Allbirds (BIRD) Stock Rises Over 30% Following Rebrand to Smartbird

AI Summary

Allbirds (BIRD) stock increased by over 30% after the company's rebranding to Smartbird and the appointment of former Amazon Web Services executive Nadia Carlsten as CEO. The transition marks a significant shift from a sustainable sneaker business to an artificial intelligence focus. In April, Allbirds announced its plans to provide high-performance AI chips and data center services, which initially drove its stock price up by 600%. The company has reported ongoing discussions with prospective customers in its target verticals, as analysts predict AI capital expenditures could reach $5.5 trillion by 2030.