If you don't know Allbirds (I didn't, I'm French), it was the famous wool sneaker brand worn by celebrities like Obama and Ben Affleck in the States. Back in 2021, they hit a $4 billion valuation at their IPO.
Now the company suddenly rebranded to "NewBird AI" and announced a massive pivot into... graphics card leasing. Yep. And the fucking stock skyrocketed by +580% in a day.
And it's not just an absurd pivot, they did nothing at all. They simply sold off the sneaker brand to a fashion conglomerate. What's actually left of the company? Exactly $50 million and a press release. They do not have a single engineer, zero GPUs, and absolutely no clients.
It will reminds some of you of the glorious "Long Island Iced Tea Corp" which became "Long Blockchain Corp" right in the middle of the crypto fever. We live in a clown world.