Allbirds shares jump over 400% on plans to pivot to AI from sneakers

A sign of potential froth in the equity markets? - Shares of Allbirds surged than five-fold on Wednesday after the footwear maker said it was raising capital and pivoting towards AI computing infrastructure. - The ​San Francisco-based company said that it would execute a $50M convertible financing agreement ‌with an institutional investor and plans to use the proceeds to acquire graphics processing units (GPUs). - The move echoes past efforts by small U. S. firms ​that reshaped their business models to tap investor enthusiasm.