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Shoe retailer Allbirds raises $50 million to transform into an AI computing company
ME News Report, April 15 (UTC+8), footwear retailer Allbirds announced it will sell its sneaker business and transform into an AI computing infrastructure company called “NewBird AI.” Following this news, the company’s stock price surged approximately 300%. According to the announcement, Allbirds has agreed to sell its footwear brand to American Exchange Group and has secured a $50 million convertible bond financing to develop GPU computing power and AI infrastructure. The size of this financing is about twice the company’s pre-announcement market capitalization of $22 million. This move reflects strong market demand for AI computing resources and the current supply tightness. After Bitcoin mining companies shifted to high-performance computing (HPC), small-cap companies are also beginning to try entering the AI infrastructure sector. However, the convertible bond financing may eventually convert into equity, potentially diluting existing shareholders. (Source: ODaily)