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

IBM’s ( IBM) Software and Chief Commercial Officer, Rob Thomas, wrote in a Monday blog post that translating COBOL code isn’t equivalent to modernizing enterprise systems, emphasizing that platform ...

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

IBM stock dropped 13% on Monday after Anthropic said that its Claude Code tool could be used to automate the modernization of legacy code. IBM mainframes, computers that process a large portion of the ...

IBM shares plummeted after AI startup Anthropic announced its tool can automate COBOL modernization, threatening IBM's core mainframe business. This AI advancement could compress years-long, costly ...

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