Tim Brown, the co-founder of shoe company Allbirds, speaks onstage at the OMR Festival in Hamburg, Germany. 

Allbirds, the millennial beige shoe brand that was once a mainstay among affluent tech workers in San Francisco, just made the stunning announcement that it will become an AI cloud computing service. 

According to a Wednesday news release, American Exchange Group, which entered a purchase agreement with Allbirds earlier this year, intends to “build on Allbirds’ legacy and deliver compelling products to Allbirds’ customers” by changing its name to NewBird AI. The company is set to receive $50 million from an investor, and stocks have soared to $19 per share, up from $2.59 earlier this........

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