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

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,

Claude, Anthropic's AI chatbot, has sparked major selling of US tech stocks as its capabilities induce fear among investors of widespread disruption.

IBM Share Price and Anthropic AI Impact: IT stocks slumped on February 24, falling up to 8%, after IBM plunged 13% on Wall Street—its worst drop in 25 years—amid concerns that Anthropic’s Claude AI tool could streamline COBOL code and disrupt IBM’s legacy business.

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

Shares sank as much as 13 per cent, their biggest intraday drop since March 2020. With the decline, the stock is now down 26 per cent in February, on track for its biggest one-month percentage decline since at least 1968,

IBM shares rebound 5% after AI fears fade, as analysts defend its mainframe strength and downplay risks from Anthropic’s Claude Code and COBOL modernisation concerns.

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