Jim Cramer Says He Wishes Allbirds People 'Luck' In Their AI Pivot But 'Things Have Gone Too Far' As Stock Drops Overnight After 582% Rally

On Wednesday, shares of Allbirds Inc. (NASDAQ:BIRD) skyrocketed 582.33% during the regular trading session but slipped 24.66% in after-hours trading, according to Benzinga Pro.
Allbirds Stock Surge Fueled By AI Pivot Announcement
The rally came after the company unveiled a strategic overhaul, including a $50 million convertible financing facility and a $39 million deal to sell its brand and footwear assets to American Exchange Group.
The company said it plans to exit its legacy footwear business entirely and pivot toward artificial intelligence and cloud computing capacity, with a rebrand to "NewBird" expected following the deal's anticipated close in the second quarter of 2026.
After-Hours Drop Signals Investor Doubt
Critics were quick to question the feasibility of the move, including Ji