Besides being an absolute pain to deal with, they all rely on COBOL and IBM mainframe computers as core infrastructure. The computing giant's stranglehold over those markets may finally begin to crack,

Anthropic's AI tool Claude's ability to modernize Cobol code caused IBM shares to plummet, wiping out billions in market cap. While IBM argues code translation isn't full modernization, the potential for AI to drastically cut costs for migrating legacy systems presents a significant opportunity for Indian IT firms.

A blog post from Anthropic caused IBM's market value to drop over $30 billion due to concerns about COBOL. Here's everything you need to know about COBOL and the now viral blog from Anthropic

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

Industry leaders say Anthropic’s advances in automating COBOL code could lower migration costs and create new opportunities for IT service firms. HCLTech CEO C Vijayakumar noted modernising mainframes is complex,

COBOL remains a critical language for many Indian IT companies, particularly those supporting global banking, insurance, and retail systems

Anthropic unveiled new Claude functionality that can modernize COBOL code faster at scale, triggering a sharp drop in IBM stock on Monday.