(Scott Olson/Getty Images)

Allbirds, the quarter-zip of footwear, is leaving shoes behind to become an AI infrastructure company

Allbirds shares rocketed higher on Wednesday.

4/15/26 8:52AM

Shares of onetime elder millennial footwear fave Allbirds are going absolutely vertical in Wednesday trading, following the company’s announcement that it is pivoting from shoes to, what else, AI.

Allbirds shares spiked Wednesday after the company’s announcement, which comes a few weeks after it entered into an agreement to sell its brand and footwear assets to American Exchange Group for $39 million.

Per Allbirds’ press release today:

“Allbirds, Inc. (Nasdaq: BIRD) (the ‘Company’) today announced the execution of a definitive agreement with an institutional investor for a $50 million convertible financing facility (the ‘Facility’). The Facility, which is expected to close during the second quarter of 2026, will enable the Company to pivot its business to AI compute infrastructure, with a long-term vision to become a fully integrated GPU-as-a-Service (GPUaaS) and AI-native cloud solutions provider. In connection with this pivot, the Company anticipates changing its name to ‘NewBird AI.’”

The new company, NewBird AI, expects to use its initial capital to “acquire high-performance GPU assets, which will be deployed to serve customers requiring dedicated access to AI compute capacity.”

Allbirds’ move draws parallels to previous tech-focused pivots like Long Island Iced Tea’s late 2017 shift from iced tea toward the “exploration of and investment in opportunities that leverage the benefits of blockchain technology.” That move initially sent the stock surging, closing up more than 180%. The company was delisted a few months later.

In its SEC filing on Wednesday, Allbirds added that, given its new focus, it will ask stockholders to approve a proposal to remove “references to the company being operated for the environmental conservation public benefit.”

“The rise of AI development and adoption has created unprecedented structural demand for specialized, high-performance compute that the market is struggling to meet,” the company said.

NewBird AI is hoping that serving that compute demand can get it back to the $4 billion valuation it had when it went public, and that selling GPUs to tech executives will prove a longer-lasting trend than selling semi-sustainable shoes to those same executives.

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4/17/26

The S&P 500, Nasdaq 100, and Russell 2000 close at record highs again as Strait of Hormuz is declared open

Stocks reached new record highs as risk-on sentiment flooded back into the markets, while oil tumbled.

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Matt Phillips4/17/26

With their recent surge, Intel shares just hit their highest level since the dot-com era

Intel’s surge of nearly 60% this month has the iconic American chipmaker’s stock price approaching levels last seen during the dot-com era. Bloomberg noted that shares just touched their highest intraday level since the turn of the century:

“The stock rose as much as 1.5% to $69.55, topping a peak it hit on Jan. 24, 2020. The shares are up 90% this year, after soaring 84% in 2025. Intel is now roughly 8% from its all-time closing high of $74.88, established on Aug. 31, 2000.”

That’s just the most recent late-’90s-era throwback we’ve been seeing in tech shares lately. Oracle is currently pacing for its best week since late 1999.

What’s even more remarkable, however, is that Intel’s forward price-to-earnings ratio today dwarfs the premiums the market was putting on the stock during the nuttiness of the dot-com mania.

That reflects the fact that the recent run-up in Intel shares is, essentially, giving the chip giant credit for a massive turnaround that hasn’t actually happened yet.

One also might wonder if the fact that Intel is partially owned by the US government means it’s more attractive — and therefore worth a higher premium — than other chipmakers without the state imprimatur.

Still, kind of startling.

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Netflix sinks following disappointing outlook as investors wait for more ad growth

Netflix shares are down more than 10% on Friday morning.

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Eli Lilly’s GLP-1 pill hit nearly 1,400 prescriptions in first week

Eli Lilly rose after preliminary numbers cited by Wall Street analysts showed strong uptake of its new weight-loss pill.

The FDA approved Foundayo on April 1 and shipments began on April 9. In its first week, roughly 1,400 US prescriptions were written for the drug, according to IQVIA data cited by Deustche Bank analysts in a Friday note.

Novo Nordisk, Lilly’s rival in the GLP-1 market, released its GLP-1 pill earlier this year, and early signs show that it’s expanding the market, inviting patients who were turned off by weekly injections. Novo’s pill had a stronger first week than Lilly’s, with its Wegovy pill hitting 3,071 US prescriptions in the first four days after its launch on January 5.

Lilly’s pill has an advantage over Novo’s, which is that it can be taken at any time of day, with or without food. Lilly disclosed in a February regulatory filing that it had $1.5 billion worth of prelaunch inventory ready ahead of the FDA approval — which is about as much as analysts polled by FactSet expect it to sell this year.

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Claire Yubin Oh4/17/26

Critical Metals jumps after Greenland’s government approves CRML to take majority control of the Tanbreez mining project

Critical Metals is up more than 25% in premarket trading on Friday after the critical mining company announced that it now owns 92.5% of the Tanbreez rare earth deposit following an approval from the government of Greenland.

With that latest government support, Critical Minerals added an additional 50.5% stake to its ownership, reportedly acquired from Rimbal Pty Ltd, per Bloomberg News. With access to eight heavy rare earth elements often used in consumer electronics and defense, the site is one of the world’s largest undeveloped rare earth deposits and a key source of rare earth supply outside of China, according to the company.

In Critical Metals’ press release, Chairman Tony Sage commented that the approval “removes the most significant structural overhang on the project and provides the clarity to advance Tanbreez to production with confidence,” especially as Tanbreez’s location offers a significant logistical advantage through its year-round direct shipping access, compared to rival projects.

With 92.5% of the project now vested in Critical Metals Corp., and the remainder owned by European Lithium Ltd., CRML now has full control of the project and is seeking to accelerate development there, with plans for a new international airport and a “150-tonne bulk sample program,” which is slated for June 2026.