International Business Machines Corporation stock plunges; downgrade IBM to Hold as Anthropic's Claude Code threatens consulting. Click for more on IBM and ANTHRO.

IBM still profits from mainframes running decades-old COBOL systems. Anthropic says AI can migrate that software elsewhere.

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,

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.

IBM shares slumped on Monday, February 23, 2026, after Anthropic said its AI could speed up COBOL modernization. The stock fell about 13%, marking IBM’s sharpes

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,

International Business Machines Corp (NYSE: IBM) shares are rebounding Tuesday morning after plunging more than 13% Monday, when fears about artificial-intelligence disruption hammered the legacy tech giant.