00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Allbirds said it will pivot to artificial intelligence infrastructure and rebrand as
00:07Newbird AI, but shares fell 36% on Thursday after surging more than 582% a day earlier,
00:13according to Bloomberg. The drop marked a partial reversal. After heavy retail trading drove nearly
00:19300 million shares on Wednesday, far above the usual volume of over 20 million.
00:23Vanda Research said retail net buying hit a record, exceeding the company's IPO.
00:29Analysts and investors questioned the move with William Blair calling it a Hail Mary and ending
00:33coverage. Market participants compared the surge to meme stock behavior, citing momentum trading and
00:39hype. The stock has lost about 96% of its value since its 2021 debut. For all things money, visit
00:46benzinga.com.
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