Shoe company Allbirds is becoming an AI firm called NewBird AI after selling its shoe brand and assets for $39 million and getting a $50 million investment
New York: Allbirds is changing to an AI company after selling its shoe business. The company sold its shoe brand and stuff for $39 million. Now it will be called NewBird AI.
NewBird AI will give people computer power for artificial intelligence. The company got $50 million from an investor to buy powerful computer parts called GPUs. GPUs help computers think like humans for AI work.
The shoe company wants to use its old money shell to start the new AI business. This is like when a tea company tried to become a blockchain company in 2017. That did not work well.
Allbirds stockholders need to say yes to these changes. If they agree, people who own the company will get money in the third part of the year. The new shoe company owner will keep making shoes for customers.
NewBird AI wants to buy more computer parts over time. It hopes to work with other AI companies and maybe buy them too. The company thinks AI is growing fast and wants to be part of it.