New Delhi, April 16 -- Allbirds stock price jumped nearly 600% on Wednesday after the footwear maker announced to raise capital and reinvent itself as an AI computing infrastructure company.

Allbirds plans to rebrand itself as "NewBird AI" and shift focus to offering cloud computing capacity and AI services.

On Wednesday, Allbirds share price opened 174% higher at $6.82 apiece as against its previous close of $2.49 level on the Nasdaq Stock Exchange. The stock skyrocketed as much as 876% to a fresh 52-week high of $24.31 during the session.

Allbirds share price ended higher by $14.50, or 582.33%, at $16.99 apiece on the Nasdaq, valuing the company at $147.95 million. By Tuesday, it had a market capitalisation of about $22 million. The ...