The efficient market hypothesis holds that prices reflect available information — but the Allbirds episode tests whether 'information' includes the act of renaming a company. One commenter who identifies as broadly sympathetic to market efficiency wrote that the NewBird AI pivot, alongside Long Island Blockchain, forces a genuine second-guessing of that intuition [3]. The point is not that markets are wrong to reward AI pivots on announcement day; it is that the reward is calibrated entirely to the signal and not at all to the underlying capacity. A $39 million…