THOSE STILL doubting that investors’ exuberance for artificial intelligence is straying into the irrational received further evidence on April 15th when Allbirds, a wool-sneaker brand that took off among Silicon Valley millennials a decade or so ago, announced a plan to remake itself as a provider of AI computing infrastructure. The share price of the company—which will be renamed NewBird AI—briefly soared by more than 800%, and has since settled at roughly four times its pre-announcement level.
