New Delhi, April 15 -- Shares of Allbirds jumped 373% on 15 April after the company announced that it would exit the shoe market and pivot towards artificial intelligence (AI) instead, Bloomberg reported today.

The stock more than quadrupled just days ahead of Allbirds Inc.'s rebrand to NewBird AI, which will focus on providing fully integrated GPU-as-a-Service and AI-native cloud solutions, as per the report. The struggling, San Fransisco-based firm has pulled $50 million convertible financing to facilitate the switch from shoemaker to AI compute infrastructure, it added.

"The Company will initially seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer ...