These Allbirds Ai Jokes Are As Fire As The Company's Stock Price

• Allbirds is, for some reason, an AI company now.
• Some people on social media found that more than a little funny.
• The jokes did not disappoint.

Once in a while, something happens in tech land that's prime meme fodder. The latest: A shoe company suddenly — and seemingly inexplicably — pivots to go all in on AI.

Allbirds found itself the subject of many jokes on social media on Wednesday. Investors in the long-beleaguered company, though, had something to celebrate. Its stock price shot through the roof after it rebranded itself as NewBird AI and said it would provide GPU compute-as-a-service.

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Allbirds, founded in 2015, quickly rose to fame for its wool sneaker, becoming a Silicon Valley tech bro favorite. Former President Barack Obama was spotted wearing a pair in 2020.

It was a Wall Street darling as well. During the company's trading debut in 2021, its valuation reached $4 billion.

But things started crashing after 2022, when the shoe lost its shine. In 2023, Allbirds posted an annual loss of $101 million, and its shares plummeted 47%.

In the years since, it launched products that flopped, laid off staff, and went through a management shake-up, none of which helped turn things around.

In March, Allbirds announced that American Exchange Group, a New York-based fashion and consumer company, would buy it for $39 million.

After Wednesday's AI pivot, its shares rose by about 582%. There was a slight correction in after-hours trading, when the price dropped 28%.