COBOL is a computer language used for business data processing and IBM is a leader in that area.

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Anthropic's AI tool Claude's ability to modernize Cobol code caused IBM shares to plummet, wiping out billions in market cap.

IBM shares plunged over 13% after AI startup Anthropic announced a tool to modernize COBOL, a key IBM programming language.

Feb 23 (Reuters) - Shares of International Business Machines recorded their steepest daily drop in more than 25 years on Monday, after AI startup Anthropic said its Claude Code tool could be used to ...

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On3, 2026, Anthropic unveiled Claude Code, an AI tool capable of modernizing decades-old COBOL systems in months rather than years.

IBM shares tumbled after Anthropic blogged about how Claude Code could help businesses modernize legacy systems that use an ...

While Anthropic’s Claude Code grabbed headlines, IBM has been deploying its own generative AI solution, Watsonx Code Assistant for Z, designed to modernize the very mainframes it built. Unlike general ...

Since the majority of mainframe computers running COBOL are produced by IBM, the development triggered heavy selling in the ...

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