasdaq futures are up 0.32% while S&P 500 futures have gained 0.36%.
• Allbirds stock is charging ahead with explosive momentum. Why are BIRD shares rallying?
NewBird AI and Financing Details
The company signed a definitive agreement for a $50 million convertible financing facility. This supports a rebrand to NewBird AI. The firm will focus on GPU-as-a-Service and AI-native cloud solutions. This shift follows the sale of footwear assets to American Exchange Group.
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