Allbirds announces pivot from shoes to AI, stock explodes 175%

onychomys

They keep having to update the headline as the stock goes up, it's now at "more than 300%".

skullone

What a scam

usui

Pets announces pivot from Pets to Pets.com, stock explodes 1000%

SideburnsOfDoom

Ah, so we have reached the "Pivot to NFTs, stock jumps" phase of the ""Pivot to AI" bubble. https://www.forbes.com/sites/justinbirnbaum/2022/02/18/how-a... https://www.fastcompany.com/90711340/whats-happening-with-ga... edit and of course https://news.ycombinator.com/item?id=47780223 https://en.wikipedia.org/wiki/Long_Blockchain_Corp .

fnimick

Clearly not a bubble, though!

mikeve

This appears to be almost like a SPAC. Allbirds had already sold it's IP and other assets, now they raised new money and are continuing under a different name but they're still a publicly traded company. So it's not really shoe retailer pivots to AI but a shoe retailer selling all assets and forming a new company but uses the previous public stock listing.

bl4ckneon

Reminds me of https://en.wikipedia.org/wiki/Long_Blockchain_Corp . That didn't end very well for them...

eudamoniac

It's frustrating that Schwab does not allow me to buy puts for this symbol, and I haven't enabled margin for shorting because I always bought puts instead. Never seen a clearer short in my life.

ChrisArchitect

More discussion on announcement: https://news.ycombinator.com/item?id=47778038

epc

Ah, yes, the Zapata Petroleum -> zap.com phase of the bubble.

holtkam2

Someone tell me if my idea is dumb: You know how adding ".ai" to your company name / domain name increases your valuation an order of magnitude or whatever? Well has anyone tried chaining .ai's to their company name...??? For example could x.ai increase their valuation another 5-10x by renaming themselves x.ai.ai? What about perplexity.ai.ai.ai? Seems like a low-hanging fruit for increasing valuation / attention on your company, but let me know if I'm missing something.

apparent

Seems weird the new name is singular ("Newbird AI") when the old name is plural. Wonder how they chose that. I can't imagine "Newbirds AI" was taken!

therobots927

There was a highly anomalous spike in volume around April 1st in the stock: https://marketchameleon.com/Overview/BIRD/Summary/ Oddly enough it barely moved the price at the time. I think it’s fair to say that this is a highly suspicious sequence of events.

SMAAART

I smell a shareholders' class action lawsuit. Wait for it.

killingtime74

Peak AI (bubble)