It was not a joke. The shoe company Allbirds announced last week that it is pivoting to artificial intelligence, a sign that the AI bubble is about to pop. Or maybe the tech optimists are right and everything is AI now.The company was “once the maker of Silicon Valley’s favorite shoe,” said The New York Times.

Allbirds was previously valued at $4 billion, but the company earlier this year closed all its stores and sold its assets for a mere $39 million. Now the brand seeks a fresh start: The business is rebranding itself “NewBird AI” and announced it had received a $50 million influx to buy up advanced computer chips that will let it enter the AI infrastructure business. That investment is a “drop in the bucket” for an industry spending billions to build data centers, but Wall Street loved the news.

NewBird’s stock immediately rose nearly 600%.The market’s reaction proves “AI excitement is alive and well — but as silly as ever,” Noah Weidner said at The Street. The move might make sense, though. Artificial intelligence requires a “massive volume” of computing power, and companies able to furnish it “will drum up excitement” — even if that company once sold shoes.AI is creating wealthWill AI spending hold up?The shoe company’s “flailing AI embrace” is “not a horrible idea on the surface” given that it fills a “real business need,” Nitish Pahwa said at Slate.

But the AI spending that has “propped up the economy” might not persevere, and communities are “successfully obstructing the data centers” needed for further expansion. Indeed, Allbirds’ stock started to drop after the initial surge, said Bloomberg. The market roller coaster ride gives Allbirds the feel of a “meme stock,” said 50 Park Investments’ Adam Sarhan, in which “emotions take over and logic and reason get thrown out the window.”