Allbirds Rebrands as Smartbird, Hires Amazon Alum as CEO

Allbirds officially changed its name to Smartbird on Wednesday, cementing its months-long transformation from shoe maker to AI infrastructure firm. The move sent its shares up as much as 75%.

Background of the Person

Nadia Carlsten brings AI and quantum computing experience from Amazon Web Services (AWS) and Alphabet spinoff SandboxAQ. She has also advised the World Economic Forum on computing and AI.

Reasons for the Change

The rebranding follows the company's April announcement that it would shift focus to offering cloud computing capacity and AI services, which led to a more than five-fold jump in its shares. In March, Allbirds sold most of its brick-and-mortar stores, brand, and footwear assets to American Exchange Group for $39 million.

Impact on the Company

In a statement, Carlsten said: "With a differentiated strategy, significant capital, and the opportunity to build an exceptional team, we are uniquely positioned to capitalize on one of the most significant infrastructure opportunities of the next decade."

Market Reaction

Shares of the company surged up to 75% on Wednesday, reflecting investor optimism about the pivot to AI infrastructure.