Allbirds Plummets 50% as AI Pivot Fails to Sustain Rally

BTCC / BTCC Square / Global Cryptocurrency /

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2026-04-24 20:40:01

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Allbirds (Nasdaq:BIRD) collapsed over 50% from its recent peak, trading at $7.57 after a failed attempt to rebrand as an AI-focused firm. The former footwear company, now dubbed NewBirdAI, saw its initial 750% rally evaporate as short interest climbed to 18.4% of its free float.

Trading volume cratered from $288M to $1.9M, signaling evaporating market interest. The stock's violent swings highlight the risks of meme-style speculation in companies attempting AI pivots without substantive operational changes.

Market makers note the March short squeeze was artificially induced by limited float availability rather than organic demand. While another short squeeze remains possible given elevated open interest, the fundamental case remains precarious.

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