IBM shares plummeted after AI startup Anthropic announced its tool can automate COBOL modernization, threatening IBM's core ...

IBM’s stock ended Monday down 13% as Anthropic’s Claude Code threatens to dismantle a critical part of its business.

IBM’s ( IBM) Software and Chief Commercial Officer, Rob Thomas, wrote in a Monday blog post that translating COBOL code isn’t equivalent to modernizing enterprise systems, emphasizing that platform ...

IBM's market value drops $25 billion as AI threatens its lucrative COBOL modernization business, sparking a historic stock decline..

On 23 Feb 2026, IBM shares dropped 13%, losing nearly $30B, after Anthropic's Claude AI promised faster COBOL modernization, threatening legacy IT services dependent on scarce expertise.