With the decline, IBM shares have fallen 27% in February, on track for its biggest one-month slide since at least 1968, according to data compiled by Bloomberg. “Modernizing a Cobol system once required armies of consultants spending years mapping workflows,

Investors reacted to Anthropic’s assertion that Claude Code could streamline legacy COBOL modernization, raising concerns about pressure on IBM’s high‑margin mainframe services despite longstanding competition in the space.

The announcement reignited fears that generative AI could disrupt traditional enterprise software and consulting revenue streams

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

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,

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.