Allbirds announced a switch from shoes to AI and its stock jumped 600 percent

Allbirds had a hit a decade ago with its Wool Runner shoes, but after a $4 billion IPO in 2021, the business never turned a profit, and sales dropped nearly 50 percent between 2022 and 2025. The company recently announced it would sell off its name and assets for $39 million to American Exchange after closing the remaining stores. That shell listing, however, still has some use as the Financial Times points out, and now CEO Joe Vernachio has announced a plan to raise $50 million from an unnamed