A growing number of American businesses are making dramatic shifts toward artificial intelligence and technology sectors, hoping to capture investor enthusiasm for these hot markets.
The latest example came when footwear manufacturer Allbirds announced its transformation into NewBird AI, focusing on AI computing instead of shoes. The company’s stock price skyrocketed more than 600% following the announcement. Social media company Myseum followed suit, seeing its shares climb nearly 150% after incorporating “AI” into its corporate name.
This pattern of corporate reinvention has become increasingly common as Wall Street’s appetite for technology investments continues growing. Several notable American companies have made similar strategic pivots in recent years.
Michael Saylor’s MicroStrategy began as a financial data analysis software company before becoming one of the largest corporate bitcoin holders in 2021, eventually shortening its name to Strategy. The company experienced massive stock gains exceeding 300% in both 2023 and 2024 as bitcoin values doubled, though shares have since fallen more than 70% from their November 2024 peak.
The cryptocurrency mining sector has seen particularly dramatic transformations. CoreWeave started as an ethereum mining operation in 2017 but closed that business and relaunched as a cloud infrastructure provider. The company went public on Nasdaq in April 2025 with a $23 billion valuation, surging over 85% in its first year and gaining 64% in 2026.
Other former crypto miners have followed similar paths. Applied Blockchain rebranded as Applied Digital in early 2023, shifting focus to data center hosting. HUT 8 has also expanded into data center operations while maintaining some mining activities. Applied Digital’s stock performance has remained relatively flat, but Hut 8 has posted annual gains since 2023 due to both rising bitcoin prices and increased data center demand.
Core Scientific emerged from bankruptcy in January 2024 and quickly embraced the AI trend, partnering with CoreWeave to repurpose its bitcoin mining infrastructure. The company’s shareholders rejected a CoreWeave acquisition offer last year.
President Donald Trump’s media company, Trump Media & Technology, originally operated as the parent company of the Truth Social platform. The firm expanded into digital finance last year by establishing a bitcoin treasury and creating a partnership with Crypto.com through a blank-check acquisition. Despite considering spinning off the platform as a separate public company in December 2025, which triggered significant daily stock gains, the company’s value dropped by more than half in 2025.
Dominari Holdings began life as Alkido Pharma before restructuring in December 2022 to move from healthcare into finance. The company later established American Data Centers, which included Donald Trump Jr. and Eric Trump among its members, capitalizing on demand for high-performance computing infrastructure.
The Singing Machine Company, known for karaoke products, acquired AI logistics firm SemiCab in September 2024 and transformed into Algorhythm Holdings. While the stock dropped over 37% that month, it had gained more than 42% in August 2024. The company completed the sale of its karaoke business for $4.5 million in August 2025, though it recorded losses in both 2024 and 2025.
JanOne divested its Arca recycling operations in March 2023 to concentrate on biopharmaceuticals but later acquired ALT 5 Sigma in 2024 to enter the cryptocurrency market. This move drove the stock up more than 800% that year, marking the company’s best performance on record. ALT 5 Sigma has been purchasing tokens from Trump’s World Liberty Financial but faces challenges from volatile investor interest in cryptocurrency investments.
Some transformations date back to earlier technology booms. Diagnostic equipment manufacturer Bioptix announced its rebranding to Riot Blockchain in October 2017 during cryptocurrency’s emergence. The stock surged over 500% in the following three months and closed 2017 with gains exceeding 730%, the company’s second-largest annual increase ever. The firm now operates under the name Riot Platforms.
Long Island Iced Tea became Long Blockchain Corp in December 2017, nearly tripling its share price by shifting from beverage production to blockchain technology. The company sold its drink-related assets in 2019, months after receiving a Nasdaq delisting notice.
Even established companies joined the trend. Photography giant Eastman Kodak launched “KODAKCoin” cryptocurrency for photographers in January 2018 while maintaining its core imaging business. The announcement sent shares soaring 156% that month, representing the second-largest monthly gain in company history.
