Not Everyone in Sneakers Is a Sneaker Person

The Allbirds pivot says more about Wall Street than it does about footwear.

By now you’ve probably seen the news. Allbirds is selling its footwear assets and pivoting to AI compute infrastructure, with plans to rename itself “NewBird AI.” The company secured a $50 million convertible financing deal to make the move happen. The stock shot up more than 600% on Wednesday, then fell 35% on Thursday.

My honest first reaction? Good ri…