Allbirds, the sustainable footwear brand that went public at a $4.1 billion valuation in 2021, has rebranded as Smartbird and appointed Nadia Carlsten as CEO to lead its pivot into AI GPU cloud infrastructure. The company doubled its convertible financing to $100 million but currently has no data centres, no customers, and no revenue in its new business. The move draws comparisons to the 2017 Long Island Iced Tea blockchain rebrand and broader concerns about AI stock valuations mirroring the dot-com bubble. Smartbird faces stiff competition from established neoclouds like CoreWeave and Nscale, which had existing infrastructure before scaling.
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