IBM Shares Plunge as Anthropic Claims Tool Can Modernize COBOL Systems

Deep News

6 hours ago

IBM shares dropped 11% on Monday, heading for their largest decline since March 2020, after AI startup Anthropic stated that its Claude Code tool can assist in modernizing the outdated programming language COBOL. IBM fell sharply during midday trading.

Anthropic mentioned in a blog post that "in the past, modernizing COBOL systems required large teams of consultants spending years mapping out workflows," but "tools like Claude Code can automate the most labor-intensive exploration and analysis phases of COBOL modernization."

Most mainframes currently running COBOL are produced by IBM.

IBM's stock has fallen nearly 30% from the highs reached earlier this month and is on track for its largest monthly percentage decline since 1992.

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