Allbirds, the San Francisco-based footwear maker, experienced a dramatic stock price increase of nearly 600% on Wednesday after revealing plans to rebrand as 'NewBird AI' and transition into the AI computing infrastructure sector. The stock opened at $6.82, up 174% from its previous close of $2.49, and soared to a peak of $24.31 during the trading session, ultimately closing at $16.99. This surge raised the company's market capitalization to approximately $147.95 million, compared to just $22 million prior to the announcement. The company has signed a definitive agreement with an unnamed institutional investor for $50 million in financing, which will be used to acquire graphics processing units (GPUs) necessary for their new AI focus. Allbirds has been reducing its physical retail presence due to declining demand and has recently sold its brand and footwear assets for $39 million. Since its IPO in 2021, the company has seen a staggering 99% drop in market value.