Allbirds shares spiked over 50% on news the struggling footwear brand is rebranding to 'Smartbird' and installing an AWS executive as its new CEO, a combination the market is reading as a tech-pivot narrative. The company's last reported revenue was $152.5M, down 19.7% year-over-year, with a gross margin of 41% but a deeply negative net margin of -50.7% and diluted EPS of -$9.47 — the core business remains in significant distress.

The rebranding and AWS-pedigree CEO appointment are classic 'narrative relaunch' catalysts that historically produce sharp but short-lived squeezes in distressed micro-caps, especially when short interest is elevated. The key question is whether the new leadership can credibly pivot the business model fast enough to arrest the revenue decline — the next earnings print and any strategic roadmap announcement will be the first real test.