US firms chase AI pivots as markets reward and punish

A growing number of companies are reinventing themselves around artificial intelligence and digital assets, triggering sharp stock moves as investors reward tech-focused transformations.

From footwear makers to legacy beverage brands, firms are leaning into AI, crypto, and data infrastructure to tap into renewed market enthusiasm.

The latest example is sneaker company Allbirds, whose shares surged more than sixfold after it rebranded itself as NewBird AI.

The move was quickly followed by Myseum, which saw its stock jump nearly 150% after adding “AI” to its name, highlighting how branding alone can drive investor sentiment in a tech-driven market.

AI rebrands revive speculative momentum

The surge in Allbirds and Myseum reflects a broader Wall Street trend, where smaller companies pivot toward high-growth sectors like AI to attract capital.

As investor appetite for technology intensifies, even modest strategic shifts—or in some cases, rebranding efforts—have been enough to spark outsized gains.

This phenomenon echoes earlier market cycles, where companies tied themselves to emerging themes such as blockchain or cryptocurrency to capitalize on speculative interest.

The current wave, however, is centered on artificial intelligence and data infrastructure, areas seen as foundational to future economic growth.

Crypto miners pivot to AI infrastructure

Several companies that once focused on cryptocurrency mining are now repositioning themselves to benefit from demand for AI-driven computing power.

CoreWeave, originally an Ethereum miner founded in 2017, exited mining and reemerged as a cloud infrastructure provider. After debuting on the Nasdaq in April 2025 with a $23 billion valuation, the company’s stock surged more than 85% that year and is up 64% so far in 2026.

Others have followed a similar path. Applied Digital, formerly Applied Blockchain, shifted toward hosting data centers, while Hut 8 has expanded its data center business, benefiting from both rising bitcoin prices and demand for computing infrastructure.

Meanwhile, Core Scientific pivoted to AI infrastructure after emerging from bankruptcy in 2024, partnering with CoreWeave to repurpose its mining capabilities.

From software to bitcoin and beyond

Some companies have pursued more unconventional transformations. MicroStrategy—now rebranded as Strategy—shifted from enterprise software to become one of the largest corporate holders of bitcoin. The stock delivered gains of more than 300% in both 2023 and 2024 as bitcoin prices surged, though it has since fallen over 70% from its peak in November 2024.

Similarly, Trump Media & Technology Group expanded beyond social media into digital finance, including the creation of a bitcoin treasury and a venture with Crypto.com. Despite occasional rallies, the stock more than halved in 2025, underscoring the volatility tied to such strategic shifts.

A history of trend-driven transformations

The current wave of AI pivots builds on a longer history of companies chasing emerging technologies to boost valuations.

Riot Platforms, formerly Bioptix, saw its stock surge more than fivefold after rebranding to focus on blockchain in 2017. Likewise, Long Blockchain Corp—formerly Long Island Iced Tea—nearly tripled in value after pivoting to blockchain, though it later faced a Nasdaq delisting notice.

Even established names have experimented with such strategies. Eastman Kodak saw its shares jump 156% in a single month after launching its KODAKCoin cryptocurrency in 2018.

Balancing hype with execution

While these transformations can generate rapid gains, their long-term success often depends on execution rather than branding alone.

Some companies, such as Algorhythm Holdings and ALT5 Sigma, have struggled to sustain momentum despite bold strategic shifts.

As AI continues to dominate investor attention, the challenge for companies will be translating market enthusiasm into durable business growth—rather than short-lived rallies driven by hype.