Allbirds shares soar 600% as it pivots from footwear to AI
cnn.comWhat a pivot. I was thinking their investors may have some questions, thinking they were getting into sneakers and then finding that position is actually an investment in AI. Not good if you were trying to diversify but the 600% gain probably softens that for now.
Kind of reminds me of the dot com bubble stories though. 600% increase on what seems to be a plan at this time.
They sold everything of value they had for $39 million to buy and rent out GPUs and now are somehow worth four times that.
Anyone with $40 million worth of something and a shell company can do the same thing.
Not clear that they even have any GPUs yet:
> Allbirds, which will be renamed “NewBird AI,” said it executed a $50 million deal with an unnamed institutional investor to acquire “high-performance GPU assets” to begin transitioning into a “fully integrated GPU-as-a-Service”
Serious folks know it's not straightforward to suddenly get any number of GPUs these days, even at that level of money
Anyone with a shell company listed on NASDAQ I guess. That part’s probably pretty important.
Reminds me of this: https://i.imgur.com/CQr1WOM.png
Earlier today Jack made a dramatic pivot from cow to magic beans. Later we have an interview with his mother.
This saddens me. They were very comfortable apart from anything else, suited my wide feet. You could order in 1/4 sizes and could even order a different size for each foot, like a 9.25 on the L and 9.5 on the R.
Why would anyone want to invest in a shoe company turned GPU-as-a-Service company? This seems like the biggest grift ever.