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.

IBM just got hit with one of its worst single-day drops in years. Shares fell over 13.2% on Feb. 23, 2026, closing at $223.35. The culprit? Anthropicannounced its Claude Code tool could automate much of the tedious,

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

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

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.

International Business Machines Corp. shares had their worst day in more than 25 years on Monday, after AI startup Anthropic PBC said its Claude Code tool can help modernize Cobol, a dated programming language that’s run on IBM computers.

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

IBM stock plunged on Claude Code COBOL fears, but Jefferies says IBM’s watsonx is already modernizing mainframes with GenAI—read more now.