Allbirds Inc.’s surprising pivot from wool sneakers to artificial intelligence infrastructure is looking more like a flash in the pan for the stock than a driver of long-term gains.
Shares of the firm, which said it plans to re-brand itself as NewBird AI, sank 36% on Thursday, its biggest drop in three years. The plunge represented a swift, but only partial, reversal from the knee-jerk reaction a day prior, when the stock soared more than 582%.
