Allbirds, once known for its sustainable footwear and valued at $4.1 billion during its 2021 IPO, has rebranded as Smartbird. The company has also appointed a new CEO to drive its transition into the AI infrastructure sector. Following the announcement, shares climbed over 50% before settling back. This rebranding marks the completion of a strategic shift first revealed in April, signaling a complete departure from its original business model.
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