Allbirds Stock Now Crashing as Reality Sets in About Its Delusional AI Pivot

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Tech bro sneaker company Allbirds made a huge splash yesterday when it announced a baffling pivot to AI infrastructure — news that was met with a mix of incredulity and ridicule.

The company’s blindsiding metamorphosis into what it’s calling “NewBird AI” had investors leaping from their office chairs, sending shares surging by over 700 percent on Wednesday.

That’s despite Allbirds’ core business being at death’s door. In its final throes, the company sold off its intellectual property and other assets for a measly $39 million mere weeks ago, leaving its once lofty $4 billion market cap five years ago long behind.

But don’t break out the champagne quite yet. The rally subsequently came to a “screeching halt,” as Bloomberg put it, with shares sinking a dismal 35 percent on Thursday.

In other words, possibly ketamine-crazed Wall Street bros realized the morning after that a struggling shoe company may not be able to prop up a trillion-dollar industry with its promises of buying up impossible-to-get AI chips.

The bizarre stock market performance perfectly highlighted persistent concerns over an AI bubble, with business fundamentals taking a backseat as investors bet big on a bright and profitable future that may — or may not — still be years away.

Some investors were baffled why an ailing shoe brand got so much attention in the first place.

“This has the feel of a meme stock, where emotions take over and logic and reason get thrown out the window,” 50 Park Investments chief executive Adam Sarhan told Bloomberg. “That the market actually rewarded the stock yesterday when it doesn’t seem to have any kind of actual AI edge tells me that froth, specifically AI froth, is picking up.”

“Between the risk of a huge reversal or a short squeeze, I can’t see any reason why you’d want to play this,” Sarhan added. (A short squeeze is a rapid increase in the price of a stock primarily being driven by an excess of short sellers buying back their shares to cover their losses, not any underlying business fundamentals.)

“The vast majority of times, these things end in tears,” he added.

The spike is reminiscent of other companies that have announced they were jumping on the blockchain or cryptocurrency bandwagon in past years, temporarily resulting in a major surge in interest from investors.

Case in point, the beverage brand Long Island Iced Tea announced in 2017 that it was pivoting to become “Long Blockchain Corp,” sending its stock leaping by more than 200 percent. It didn’t end well: the company’s shares were delisted in early 2021, with the Securities and Exchange Commission accusing it of never having actually pivoted to blockchain tech. (The SEC also charged three people with insider trading in connection with the company.)

Allbirds may similarly be overindexing on hype alone.

“The market is not pricing risk,” Siebert Financial CIO Mark Malek wrote in a note. “It is pricing narrative. It is pricing the word ‘AI’ the same way it once priced the word ‘blockchain’ and before that the suffix ‘.com.’”

More on the hype: What It Really Means That a Failing Shoe Brand “Pivoted to AI” and Its Stock Soared 700 Percent

The post Allbirds Stock Now Crashing as Reality Sets in About Its Delusional AI Pivot appeared first on Futurism.

Acts 28 ends abruptly and that’s never sat right with me. With the inclusion of Acts 29, we are given a nice well-rounded finale to Luke’s biography and some interesting closure to Pontius Pilate as well. Join me as I continue my Lost Books of the Bible series on YouTube, reading from Acts 29, 3 Corinthians, and the Phoenix of Tertullian.

You can read along with these texts and more on our Sacred Scripture page. 

IN the summer of 2019, I was seated in the wine cellar of a walled Medieval town high above the Dordogne Valley of France, not far from Sarlat-la-Canéda, making phone calls, writing reports. I have given this story in other places and it appears as though you’re about to hear it again. Rob Skiba is a name you that you might be familiar with. Though he had made a name for himself as a Nephilim researcher, more recently Rob had taken a dive into the deep end of the pool via flat earth research. The recorded interviews I conducted between he and Rick Hummer, a fellow flat earth investigator and close friend of his, was published while still occupying that very wine cellar. Read all about it. Chicago Is Not a Mirage.

Word quickly spread. Within a few short weeks, dozens of flat earth researchers began accepting my invite for a private interview, if not a series of interviews. From a 17th-century tower built by King Louis XIV, and with a stunning view of the Alps, I sat down with Robbie Davidson, founder of the Flat Earth International Conferences, conducting multiple sessions. While staying in Dumfries, Scotland, David Weiss agreed to take part in the interviews, as did Bob Knodel of Globebusters. There were others. But when I asked the interviewees to discuss the moments that shaped their lives, among the many PSYOPs, false flag attacks, and hoaxes that were discussed, only these men committed commentary to the false 9/11 narrative.

The resulting recordings ballooned into The Unexpected Cosmology, a book which became a website and was even intended as an anthology. And of course, the following discourse was originally a chapter. It was Walt Disney who stated, “Disneyland will never be completed. It will continue to grow as long as there is imagination left in the world.” Those sentiments remain applicable here as well. American Sensationalism: The 9/11 Interviews was always intended to be expanded upon with the inclusion of new researchers. So I’m sorry to say the project became stagnant during the Covid-19 psychodrama. I took a break to tackle other projects. We lost Rob Skiba. Rob offered hours of private conversation regarding his life but we never got around to the big one. 9/11. It was in the cards. Sadly, Bob Knodel died soon afterwards. Voices are being squeezed from an entire generation. Gnosis passes with them.

In the aftermath, the FE community became fractured. People began going their separate ways. Robbie Davidson, among a noted few others who were interviewed for the project, got up and left the movement altogether. It is not my intent to erase his or the contributions of others if only brief. They came, they went, their testimonies remain.

The original vision may have hit roadblocks but it is not forgotten. I expanded this paper a few years later to include testimony from author Pauly Hart, a dear friend of mine. I had wanted to continue that trend every year thereafter but you know how it goes. For the 25th anniversary of the attack I have redirected my efforts to its first large scale expansion, including Andrew Hoy and Darrin Geisinger into the mix. Perhaps others will lend their experiences to the recorder in time.

The following is their report.

Watch the Interviews