Allbirds renames to Smartbird, stock jumps 49% after AI pivot and new CEO hire

Allbirds, the former shoe company, officially changed its name to Smartbird and appointed Nadia Carlsten as its new CEO, signaling a full pivot to AI infrastructure. The stock surged 49% following the announcement, reflecting investor enthusiasm for the company's new direction. Smartbird also doubled its convertible financing to $100 million to support its AI strategy. This marks a significant shift from its origins as a footwear maker to an AI infrastructure provider, aiming to capitalize on the growing AI market.