IBM stock suffers worst single-day drop in 25 years! Anthropic claims it can modernize Cobol systems

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IBM’s stock price on Monday had its worst single-day performance in over 25 years, after AI startup Anthropic said its Claude Code tool could help modernize Cobol. Cobol is an outdated programming language running on IBM computers.

IBM’s share price plunged 13% that day, marking its biggest single-day drop since October 2000. With this decline, IBM’s stock has dropped a total of 27% in February, on track to post its biggest monthly drop since at least 1968.

Anthropic wrote in a blog post:

"In the past, modernizing Cobol systems often required a large number of consultants, taking years to straighten out workflows. Tools like Claude Code can automatically complete the exploration and analysis phases, which make up most of the workload in Cobol modernization."

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