IBM shares plummeted after AI startup Anthropic announced its tool can automate COBOL modernization, threatening IBM's core ...

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Following an Anthropic blog post covering the use of AI in code modernization, IBM stock collapsed more than 13%.

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

The Amazon- and Google-backed AI startup said its latest tool would make it easier to update decades-old business software.

International Business Machines Corporation stock plunges; downgrade IBM to Hold as Anthropic's Claude Code threatens ...

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 ...