COBOL is a computer language used for business data processing and IBM is a leader in that area.

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AI startup Anthropic's claim of automating COBOL modernization sent IBM's stock plummeting, wiping billions off its market value. The decades-old language, still powering critical systems, faces a ...

Feb 23 (Reuters) - Shares of International Business Machines recorded their steepest daily drop in more than 25 years on Monday, after AI startup Anthropic said its Claude Code tool could be used to ...

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

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On3, 2026, Anthropic unveiled Claude Code, an AI tool capable of modernizing decades-old COBOL systems in months rather than years.

Since the majority of mainframe computers running COBOL are produced by IBM, the development triggered heavy selling in the ...

IBM shares tumbled after Anthropic blogged about how Claude Code could help businesses modernize legacy systems that use an ...